Key West Condominiums. So you’re planning to live in your own piece of paradise. Well, in Key West, there is no shortage of paradise and you can rent or buy your own, whether they be condominiums, homes, villas, or cottages. But before you decide to purchase Key West condominiums, heed the following ten tips for would-be purchasers:
Don’t Believe the Numbers
The realtor or owner of the Key West condominiums will probably present you with the plans at the onset and in it you will find the square footage measurements of the place. Don’t believe in these numbers right away. There are just too many ways of measuring Key West condominiums to rely on these numbers too much.
If you must know the real measurement, then carry around a measuring tape with you when you make your first tour of the place. Once you get your measurements right down to a tee, divide the asking price by the number of square feet as that’s the only way for you to arrive at a dollar-per-foot cost, useful for comparison shopping.
Parking in Key West condominiums could be anything from an uncovered stall, a covered stall, or indoors. Indoors parking could also be unheated or heated and secured. Choose which one you prefer, with plenty of consideration for the price. Also, note the legal status of the parking spaces in your Key West condominiums. They are either assigned common area space or legally-titled ownership. If it is assigned, then it should be protected by a formal lease agreement.
Concrete, Post-Tensioned, Wood-framed…
These refer to the construction of the Key West condominiums. Concrete is fairly common, which is no surprise really considering how it is obviously the more longer-lasting. But there are concrete Key West condominiums that are made from “post-tensioned” concrete, which actually requires more maintenance than ordinary concrete construction. Wood-frame buildings, on the other hand, can be quite strong but do have the tendency to “quiver” under heavy footsteps.
Quality is your best friend, not to mention your best investment. So pay careful attention to the construction types and any sound issues when you shop for Key West condominiums.
Rental Buildings Converted into Key West Condominiums
One word: cheap. But while the conversion of these properties into Key West condominiums has created opportunities, it has also created several pitfalls for you, the purchaser. So be careful when you survey these kinds of buildings and especially be wary of low-quality rental buildings that pass themselves off as condos.
They are simply not worth buying into. On the other hand, many well-built wood-frame rentals converted into Key West condominiums turned out to be great as condo apartments with prices that compete with the cost of renting. Basically, it’s value vs. quality. Choose well.