Tips on Condo hunting / living (Treasure Island: apartment, foreclosure, renter)

[kiowa_58d]

Hello,
I am moving to the area at the end of June. Coming down to St Pete to house hunt next week. While I have focused most of my efforts on single family homes (I like peace and quiet) around the Treasure Island, Pasadena, Gulf Port general areas, I have come across several nice condos for rent as well for decent prices.

I have never lived in a condo community before so I am hoping to get some general tips, advice or ideas about renting a condo since I will probably consider them as well.

Advice I am looking for for example would be what things to ask property mgmt and what specific things to look for or consider.

Thank you.

[Occifer]

I'd make certain when you talk with the property manager or association's representative that the owner of the condo you're going to be renting is current on their association dues. If not you could potentially have various issues accessing amenities, plus it's a red flag that they're not paying their mortgage either and foreclosure could be around the corner. Also, I'd want to review the deed restrictions from the owner and make sure there's nothing in them that you aren't okay with (number and size of pets, etc.).

[chi_tino]

If you like peace and quiet, never, EVER live on any floor that is not the top floor unless it is very solid construction. All it takes is one inconsiderate neighbor and your life will become a living hell.

There are many communities in the area that were apartment conversions that have little or no sound abatement installed between floors and/or walls. I would try to ask other current residents (besides the biased seller, of course) about the sound transmission.

Also, besides the deed restrictions, get a copy of the current rules. The condo board can make its own rules that are not included in the original deed restrictions.

[kiowa_58d]

Thank you VERY much to those that have replied so far.

This is EXACTLY the type of info that I was looking for and had no idea about!

Any additional info is greatly appreciated.

[chi_tino]

Also look at the most recent financial statements from the association along with the amount of cash in reserves. If the association has been undercollecting toward reserves (big ticket items like roofs, painting, roads, etc) you may be in for a hefty special assessment down the line.

They should also have a copy of the annual reserve study for your review (usually they do not issue copies, but allow you to look at it in the association manager's office). This will tell you when big ticket items are scheduled to be replaced and how much it will cost. An association that does not perform an annual or bi-annual reserve study is another red flag.

[kiowa_58d]

Chi tino
Would the renter be responsible for an assessment or just the property owner? I would think that only the property owner would be responsible for assessments but I could be wrong.
Thanks

[chi_tino]

No, just the owner. If you are renting, however, check out the public records to see if the condo owner is actually paying his bills or if they are about to lose it in foreclosure.