VENICE FL CONDO FREQUENTLY ASKED QUESTIONS
These answers to frequently asked questions about buying a Venice FL condo will help you understand the process and address common issues you will encounter once we have found the right property.
WHAT ARE CONDO
Condo associations charge fees to owners, either monthly or quarterly, for maintenance, insurance, and some utilities. Depending on the condo and what is covered, fees range between $200-$500 monthly, but can be much more for luxury condominium buildings with concierge services or waterfront amenities such as boat docks.
Certain condo communities also charge CDD fees (community development district) that cover the cost of infrastructure such as public roads, lighting, and public parks.
Condo fees do not cover property tax, which is paid separately by the owner.
WHAT DO CONDO
This is one of the most common questions regarding a Venice, FL condo purchase. The fees usually cover water, basic cable TV, trash removal, exterior insurance (including the roof), and maintenance for common areas such as a community pool, clubhouse, or guard gate.
Some condos will require that you maintain insurance on personal items inside the condo unit.
If you are getting condo updates from me by email, items included in the condo fee are listed on each property report from the MLS.
CAN WE REVIEW
THE CONDO DOCS?
After your offer is accepted by the seller, you will receive a copy of the condominium rules and regulations documents. The condo docs and/or the seller disclosure will reveal any potential assessments for future improvements to the property, suchas roofs, railings, community pools, or paving.
Under FL law you have three days to review the condo docs after receipt. You may withdraw or amend your offer to purchase if the information provided reveals unsatisfactory rules, terms, regulations, or additional costs.
"We are so excited about our condo. All we can say is YOU ROCK!"
The Nortons, from New Hampshire
CAN I FINANCE
A VACATION CONDO?
Condo financing is available for US and non-US citizens for use as either a primary residence, or a vacation home. If purchasing as a vacation home, buyers can expect lenders to ask for a 20% down payment on a mortgage, although recently this is being relaxed to 10% down for buyers with good credit.
Buyers should also be aware that they not only satisfy all lender requirements, but the condo association must as well. Condo associations are required show 10% of the annual budget in reserves in their financial statement for Fannie or Freddie-backed mortgages. They must also show acceptable levels of insurance. Lenders are sending condo association management detailed questionnaires to complete, before giving final loan approval on a condo.
This means you may be well-qualified to obtain a mortgage, but your loan can be denied if the condo association does not meet the requirements for Fannie and Freddie-backed mortgages.
DO I NEED
You do not need to get individual flood insurance for your condo. Insurance covering the building structure is included as part of your condo association fees.
You may need to get condo owner's insurance to protect personal property, such as appliances, furnishings, and HVAC system.
If you have been reading about legislation affecting flood insurance, significant beneficial changes to the Biggert/Waters Act of 2012 have been approved by Congress. The initial bill, which raised so many concerns about drastically increased flood insurance costs, only affected single family homes.
WHAT ABOUT JOINING
You will be required to apply for membership in the condo association. This is usually a formality, with an application form and one-time fee ranging between $50-$100. The title agent/real estate attorney handling the closing will obtain the application from the association for you to complete.
In addition to a background check, more and more condo associations are requiring a personal interview.