The Pros and Cons of Buying Condos and Townhomes in Central Florida

ORLANDO, Fla. - Nov. 1, 2024 - PRLog -- As Central Florida's real estate market continues to flourish, the popularity of condos and townhomes is rising, driven by their affordability, convenience, and low-maintenance lifestyle. However, new laws covering code variances and Homeowners Association (HOA) fees are impacting potential buyers' decisions. Phil Holliday of PREB is sharing key insights into the pros and cons of buying condos and townhomes in Central Florida to help prospective buyers navigate this complex market.

"With the recent legislative changes, it's more important than ever for buyers to fully understand what they're getting into," Phil explains. "From new transparency requirements for HOA fees to standardized code variances, buyers now have greater insight into what these properties offer and how they are managed."

Advantages of Condo and Townhome Living in Central Florida
For many, condos and townhomes provide a comfortable, maintenance-free lifestyle with built-in community amenities, all at a typically lower price than single-family homes. Benefits include:

• Low Maintenance – HOAs cover exterior maintenance, allowing owners to enjoy their homes without the hassle of yard work or repairs.
• Affordability – Condos and townhomes are often more affordable than single-family homes, especially in high-demand areas like Orlando, Kissimmee, and Tampa.
• Community Amenities – Access to pools, fitness centers, and clubhouses offers a luxurious lifestyle without the additional cost of installing and maintaining these features individually.
• Prime Locations – Often situated near urban hubs, condos and townhomes provide easy access to Central Florida's entertainment, dining, and shopping destinations.

Challenges in Condo and Townhome Ownership
While these properties come with many advantages, there are also certain challenges buyers should consider:

• HOA Fees and Assessments – Monthly HOA fees can add significantly to ownership costs. Recent laws now require HOAs to clearly outline these fees and predict future assessments to enhance transparency.
• Restrictions – HOAs may impose restrictions on property use, including rules on rentals, pet policies, and even home decor, limiting owners' flexibility.
• Limited Privacy and Space – Due to shared walls and smaller yards, condos and townhomes may offer less privacy than single-family homes.
• Potential for Noise – Shared spaces and adjoining walls may lead to occasional noise, which is a factor to consider for buyers sensitive to sound.

Impact of New Laws on Condo and Townhome Ownership

Two key legislative changes are now in effect, providing more transparency and uniformity in property regulations:

1. Code Variances – New standardized codes apply to renovations and property modifications, bringing more consistency across developments but limiting flexibility for custom changes.
2. Enhanced HOA Fee Disclosures – HOAs must now offer clear breakdowns of fees and future assessments, providing buyers with a comprehensive view of potential costs.

For more information, contact:
Phil Holliday
Preferred Real Estate Brokers
702-525-7655
Doc@PhilHolliday-Realtor.com
PhilHolliday-Realtor.com