Should you hire a "condo expert" to help buy an oceanfront condo in Cape Canaveral or Cocoa Beach, Florida?
Let's explore why you would want to trade in your "regular" realtor for a condo expert when buying an oceanfront condo.
If you are buying a condo in Brevard County, Florida in the near future you should be aware of the condo laws which have changed dramatically since the Miami condo collapse.
On May 26th, 2022, our beloved Florida Governor Ron DeSantis signed Senate Bill SB 4-D: Building Safety. This statute requires that all condominium buildings that are 25 or 30 years of age, with three or more floors, must conduct structural integrity assessments known as Milestone Inspections.
Here is how it is affecting condo owners along the space Coast beaches:
* Association insurance policy prices have spiked this year resulting in assessments and increased monthly fees. You need a condo expert to read financials and docs to see where each Condo Association is with their insurance requirements.
* As of December 31, 2024, an association may no longer vote to waive or underfund the reserves for items required to be included in a structural integrity reserve study. This will lead to increased monthly fees.
* The Florida Condominium Safety Bill requires the associations of condos that are 25 years old and 3 floors or higher, to recertify to ensure the property is safe for continued use. To satisfy this, they must perform Milestone Structural Inspections of the property.
* Starting in 2025, new Florida state law will require condo boards of buildings that are three stories or higher to set aside money to cover the cost of future major repairs, not for cosmetic stuff, but for "concrete restoration". This will increase monthly and yearly assessments for ALL high-rise condos beachside.
* If your building is within 3 miles of the coastline, a Milestone Inspection must be performed when the building is 25 years old and every ten years after the initial inspection. This leads to concrete restoration work, not good.
* Concrete restoration of condos is a "hated" evolution for residents and it is very important for you to know prior to buying if your new condo has completed or is planning to perform concrete restoration in the future.
The engineering firm sends 2 guys out to your building every day to make the most annoying sounds with concrete drills and saws you have ever heard.
Everyone will tell you that has lived through it, you can not stay inside a condo during concrete restoration outside. Know when it's coming or hire a condo expert to help with the buying process.
Rick Houston is an Accredited Buyer's Representative (ABR) and waterfront condo specialist in Cape Canaveral, Florida. He helps buyer's new to the Space Coast of Florida find the perfect home or condo with sunrise views of the Atlantic ocean or sunset views on the Banana River.
As a veteran of the US Navy, Rick Houston with RE/MAX Aerospace Realty, holds a Military Relocation Professional (MRP) certification which enables him to help active military personnel transferring in and retired veterans find the best home or condo possible.
All condos are not VA approved because they must meet strict criteria set forth by the Veterans Administration. Rick Houston can help you navigate the pitfalls of buying a Cape Canaveral or Cocoa Beach condo with a VA loan.
Click here to view the list of VA Approved Condos in Brevard County