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Are Your Assessments Low? Then You’re Living a Lie! (FL)

How many times have you heard someone bragging about how cheap their monthly expenses are at their condo? How many times have you heard comments like “We have a great board – the assessments are so cheap.”  It turns out that those boards were not doing you a favor by keeping your assessments low. They were hurting you. Sooner or later, everyone who lives in a condo is going to have to pony up a lot of money to fix the condo, if reserve accounts were no being funded. Roofs are expensive to replace. Painting and concrete restoration are expensive. In Champlain Towers, the unit owners were getting hit with special assessments totaling nearly $100,000.00 per unit. How many owners can come up with that much money in a lump sum?    Read the entire article……………………………….

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#floridacondotelmortgage #floridacondotelfinancing #floridacondotel

Rates posted assumes 25% down payment, and an ARM rate first mortgage on a Florida condotel, primary residence. Additional required amounts such as taxes, insurance, home owner association dues, assessments, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. **Posted APR is based on Mortgage Assumptions
 
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