The real estate market of Downtown Miami in Florida has experienced consistently high growth figures, for the past several years, these growth figures have consistently hovered around double digit figures. A special assessment may be levied (charged) by a condominium corporation in response to an unforeseen major expense that cannot be covered by the reserve fund when unit owners representing 66% of the common elements vote in favour of the assessment.
If you ask most people to explain, they’ll tell you, It’s like an apartment or townhouse, but you own it.” Or, “It’s like a home, but without a yard.” Both of these descriptions are mostly true, but there’s a lot more to the condominium meaning and the condos versus apartments debate, especially if you’re trying to decide where you should live.
Speaking of pets, if the condo community is pet-friendly, that doesn’t necessarily mean that the condo you’re interested in renting is. Check with the landlord to make sure that this unit is pet-friendly if you plan to bring your furry friend along on your rental journey.
North Americans are unable to purchase some of this beautiful coastal land and therefore, any North American retiree considering real estate ownership in the Vallarta area, must have competent representation to assure them that the land is appropriate for foreign ownership.
An adequate reserve fund protects the future of the condominium by making sure that sufficient money is set aside for major repairs and replacements as they become necessary (for example, roofs, roads, landscaping, building exteriors, parking facilities and hallway carpets).