How to buy a condo in Florida (Latest Guide 2024)

Real estate as an investment has always been a way to make wealth. Florida luxury condos are a good investment. This guide has curated each tip and every detail to make the question of how to buy a condo in Florida easier.

As every city has a beautiful vibe, so do condo communities. Condos are a noble choice for people, from those buying their first home to investors. 

People prefer condos because of their incredible affordability compared to homes, offer protection, and are easier to care for. 

Some residents want northern winters to run and rent their condo during the off-season. Condos offer a key for enjoying Florida without maintenance concerns while away. Others plan to buy a condo now for future retirement. No matter your reason, understanding the condo-buying process is necessary.

That’s why we’ve compiled this valuable guide for everything anyone needs to know before buying a condo. The guide includes what a condominium is and why becoming a condo owner is captivating.

1. How to Buy a Condo in Florida

Buying a condo in Florida is both thrilling and overwhelming. Whether desiring comfort from the cold winter of the North or retirement planning, Florida condos are appealing. 

Florida’s condo market may differ from what someone is used to. They’re also standards for first-time buyers and those who want homeownership without ongoing maintenance.

Buying a Condo In Florida - FLTrendz

Owning a condo comes with perks, working as a median ground between renting and full ownership. With homeowner associations (HOAs) managing routine maintenance like landscaping and building care, residents have full time to enjoy life and amenities like clubhouses, swimming pools, private gyms, and more.

2. Condo Buying Process

Get Monetary Approval: Review with your bank to understand how much you can afford.

Learn About: Monetary Approval For Mortgage

Start Exploring: Consult a realtor for support in locating suitable condos.

Check Carefully: Check plumbing, wiring, and overall condo structure.

Make an Offer: Bargain with the dealer.

Apply for a Loan: If your credit is good, you can get a loan.

Meet the HOA: Understand the fees and rules of the community.

Review Home: Have a home inspector thoroughly review the condo.

Sign the Papers: If everything is fine, close the deal.

3. What is Condo?

A condo is like a group of homes in a large building. A different person owns each home. These owners are responsible for caring for their homes and fixing anything damaged.

But there are also shared things, like the hallways, the pool, and the outside of the building. Everyone who owns a home in the building ought to pay money to help keep these shared things amicable. The money goes to a group that takes care of everything.

3.1 Condo VS House

Condo VS House - FLTrendz

Condos and houses are different types of places to live. Condos are like a mystery in a giant building, while houses are separate. 

When you buy a condo, you might have people living above, below, and next to you. But a house is all by itself, not connected to other homes. That’s why condos are often cheaper than houses that stand alone.

Buyers must pay extra homeowner’s association fees when they have a condo. These fees help take care of things like pools and clubhouses. They also save money for future repairs and insurance.

On the other hand, residents with their own houses do not pay these fees if they have a home because they are in charge of everything.

3.2 Condo VS Apartment

Condo VS Apartment - FLTrendz

Condos and apartments are different in who owns them. People own condos, but apartments are places you rent.

They are similar because both are inside huge buildings. So, whether to own a condo or rent an apartment, residents have neighbors in the same building.

Since they are similar, condos and apartments have shared things like garbage areas and pools everyone uses.

The Main Thing: Condo owners repeatedly pay extra fees for their homes and shared items, but not all apartment renters have to. It depends on the deal between the person renting and the owner.

3.3 Condo VS Mansion

Condo VS Mansion - FLTrendz

Mansions are massive houses with fancy recreation areas, big yards, and relaxing rooms.

Individuals who own mansions also own the land around them, so they have more things to care for than condos.

Mansions do not have shared things like pools and gyms that condos have. Instead, mansions have exceptional private spas, grandiloquent outdoor kitchens, and beautiful gardens.

4. Best locations to buy a condo

We have researched the best places to buy a condo in Florida and rent it out for a long time. 

4.1 Why in Florida?

People choose Florida for diverse reasons. The weather is warm and lovely, like a Shangri-La. There are countless entertaining things to do here, so it’s a popular vacation place. There are also more jobs now suitable for people moving in and investing. 

So, Florida is a superb choice for people who want to change their homes or invest in property.

Further Readings About Florida:

Best Places To Live In Florida Panhandle

Best Places To Live In South Florida For Families

Best Places For Black Families To Live In Florida

Best Places To Live In Florida For Families

Best Places To Live In Florida For Young Adults

Best Restaurants Seaside Florida

Here are the top five places in Florida where it’s right to do this:

4.1.1 Crawfordville, Wakulla

Condo Price$385,300
Price For Each Space$200 Per Square Foot
Monthly Rent$1,900
Walk Score45/100
Selling DaysNo Data Available

4.1.2 Palm Bay, Brevard

Condo Price$330,500
Price For Each Space$190 Per Square Foot
Monthly Rent$1,700
Walk Score45/100
Selling DaysWithin 90 Days

4.1.3 Port Charlotte, Charlotte

Condo Price$480,020
Price For Each Space$260 Per Square Foot
Monthly Rent$2,000
Walk Score53/100
Selling DaysWithin 60 Days

4.1.4 Vero Beach, Indian River

Condo Price$790,200
Price For Each Space$330 Per Square Foot
Monthly Rent$2,300
Walk Score78/100
Selling DaysWithin 90 Days

4.1.5 Lauderhill, Broward

Condo Price$160,800
Price For Each Space$140 Per Square Foot
Monthly Rent$1,500
Walk Score39/100
Selling DaysWithin 90 Days

Think of renting out a condo for short stays. Here are five great places in Florida to consider:

4.1.6 Cape Coral, Lee

Condo Price$600,620
Price For Each Space$300 Per Square Foot
Monthly Rent$4,500
Walk Score77/100
Selling DaysWithin 80 Days

4.1.7 Sanford, Seminole

Condo Price$360,800
Price For Each Space$220 Per Square Foot
Monthly Rent$3,100
Walk Score69/100
Selling DaysWithin 60 Days

4.1.8 Miami Gardens, Miami-Dade

Condo Price$350,300
Price For Each Space$255 Per Square Foot
Monthly Rent$3,400
Walk Score33/100
Selling DaysWithin 80 Days

4.1.9 Navarre, Santa Rosa

Condo Price$485,700
Price For Each Space$260 Per Square Foot
Monthly Rent$3,800
Walk Score23/100
Selling DaysWithin 40 Days

4.1.10 Port St. Lucie, St. Lucie

Condo Price$460,650
Price For Each Space$230 Per Square Foot
Monthly Rent$3,800
Walk Score57/100
Selling DaysWithin 150 Days

5. Buying VS Renting A Condo

Whether to buy or rent a condo can be challenging. Buying makes more sense than renting if everything indicates staying in one place for at least five years.

5.1 Goods and Bads of Buying a Condo


Getting a condo comes with advantages compared to renting. The big ones are:

  • Building Wealth
  • Tax Benefits
  • Investment Potential


However, buying a condo has its downsides as well:

  • Down Payment
  • Closing Costs

5.2 Goods and Bads of Renting a Condo


Renting makes sense if it is for a short time, like under five years. This choice has its good sides:

  • You don’t need much money upfront.
  • Flexible moves.
  • Not responsible for repairs or maintenance.


Still, renting is not all good because:

  • Renting does not make your money grow like investing.
  • You can not change the condo like an owner can.

6. Why Owing a Condo is good

Owning a single-family home has its good and challenging parts. The same goes for owning a condo. 

Before deciding on a condo, think twice about the good and bad.

6.1 Affordability

Condos are cheaper than single-family homes because you only own the space inside, not the land. You also share ownership of common areas. 

Houses cost more; they include land. Mansions are more expensive due to land and luxury features. Renting seems more affordable than condos, but not in the long run. Luxury apartments cost more over time for extra comfort and convenience.

6.2 Amenities

Condo owners have outlandish amenities like gyms, pools, and cool rooftop spots. Some even have exceptional things like spas and tennis courts.

These perks are rare in ordinary houses because they are costly to set up. For example, a pool can be $27,000 to $53,000, but in condos, you share these exquisite things with others, so you do not have to pay for them to use.

6.3 Accountabilities

As a condo owner, you manage repairs inside your place, like fixing walls or plumbing. But, stuff outside, such as the building’s outside and structure, is up to the condo board.

They care for things like roofs, paths, and outdoor lights. The cool part is they do not charge uncontrolled costs for this. 

6.4 Ready-to-use appliances

To live relaxed, you need lots of stuff. In the kitchen, fridge, dishwasher, and stove. Also, AC, TV, furniture for the living room, washer, dryer, and heater. Condos have all these things; move in and use them. No shopping for appliances. And since it’s your place, you can upgrade or add anything.

6.5 Security

Condos are super safe. Security companies watch over them with trained people. They use alarms, cameras, and more to keep you safe. Some even have guards and special systems to control who comes in. Residents are in safe hands living in condos.

7. Challenges of condominium ownership

Owning a condo has its downsides:

7.1 No Land Ownership

When you own a condo ownership, you do not own land alone. The land the condos sit on is shared among all owners. This is different from having your land, which is valuable and not lose value. Single-family homeowners have their land and can do what they want.

7.2 Limited Space

Condos are like big apartments so they can be small for families. Also, storage spaces only fit small things like furniture. Sometimes, parking is limited or not even there. If you have many cars, it might be challenging in a condo where only one car is allowed.

7.3 Community Rules and Regulations

In condos, a group is in charge and makes rules. Everyone must follow these rules.

For example, you will not be allowed to make noise or use certain places late at night. Some condos say how many pets you can have. 

Strict rules can be a hassle if you love pets or want your area your way.

7.4 HOA Fees

When you own a condo, you have to pay some fees. The first is a condo fee. It’s for taking care of the place. How much you pay depends on the size and things in your condo.

This fee covers trash pickup and fixing water, electricity, cable, and more.

7.5 Lack of Privacy

Living in a condo means being part of a small group. That is alright, but privacy can be a matter.

Different people own units, so you have noisy or curious neighbors. Condo organizations use cameras and microphones. This can make you worry about privacy because you must learn who watches and why.

8. Top Things to Evaluate before buying a condo

Buying a condo is a big deal, so make sure you get it right by considering these things:

  • Your Lifestyle and Needs
  • Amenities in the Condo
  • Condo Association Rules
  • Condo Location

9. Condo Covenant Program

Buying a condo indicates obeying the Homeowners Association (HOA) rules. The rules protect things like renting and having pets. Residents are required to pay a monthly HOA fee for standard area maintenance, which ranges based on area and condo size. 

They also create budgets for amenities, saving funds, and insurance. The fees you pay make up the budget for what the HOA does.

Each HOA is distinctive. Their rules, budgets, and amenities can vary so that every listing might differ. If you’re interested in a condo community, review the HOA details.

You can judge the community’s health by checking the HOA’s budget, savings, and overdue dues. Watch out for red flags like many outstanding payments, debts, or low savings. These signs often mean the HOA isn’t managed well.

Condo committees avoid bigotry. Florida’s laws about condo boards have evolved to be stricter recently.

In Florida, when buying a condo, the Condo Rider in the real estate sales contract lets you notice and review the condo rules and budget.

It will be beneficial to ask for the latest meeting minutes from the board, too, the condo questionnaire entails giving insight into the board’s functioning and forthcoming modifications that will require additional expense.

10. Insurances

When you own a condo in Florida, it is important to consider insurance to protect your investment because condos, like any property, can face risks. Here are two types of insurance you should think about:

Flood Insurance: Florida usually deals with hurricanes and heavy rain, which can lead to flooding. Flood insurance helps if your condo gets damaged by outside water sources. It covers repairs and replacements for your stuff and the condo itself if water causes harm. Yet, it will not help if the damage comes from inside, like a broken pipe.

Building Maintenance Coverage: This insurance covers repair costs for your condo building and the shared spaces. It keeps everything in good shape, maintaining the condo’s value. Sometimes, this is included in your HOA fees, but you may get it separately if needed.

These insurances can give you peace of mind and financial security as a condo owner.

11. Warning Signals For Condo Buyers

Before searching for the best condo in Florida, you should also know what to avoid so as not to regret the selection. 

Here are some caution signs to be careful about when looking for condos to buy:

11.1 Poor Building maintenance 

Inspecting how well the building is managed is fundamental when buying a condo as an investment.

11.2 Poor Quality Design and Construction

Poor building structure and construction can harm your investment. Even if you believe you have found a great real estate area, if the building and condo need to meet proper standards, you must think twice before investing. 

11.3 Why Neighbors Neglecting HOA Fees

As discussed earlier, living in condos pays monthly fees to maintain it, keeping the place looking pleasant and raising the property’s value. 

If residents are not paying fees, it means they are not happy with the services provided by the condo association.

Before investing in a condo, ask to have the financial records of the condo association. It will guide you on how much money they collect, how they use it, and how much they have saved. Knowing about their finances tells you if they provide satisfactory service to residents.

11.4 Poor Insulation Installation

People like having their own private space, whether a house, apartment, or condo. But condos have shared areas, which can affect the quietness. Residents still want peace in a condo. However, not all condos are the same. Look at the insulation and how it’s installed when choosing one. Bad installation means more noise can get in.

Tip: Visit during a busy time, like an open house, to see how noisy the condo is. This helps you decide if it’s a quiet place to live.

11.5 Poor Parking Facilities

Only a few people who live in a condo have a car, but there should still be enough parking. If there is sufficient parking, people must park in safe spots, like on the street, which is unsafe for them or their cars.

11.6 Agents Less Experienced in Condo Sales

Not all agents know about condos. Find a real estate agent who is an expert in condos. An agent who knows condos well helps you through the procedure, whether you are looking for a vacation home or planning a long-term investment. The right agent makes a difference.

12. Condo Investment Tips Every Investor Should Have

Before you start as a real estate investor, you have different choices for investing. Some like fixing and flipping properties, while others prefer easy options like REITs. Know what you want early on – your goals and preferences. This helps you find suitable properties, like condos.

Here’s what to think about when investing in condos:

12.1 More Affordable 

Condos are usually more affordable than single-family homes. Buying a house is a big investment, but caring for a house and yard can be overwhelming. That’s why some people prefer condos, which are like smaller apartments. While condos are still significant, they will cost less than a whole house. However, remember that condos are smaller and cost more than houses.

12.2 Good ROI 

Condos rented out in excellent city locations can make property owners a nice income. Condos are cheaper but can bring in reasonable rent, especially in convenient areas. This makes them a wise investment. But be careful about condo fees – they can take much of your profit.

12.3 Hard Finance 

Investing in condos can be more challenging because they are more difficult to finance.

Usually, lenders want 20% to 25% of the property’s price as a down payment for investment properties, like condos. Many lenders want you to live in the apartment for a year before renting it out. However, some lenders ask for even more money upfront if you skip this step. Check out different options for financing before you decide.

12.4 Warier Landers 

Lenders only lend money for properties they like. Getting a loan for condos is cagier than other properties. Condos can have more legal problems than houses. 

12.5 Waterfront condos 

A condo near the water with a nice view can make it worth much more. These condos are seen as better investments because of where they are. 

12.6 Reserve Funds 

Purchasing a condo costs less, but they have extra expenses that houses do not. These are fees for the community and savings for crises. Only some people know about these savings. They are like a reserve fund for extended repairs. If the fund is low and a complete restoration is needed, people living there might have to pay more to fix it.

In Closing

There are many valuable reasons to buy a condo. They cost less than houses and offer a strong sense of community and safety. Also, residents have fewer maintenance responsibilities compared to other property owners.

However, condos have downsides, like not owning land and having less privacy. But the advantages are usually better. Take your time with your decision. Think about your lifestyle, budget, and what you need, and then decide about buying a condo. 

Frequently Asked Questions

The average or median price of a condo in the state of Florida is about $320,450.

Eight Steps to Buy a Condo Hotel in Florida.

  1. Browse available options.
  2. Ask questions.
  3. Check nearby properties.
  4. Examine your chosen unit.
  5. Compare and negotiate.
  6. Understand the details.
  7. Consider financing.
  8. Act promptly.

Condos are more affordable and generate high rental income, mainly in convenient, walkable areas. It can be a wise investment. Just be mindful of condo fees, as they can reduce profits quickly.

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