Often times when you purchase a condo, your work is cut out for you. There are renovations to be done, fixtures to replace, utilities to replace, walls to paint – the list goes on and on. Over the past few years there has been high demand for condos, especially in and around the south Florida areas of Fort Lauderdale and Miami. As men and women are waiting later and later in their lives to get married, condos are selling more and more over single family homes.
During the financial collapse years ago and the corresponding decline in home values, the southern Florida condo market was hit especially hard. Units were selling for half their market value just a year before and many owners were severely underwater. What has resulted is a buyers market – an opportunity to pickup an excellent condo in a great location. My recommendation is to pickup a unit that needs some renovation but is larger and in a more desirable location, as opposed to a brand new condo. You will get more for your money and will be able to sell it for more money down the road.
Salvatore Induisi is a major player in the southern florida real estate market. He specializes in helping you look for fort lauderdale condos and will help you get an excellent value. Particularly in the Fort Lauderdale area, condos come in two different types. You have your older buildings that have been renovated to a more modern and desirable building, and you have your newer buildings that come with all the bells and whistles you would expect in a new complex.
When searching for condos, make a list of the options and amenities that you want. Pools, recreation, laundry rooms, social events, proximity to shopping, etc should all be taken into consideration when selecting a place to live. School districting is also an important factor whether you have kids or not, as it will effect the resell value when it comes time to sell.
When it comes time to buy your condo, and make improvements, the strategy that most people take is to start with cheaper upgrades and then make the more expensive ones later on. While this makes some financial sense given that you’ve just put down a lot of money as down payment, it can actually be counter intuitive. Ive personally seen many people that spend many years making small improvements to their homes, and these improvements add up. The big jobs, like basement conversion, landscaping, etc are put off and sometimes never get done. But these are the improvements that end up helping your resale value and paying dividends on the back end. So always try to make the improvements that will end up helping your home sell for a lot more, rather than marginal improvements that a new buyer will not give much stock.
To find a condo or home in south florida, be sure to talk to Salvatore Induisi at:
3200 Port Royale Dr N Fort Lauderdale, FL 33308 (954) 818-9470


