Buying an Orlando Condo: FAQ's
Q: Can I get an idea of how much my condo is worth from the Internet?
A: You can certainly get a range of your condo's value by searching websites on the Internet, including the condos for sale on Downtown Orlando's Best Condo Website. A lot of sites offer services that crunch numbers from historic public records of condo sales and produce the statistics. Some sites even offer an actual estimate of your condo value based on software appraisals. They rely heavily on historic condo sales records in the area to calculate the estimate. However, it is impossible for a website or software to factor in the difference in buildings, amenities, view, floor plan, and more important market conditions. In today;s market, it may not matter if your condo is on the top floor and has a beautiful view of the pool if there are 10 bank owned foreclosures next door priced well below market value. If you contact our residential condo specialists, we can create a custom CMA (Comparitive Market Analysis) for your condo unit or for your free report, click here.
Q: What are the most common ways of finding out how much my condo is worth?
A: A CMA (Comparative Market Analysis) or an appraisal are the most common ways to determine the value of your condo. All of our Orlando real estate agents are ready, willing and able to provide a CMA for free. A CMA is an informal estimate of value based on comparable sales in the condo buildings most comparable to yours. Our DowntownOrl.com CMA gives you listing prices of current condos on the market as well as those that have sold. An appraisal generally costs a few hundred dollars, and is a certified Central Florida Appraiser's opinion of the value of a condo. Appraisers review many of the same factors our Realtors do, including recent comparable sales, location, square feet, floor and view. Of course, we recommend saving the hundreds of dollars and going with a CMA from one of our trusted Downtown Orlando Realtors. Thinking of selling? Obtain your free report and find out how much your condo is worth.
Q: How can I determine the value of a distressed property, like a short sale condo or bank owned foreclosure condo?
A: If you are considering buying a foreclosure condo that is bank owned, or a short sale condo that reuires lender approval, you need to be very dilligent about acquiring all the information on that condo and building. Some of the information you need to know is how much are the back taxes and home owner's association fees (monthly HOA or condo fees) due? Is there money owed for utilities like water, title liens, etc... that you want to ensure are paid by the seller at closing? Is the condo association stable, or are increased condo fees likely? It also is important to thoroughly examine the property. If you are unable to get into a foreclosure property, contact one of our real estate specialists to schedule an appointment to view the foreclosed condominium. We have access to every foreclosure property on the market.
Q: Are condos a good investment?
A: Condominiums have maintained their value as well as single family home as an investment despite economic downturns and problems with some associations. Condos have actually appreciated more over the past decade than homes and townhomes. At the same time, changing demographics have made condominiums more attractive investments for single home buyers, empty nesters when their children move out, and first-time buyers in expensive markets. Another major factor for condo appreciation is location. Many times, condos are the only places to live in the most desirable areas. For example, in the heart of Downtown Orlando, your only options for a home are condos or houses that are on average 80 years old. Most buyer prefer the amenities and maintenance free lifestyle of condos in Downtown Orl.
Q: How long will the condo buying process take?
A: Once we have an accepted offer, the process to secure a loan, get a home inspection, order and appraisal and survey, and close with the title company generally take 30-45 days
Q: How much will buying a condo in Downtown Orlando cost me?
A: Aside from the price of the condo, you will only pay your closing costs which generally run about 1.5% of the purchase price. My real estate services cost the buyers nothing. We are paid by the Seller after the property closes and you move into your new home!