What Florida Shows Us About the Real Estate Market
In areas popular for retirement and second homes, condominiums are very popular, and condo fees can be very high. In fact, you could pay more in condo fees than you would on your new mortgage. In an economic downturn, growing numbers of condo owners stop paying their fees. The association may respond by skimping on maintenance or jacking up fees.
So potential buyers eyeing the warm winter temperatures in Florida should be especially attentive to the basic lessons of the recent housing crisis: A home is a home, not an investment. And the best way to minimize your risks is to resist the temptation to buy the most expensive home you can afford, and to plan to own it long enough to ride out the downturns..