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“Rental prices are surprising,” mentioned Juan Castro, a Redfin Premier agent in Orlando. “Condos that used to have a $400 month-to-month upkeep charge could now have a $700 charge. It’s inflicting consumers to rethink their plans.”
Common householders’ insurance coverage prices in Florida shot up roughly 40% in 2023 alone, and new regulations within the wake of the 2021 Surfside apartment collapse are mountain climbing HOA charges throughout Florida.
The brand new laws compel HOAs to conduct common security assessments of apartment buildings, typically requiring hefty charges for upkeep and repairs. That’s why getting a apartment mortgage might be tougher than getting permitted for a single-family dwelling mortgage.
Challenges past affordability
Restricted mortgage choices for condos additional complicate the difficulty. Lenders typically require debtors to show monetary reserves and could also be much less more likely to approve loans for condos in buildings with questionable monetary well being.
All these components, mixed with Florida’s notoriously excessive insurance coverage charges attributable to pure disasters, are making a difficult atmosphere for apartment consumers.
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