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“Apartment prices are stunning,” stated Juan Castro, a Redfin Premier agent in Orlando. “Condos that used to have a $400 month-to-month upkeep charge might now have a $700 charge. It’s inflicting patrons to rethink their plans.”
Common owners’ insurance coverage prices in Florida shot up roughly 40% in 2023 alone, and new laws within the wake of the 2021 Surfside rental collapse are mountain climbing HOA charges throughout Florida.
The brand new laws compel HOAs to conduct common security assessments of rental buildings, usually requiring hefty charges for upkeep and repairs. That’s why getting a rental mortgage will be tougher than getting authorised for a single-family dwelling mortgage.
Challenges past affordability
Restricted mortgage choices for condos additional complicate the difficulty. Lenders usually 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 rental patrons.
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