For many doctors buying a medical office building in South Florida, in its entirety, is not something that can happen anytime soon. However, one interesting new trend in medical real estate is a “condo boom” similar to what’s going on in the residential sector. Rather than buy an entire building, you can buy and own a unit within that building. There are a few things you should keep in mind if you’re going to go this route:

Don’t Buy-In Impulsively

Just because the news has come up that a building is being constructed for medical condo use, it doesn’t mean it’s a good deal. No market is perfectly stable and not all real estate companies and projects are guaranteed. Do your homework about the company and their past successes before committing to a unit.

Don’t “Make Do”

If you’re interested specifically in a building with medical condo units for sale in South Florida, make sure you’re getting what’s advertised. Medical requirements may demand specific kinds of plumbing, cabinetry, or special access elevators and parking facilities. If you’re not getting what you need out of the building, move on.

Don’t Forget Your Financial Records

When acquiring a unit in a medical condo facility, there will be a higher down-payment, because the commitment to property taxes, maintenance, insurance and other fees is higher. Documentation is going to be required for the purposes of the loan, including tax returns.

Don’t Ignore Professional Advice

Being part of a partnership or group practice that is coming together to purchase a medical condo space is a complex business affair. If you know anyone that is a certified accountant or attorney, you should solicit their professional opinion on the venture and ensure that you understand your commitments.

Don’t Ignore the Build-Out Allowance

If you’re interested in a unit of a building that’s currently still under construction, there may be an opportunity to take advantage of a “build-out allowance.” This simply means that for early purchasers, there may be a chance to help defray the costs of renovating the actual space to your needs by using the contractors currently working to finish the building once the unit has been completed. If you have such an offer, look into it closely.

Don’t Ignore the Rules Or Restrictions

As with many condominiums, some medical buildings may have rules, restrictions or specific conditions that must be met or observed in order to be approved for residency within the building. Sometimes this may apply to very specific matters, such as the types of renovations that are permitted in a unit. Always check on these regulations to make sure they are compatible with your needs.

Don’t Forget About Maintenance

As with residential condos, be prepared to pay an extra monthly maintenance expense for common areas of the building. This will always be an additional expenditure outside your own insurance and mortgage commitments.

By exercising a little caution and due diligence, you’re quite likely to find a condo unit that suits your medical needs. Just avoid the pitfalls of snap judgements and not researching your options, and you should be very happy with your decision.

Leave a Reply

Your email address will not be published. Required fields are marked *