If you are trying to become a homeowner in Florida’s red-hot housing market, you simply may be unable to afford a single-family home. After all, according to Zillow, the average cost of a house in Orlando is currently nearly $370,000.
Even though there are few cheap housing options in the Orlando area, you may find a relative bargain by shopping for condos. Before you buy a home in a multi-unit building, though, you should ask yourself whether you can live with a party wall.
What constitutes a party wall?
A party wall is a wall that separates two or independently owned residences. Because of the nature of these walls, they usually have at least two owners. For example, you may own your side of the party wall, while your neighbor owns his or her side of it.
How does a party wall affect you?
You are sure to appreciate your party wall, as it likely prevents fires, blocks sounds and even supports the building.
If your residence has a party wall, though, you may have some limitations on your ability to renovate. That is, you may not be able to move or modify the party wall without your neighbor’s permission. You also are likely to have some wall-related upkeep obligations. Your party wall agreement probably outlines these.
Before closing on your property, it is advisable to know exactly what the party wall agreement says. If there is no party wall agreement, you and your neighbor may have an opportunity to negotiate and draft one.
Ultimately, even though having to deal with a party wall may seem like a drag, it is generally ok to purchase a home that has one.