There are many reasons why someone may feel inclined to purchase a beachside condo. Some love the beach, and therefore, choosing a condo near a beach could be a great idea. This could serve as your holiday home so that you don’t need to keep looking for rentals every time you want to go for a vacation. It could also be a place for you to move into if you want to relocate to such a place. Others buy such condos so that they can rent out to tourists for a profit.
In real estate investing, you should avoid buying on an impulse. You need to find out as much as you can about a property before you commit to purchasing it. You should first ensure that it is a worthy investment to avoid disappointment in the long run.
There are times when temperatures start rising, and days tend to be a bit longer than usual. People think of how good it would be to spend some time near the beach at such a time. In such a case, having a beach condo can be such a good thing whether you are using it or renting it out to others.
In summer and spring, there is a surge of people traffic towards the coastal areas, and there are many properties that are sold or rented out during that time. When the hotter season hits, there is a surge in real estate. If you are planning to invest, it is better to wait for the peak tourist season to pass to have a better chance to search for what you need exactly.
There are many reasons why so many great vacation destinations happen to be in coastal areas.
Therefore, investing in a condo is such a good idea because of the popularity of such areas. Some of the top areas to invest in beachfront condos includes Northwest Florida Panhandle, Caribbean islands, California, Hawaii, and the East Coast of Florida.
In such a location, there are so many activities and sightseeing available. You also get the chance to experience the most breathtaking sunsets. Such experiences are therapeutic, to say the least, and are things that almost anyone would love to feel.
Beachside investments are on the bucket list of many people. If this is your case, it could be a great idea to invest in one. Working with a good real agent can be a great way to get things moving.
Beach Condos And Their Popularity
As summer approaches, it is very common to see headlines that pop up everywhere regarding the best places to visit. With higher temperatures, everyone wants a place they can soak up the sun and take in the amazing ocean-side landscapes.
The most popular neighborhoods are near the coastline. Such areas attract so many people, including celebrities. While not everyone can afford to move full-time, a beachside condo is still an amazing investment that could be utilized differently.
One thing that keeps so many people from purchasing an oceanfront condo is assuming that it could be way beyond the price range they are targeting. However, some findings show that that could be far from the real situation on the ground.
You may be surprised by how reasonable prices are in certain locations.
Beach condos have become some of the best investment properties along the coast, especially because they are more affordable than stand-alone houses.
Buying a beach condo can be an amazing thing, and it can bring about great returns. It helps to first assess the earning potential of the condo even before you make the purchase.
Benefits Associated With Condo Ownership
Beach condo owners have a lot to gain in all aspects. Oceanfront condos have a lot of potential to be great investments in the long term. It is possible to earn a lot more than your initial investment in such a property in a couple of years.
As you decide whether to buy one or not, it is important to think about all the vacation expenses you could be saving. Having a beachside condo can reduce expenses quite significantly.
Finding a condo worth purchasing takes time. By doing your due diligence, in the end, you ought to find something that is per your specifications and tastes. Beach condos have a lot of perks that may not be present in other dwellings. There is the option of purchasing a condo that is furnished. Some even go a step further to include management staff, professional housekeeping, on-site activities, fitness gym, swimming pools, and so on.
Condos are a great investment, but it is only good if you don’t end up with poorly managed one.
One thing to note about a condo is that it does appreciate in value. Single family homes have a high rate of appreciation. However, compared to a single-family home, a condo has the potential to appreciate faster that a residential home especially if it can also be used as a vacation rental. This is one of the things you have to contemplate before buying a condo. This means that you need to carefully choose a location and ensure that the condo you pick is as versatile as possible.
Can It Be A Primary Home?
There are some who hunt for condos to serve as their primary home. When you make comparisons with other property types, there is a uniqueness that comes with condos. It is very important to find out what makes them different before deciding to pick one and live in it. The main thing you must make up your mind about is whether or not you can handle living with your neighbors so close.
The homeowner’s association has to do with fees and rules designed to ensure that the value of the condo complex remains in place. It aims at ensuring that all things remain in the best shape. This association comprises of people who own units and live in the complex or outside investors. This means purchasing in a complex means you will be a part of the association.
Fees are collected from units at a predetermined time and held in a fund until repairs and maintenance arise. This is usually meant for common areas such as pools, parking, roofing, painting, etc.
- When you choose a condo, you don’t have to worry about repairs and maintenance. These are left to the HOA. The costs are not a single person’s responsibility but a collective one. This reduces the billing responsibility. Although, you are responsible for making repairs inside your unit.
- Also, a condo is a great thing for people who love the community vibe. There is a lot of room for interactions with others living within the complex.
- A home owners association in a condo can be poorly managed, and repairs may be neglected for a long time. With time, every unit could get a huge bill, in the way of a special assessment, to try to cover the expenses, especially if the HOA fees were too low.
- There is also the chance that the association board members could be very strict and may cause life living in such a complex irritating if not unbearable. There are cases where they are so strict with small details like how cars are parked and so on.
- The HOA controls the rates, and there is nothing much you can do about it.
Finding a well-managed condo with reasonable rules and regulations makes it possible to make a worthy investment, all factors considered. Regardless of how you look at things, a condo ought to be purchased in the smartest way possible. You should take time to find out as much as possible about the HOA in the complex. Get to know the rules in place and how the complex is managed.
If there are shared amenities, take time to find out whether they are updated and if they get maintained on a regular basis. Talk to those who previously owned condos there and get as much information as to how things were and the main reasons why they left.
Condos As Investment Properties
It is wise to invest in a condo, that much we have already established. When trying
to choose a location to purchase you’ll want to think of a few important things. Owning a condo close to where you live makes it easier for you to manage the property yourself. You can handle any aspect of your rental property and get to know more about how to manage it.
If you are far from the property, you may have to take time to find a worthy property manager to ensure that your condo remains in the best shape and that clients pay in time. If it is meant to serve as a rental, ensure that the owner-occupancy rate is higher.
Buying a condo is definitely a good choice, but only when all details are carefully and thoroughly considered. The best real estate agents can offer you great value, information, and advice, so choose them wisely.
Danny Margagliano is a realtor with World Impact Real Estate in Destin Florida. He has over a decade of real estate experience. Danny’s primary focus is working with out-of-town real estate investors looking for beachfront condos. The condos in his area are typically used as vacation rental properties. Danny is a former professional surfer and firefighter/paramedic. He lives in Destin with his wife, daughter, and 2 dogs.