Destin & 30a Real Estate BlogRecently posted or modified blog posts in the category - Buying a condohttps://www.destinpropertyexpert.com/blog/Copyright DestinPropertyExpert.com2023-12-04T15:31:36-07:00tag:destinpropertyexpert.com,2012-09-20:38112What to Know About Short-Term Condo RentalsCondos can be a lucrative option for short-term rental properties. As individually owned units within a larger residential complex, condos offer unique features and amenities. Assessing condo appreciation, investment potential, and responsible management are crucial considerations.
<img src="https://assets.site-static.com/userfiles/2042/image/blog/What-to-Know-About-Short-Term-Condo-Rentals-1.jpg" width="750" height="422" alt="Everything you need to know about short-term rental condos" style="margin: 9px auto; display: block;" />Location, rental market demand, and HOA regulations should be evaluated. Understanding the pros and cons of condo investments, comparing short-term rentals with long-term options, and effectively marketing and managing condos are vital topics to consider
Let's investigate the details to determine if condos make good short-term rental properties.<a href="https://www.destinpropertyexpert.com/blog/find-the-right-rental-property-florida/"> Finding the right rental property</a> can make all the difference in your income.
What Is a Condo?
<a href="https://www.maxrealestateexposure.com/condo-definition/">A condo, short for condominium</a>, is a real estate property that combines apartment living and homeownership elements. Individual units are privately owned in a condominium, while common areas such as hallways, parking lots, and amenities are shared collectively among the residents.
Unlike single-family homes, condos offer a unique living experience with many benefits and considerations.
Definition of a Condo
A condominium is defined as a residential unit within a larger building or community that is owned individually. The ownership includes the unit's interior space and a proportionate share of the common areas, such as swimming pools, gyms, and common rooms.
Key Differences between Condos and Single-Family Homes
One of the main <a href="https://www.destinpropertyexpert.com/blog/buying-condo-different-buying-house/" title="Difference between single-family homes and condos" target="_blank">distinctions between condos and single-family homes</a> is the type of ownership. While homeowners own the land and the structure of their property in single-family homes, condo owners only own the interior space of their units.
The exterior, as well as the land and shared amenities, are owned collectively by the condominium association.
Additionally, condos offer a more communal living experience than <a href="https://www.destinpropertyexpert.com/homes/along-the-emerald-coast/">single-family homes</a>. Residents share common facilities and spaces, and decisions regarding the management and maintenance of the building are made collectively through the condominium association.
Standard Features and Amenities in Condo Complexes
Condominium complexes typically offer a range of amenities and features that enhance the living experience for residents. These may include swimming pools, fitness centers, landscaped gardens, security systems, and shared social gatherings or event spaces. The availability and quality of these amenities can vary depending on the specific condominium complex.
Furthermore, condos often provide certain conveniences like maintenance and repairs, as the condominium association typically handles these responsibilities. This can be <a href="https://www.destinpropertyexpert.com/blog/advantages-condo-lifestyle-destin/" title="advantages to living in a condo" target="_blank">beneficial for individuals seeking a low-maintenance living</a> arrangement, especially when someone is buying a condo as a short-term rental. Many owners are absentees, meaning they live in a different area than their condo.
In conclusion, condos offer a unique form of homeownership where individuals own their units while sharing common areas and amenities. Understanding condos' definitions, key differences, and common features is vital for <a href="https://www.destinpropertyexpert.com/blog/ready-to-buy-a-condo/" title="Find out if you're ready to buy a condo" target="_blank">anyone considering a condo</a> as a short-term rental property investment.
Do Condos Appreciate?
When considering investment options, one important aspect to evaluate is the potential appreciation of the asset. In the case of condos, several factors come into play that can affect their value over time.
Factors Affecting Condo Appreciation
Location: The location of a condo greatly influences its appreciation potential. Condos in highly desirable areas like city centers or <a href="https://www.destinpropertyexpert.com/destin-condos/destin-condos/">beachfront locations </a>tend to experience higher appreciation rates.
Market conditions: General market conditions play a significant role in condo appreciation. During economic growth and high-demand periods, condos are more likely to appreciate. Conversely, during economic downturns, appreciation rates may be slower.
Property features and amenities: A condo complex's specific features and amenities can also impact its appreciation. Factors like swimming pools, fitness centers, or security systems can add value and attract potential buyers.
Supply and demand dynamics: The balance between supply and demand in the condo market is crucial. Limited supply with high demand tends to increase prices and appreciation over time.
Short term rental history or potential: When you’re selling a condo that is being used as a short-term rental property, you are also selling a business. Depending on how well that business is running, it can affect your value negatively or positively. This is why it is vital to choose the best property management company possible or, if you’re self-managing, to do it right or hire someone.
Comparison of Condo Appreciation with Single-Family Homes
When comparing condos to single-family homes, it is essential to note that appreciation rates may differ. While both properties can appreciate, condos usually appreciate more slowly than single-family homes.
Single-family homes often come with larger land areas and more flexibility for expansion or remodeling, which can contribute to higher appreciation. Although, as stated previously, if your condominium is performing above average as a short-term rental property it can appreciate much quicker than non-rental properties.
Is a Condo a Good Investment?
Pros and Cons of Investing in Condos
Investing in condos for rental purposes offers several advantages. Firstly, condos are generally more affordable than single-family homes, making them an accessible investment option.
As mentioned, they often come with appealing amenities such as swimming pools, fitness centers, and security services, which can attract tenants and increase rental demand. Condos also require less maintenance and repairs than houses, reducing investor expenses.
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However, there are some potential drawbacks to consider as well. Condo owners are subject to homeowners association (HOA) fees, which can vary in amount and might affect the overall profitability of the investment.<a href="https://www.rismedia.com/2023/06/27/what-are-advantages-disadvantages-low-hoa-fees/"> Lower HOA fees can be more advantageous</a> for short-term condo rentals. Although, it is important to inspect what you’re getting for the HOA fees charge. Some HOA’s include things like water, sewer, cable TV, Internet, and exterior building insurance. So make sure the value that the HOA is providing is equal to the amount that you’re paying.
Additionally,<a href="https://activerain.com/blogsview/5799291/hoa-rules-101--a-guide-to-understanding-homeowners-association-rules"> HOA rules and restrictions</a> may limit the investor's ability to make certain modifications or decisions regarding the property. It is essential to research the specific HOA regulations before investing thoroughly.
Analyzing Cash Flow Potential for Rental Condos
Analyzing its cash flow potential is essential before investing in a condo for rental purposes. This involves estimating the rental income that can be generated and comparing it to the expenses associated with owning and managing the property.
Factors to consider when assessing cash flow potential include the current rental market in the area, average rental rates for similar properties, and any potential vacancy rates. It is crucial to accurately estimate rental income and expenses, including mortgage payments,<a href="https://realtytimes.com/headlines/item/1046784-how-are-real-estate-taxes-determined"> property taxes</a>, insurance, HOA fees, property management fees (if applicable), and maintenance costs.
A positive cash flow indicates that the rental income is higher than the expenses, making it a potentially profitable investment. Conversely, a negative cash flow implies that the costs may outweigh the rental income, potentially leading to financial challenges for the investor.
Assessing the Long-term Profitability of Condo Investments
Several factors come into play when evaluating the long-term profitability of condo investments. It is essential to assess the overall appreciation potential of the property, considering historical trends in the local real estate market and projected growth in the area.
In addition, the condo's location is crucial in determining its long-term profitability. Areas with growing populations, strong job markets, and desirable amenities tend to have higher appreciation rates. It is also essential to consider any planned developments or infrastructure projects in the vicinity that could positively impact property values.
Furthermore, conducting a thorough analysis of the condo's operating expenses and potential rental income over an extended period can provide insights into its long-term profitability. Evaluating population growth, rental demand, and inflation can help predict future rental rates and investment returns.
By carefully considering these aspects, investors can make informed decisions about the long-term profitability of condo investments and weigh them against other investment opportunities.
Key Takeaways For Condo Investors
Pros of investing in condos include affordability, attractive amenities, and lower maintenance costs.
Cons include HOA fees and restrictions that may affect profitability and decision-making.
Analyzing cash flow potential involves estimating rental income and expenses accurately.
Long-term profitability depends on property appreciation, location, and market trends.
It’s crucial to not only look at the first year of ownership. The longer you own a condo as a short term rental property the higher your return on investment will be. Each year your rental income will increase more than your expenses. Asking an experienced Realtor from Team Margagliano about a 10 year investor analysis can be mind blowing.
Being Responsible for Condo Rental Properties
As a condo owner, you have specific roles and responsibilities when renting your property for short-term stays. Understanding these responsibilities is crucial to ensure a smooth and successful rental experience.
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Let's examine the critical aspects of being responsible for condo rental properties:
Roles and Responsibilities of Condo Owners
As the owner of a rental condo, it is your responsibility to:
Maintain the condo unit in good condition, ensuring it meets safety and cleanliness standards.
Handle tenant inquiries and address any issues or concerns promptly.
Be ready and able to tackle <a href="https://www.redfin.com/blog/vacation-rental-success-stories/" title="Common problems short term vacation property owners face" target="_blank">common problems facing short term rental property management</a>.
Collect rental payments and maintain accurate financial records.
Ensure compliance with local laws and regulations regarding rental properties.
Communicate with the homeowner's association (HOA) on matters related to the rental unit.
Collect and comply with local and state tax regulations on short term rental properties.
Understanding HOA Regulations for Rental Properties
Most condo complexes have a homeowner's association that sets rules and regulations for the community. These regulations may include specific guidelines for renting out units, such as:
Restrictions on the number of rentals allowed in the complex.
Requirements for tenant background checks and screening.
Restrictions on the duration or frequency of short-term rentals.
Rules regarding noise levels, parking, or use of shared amenities by tenants.
Set limits for occupancy of condos by number of bedrooms.
It is vital to thoroughly review the HOA's governing documents and understand these regulations before renting your condo unit.
Engaging a Professional Management Company for Rentals
Managing a rental property can be challenging, especially if you don't live nearby. Engaging a professional management company can alleviate many responsibilities of renting out your condo. Such a company can assist with the following:
Tenant screening and selection process.
Handling rent collection and financial management.
Coordinating property maintenance and repairs.
Ensuring compliance with HOA regulations and local rental laws.
Hiring a management company lets you focus on other aspects of your life while ensuring your rental property is well taken care of.
Factors to Consider for Condo Rental Properties
There are several important factors to consider when considering condos as short-term rental properties. These factors will help you assess the rental potential and make informed decisions in your investment strategy.
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Let's explore these key considerations.
Assessing Demand and Rental Market in the Area
Before investing in a condo for short-term rentals, assessing the demand and rental market in the specific area is crucial. Conduct thorough market research to understand the current rental rates for similar properties. Look for indicators such as high occupancy rates, increasing tourism, or business activities in the vicinity that may drive rental demand.
Consider proximity to popular attractions, transportation access, and nearby amenities. Locations near tourist destinations, convention centers, or business districts can attract more potential renters.
Evaluate the seasonality of the market that you are thinking about buying a condo. You will want to make sure that there are enough “rentable“ days in the year to support the business and expenses.
Additionally, evaluate the competition from other short-term rentals in the area to determine if the market is saturated or has potential for growth.
Evaluating the Rental Potential of Different Condo Units within a Complex
Not all condo units within a complex will have the same rental potential. Evaluate each unit individually to determine its attractiveness to potential renters. Consider factors such as size, layout, amenities, view, and overall condition of the unit.
Condos that are in the units are in higher demand because they have more windows and better views. Speaking of views, condos with better views than others in the building well rent and sell for more money.
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Units with desirable features like balconies, updated interiors, or extra amenities (such as a gym or pool) will likely command higher rental rates. Additionally, consider the target market for your short-term rentals.
For example, if your condo is in a family-friendly neighborhood, units with more bedrooms or larger living spaces may appeal more to families.
Tips for Marketing and Attracting Tenants for Condo Rentals
Create an appealing listing: Highlight your condo's unique features and amenities in online listings. Use high-quality photos, accurate descriptions, and detailed information about nearby attractions and amenities.
Optimize your online presence: Utilize popular short-term rental platforms and optimize your listings with relevant keywords, attractive titles, and competitive pricing. Respond promptly to inquiries and maintain positive guest reviews.
Target specific demographics: Tailor your marketing efforts to attract the right renters for your condo. For example, target students and parents visiting their children if your condo is near a university.
Consider professional property management: If managing your condo rental proves overwhelming, consider hiring a professional company. They can handle guest communication, check-ins, and maintenance tasks, ensuring a smooth rental experience for you and your tenants.
By considering these factors and implementing effective marketing strategies, you can maximize the rental potential of your condo and generate attractive returns on your investment.
Pros and Cons of Condo Investing
Advantages of Investing in Condos for Rental Purposes
Investing in condos for rental purposes comes with several benefits:
Steady Rental Income: Condos are often in high demand, especially in desirable locations, providing a consistent rental income stream.
Lower Maintenance Responsibilities: As a condo owner, you typically have fewer responsibilities than a single-family home, as the condo association takes care of common areas and exterior maintenance.
Amenities and Facilities: Condo complexes often offer amenities such as swimming pools, fitness centers, and 24/7 security, attracting tenants seeking added convenience and lifestyle perks.
Potential for Appreciation: While not guaranteed, condos in popular areas can appreciate over time, offering the potential for a profitable investment.
High Occupancy Rates: Due to their location and affordability, condos tend to have higher occupancy rates, reducing the risk of prolonged vacancies.
Potential Drawbacks and Challenges Associated with Condo Investments
However, condo investments also have their potential drawbacks and challenges:
HOA Fees and Rules: Condo owners are subject to homeowners' association (HOA) fees and rules, which can impact profitability and limit rental flexibility.<a href="https://realtybiznews.com/penalty-violating-hoa-rules/98778335/"> You could have to pay fines</a> if the tenants violate the rules.
Limited Control: As a condo owner, you may have limited control over decisions regarding the property, as the condo association often governs them.
Competition from Other Units: In popular condo complexes, owners may compete with owners renting out their units, potentially affecting rental prices and occupancy rates.
Market Volatility: Real estate markets can be subject to fluctuations, and condo investments may be more susceptible to market volatility than other real estate types.
Potential for Special Assessments: Condo owners may be responsible for special assessments levied by the condo association to cover unexpected expenses or repairs, impacting the investment's profitability.
Mitigating Risks and Maximizing Returns in Condo Investments
To mitigate risks and maximize returns in condo investments, consider the following strategies:
Thorough Due Diligence: Research the local market, the condo complex's reputation, the financial health of the association, and any potential upcoming assessments.
Proper Financial Planning: Factor in all costs, including HOA fees, property taxes, insurance, and maintenance expenses, to determine the true profitability of the investment.
Effective Property Management: Hire a professional property management company with experience managing condo rentals to handle tenant screening, maintenance, and compliance with HOA regulations.
Diversification: To minimize risk and exposure to market fluctuations, consider diversifying your real estate portfolio by investing in various properties, including condos.
Continuous Market Monitoring: Stay updated on the local real estate market trends and adjust your rental rates and marketing strategies accordingly to attract and retain quality tenants.
Renting Out Your Condo
Steps to Rent Out Your Condo Unit
Once you've decided to start renting out your condo, there are essential steps to follow:
Prepare your condo: Clean and organize your space to make it more appealing to potential tenants.
Set a competitive rental price: Research local rental rates to determine the appropriate price for your condo.
Create an attractive listing: Take high-quality photos, write a detailed description, and highlight the unique features of your condo.
Advertise your rental: Utilize online platforms, social media, and other relevant channels to reach potential tenants.
Schedule and conduct property viewings: Arrange convenient viewing times and showcase the best attributes of your condo.
Screen potential tenants: Conduct thorough tenant screenings, including background checks, credit checks, and references You don't want to be<a href="https://www.destinpropertyexpert.com/blog/deal-with-terrible-tenants/"> stuck with a bad tenant</a>.
Create a rental agreement: Draft a comprehensive lease agreement that clearly outlines the terms and conditions of the rental.
Collect security deposit and rent: Arrange for a secure payment method to collect the required deposits and rent payments.
Understanding Lease Terms and Tenant Screening
Lease terms play a crucial role in protecting the interests of both the landlord and the tenant. It's essential to clearly define lease terms, including the duration of the lease, rental payment terms, tenant responsibilities, and any restrictions on the use of the condo.
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Additionally, performing tenant screenings helps ensure you rent to reliable and responsible tenants. Verify their employment, income, and rental history, and check their credit history to assess their ability to meet financial obligations.
Handling Maintenance and Repairs for Rental Condos
As a landlord, you must promptly address maintenance and repair issues. Establish a system for tenants to report maintenance requests and ensure timely responses. Regularly inspect the condo for potential problems and address them promptly to maintain the property's condition.
Having a network of reliable contractors and service providers is also advisable to assist with repairs and maintenance tasks when needed. even if you have your own property management company taking care of your condo they may ask you to choose vendors for certain types of repairs or upgrades.
Short-Term Rentals vs. Long-Term Rentals
When it comes to renting out condos, owners often face the decision of whether to opt for short-term or long-term rentals. Both options have advantages and considerations, and it's essential to weigh them carefully before deciding.
Pros and Cons of Short-Term Rentals for Condo Owners
Short-term rentals, such as those facilitated through platforms like Airbnb, offer several benefits for condo owners:
Higher rental income potential: Short-term rentals often yield higher rental rates, especially in popular tourist destinations or during peak seasons. This can result in increased cash flow.
Flexibility in usage: Owners can utilize the condo for personal use when it's not rented out, allowing them to enjoy the property while still generating income.
Ability to adjust pricing: With short-term rentals, owners can adapt rental rates according to market demand, ensuring maximum profitability.
However, there are also some considerations to keep in mind with short-term rentals:
Higher management responsibilities: Short-term rentals require more active management, including handling guest inquiries, check-ins, cleanings, and maintenance.
Potential for more wear and tear: With a higher turnover of guests, there is an increased risk of property damage or excessive wear and tear compared to long-term rentals.
Regulatory challenges: Some cities or homeowners' associations may have regulations or restrictions on short-term rentals, requiring owners to comply with additional legal and regulatory obligations.
Considerations for Utilizing Platforms like Airbnb for Short-Term Rentals
If you decide to pursue short-term rentals for your condo, utilizing platforms like Airbnb can be beneficial, but it's essential to consider the following:
Competition and market saturation: Research the level of competition in your area and assess if there is a high saturation of available short-term rental properties.
Dynamic pricing strategies: Understand the market demand and adjust pricing to attract guests while maximizing your rental income.
Guest screening and reviews: Establish thorough guest screening processes and encourage positive reviews to maintain a good reputation and attract future bookings.
Comparing Rental Income Potential for Short-Term vs. Long-Term Rentals
When comparing the rental income potential of short-term rentals versus long-term rentals, there are a few factors to consider:
Rental rates: Short-term rentals typically command higher rates per night, while long-term rentals tend to have lower monthly rates.
Occupancy rate: Short-term rentals may experience fluctuating occupancy rates due to seasonal demand, while long-term rentals often provide a more stable occupancy rate.
Expenses: Short-term rentals may have higher cleaning and maintenance costs due to frequent turnovers, while long-term rentals may have reduced turnover costs.
Assessing these factors within your specific market and property is essential to determine which rental strategy aligns best with your goals and financial objectives.
Final Thoughts
There are numerous considerations to think about with short-term condo rentals. Hopefully, you understand better and can make an informed decision.2023-08-05T14:17:00-07:002023-08-24T13:34:24-07:00Danny Margaglianotag:destinpropertyexpert.com,2012-09-20:15874Condo Inspection Checklist 2023<img src="https://assets.site-static.com/userfiles/2042/image/Blog_Photos/Condo-inspection-checklist.jpg" width="800" height="450" alt="Condo inspection checklist" style="margin: 5px auto; display: block;" />Getting a condo is never easy, especially if you want the best kind. Buyers might not be aware of the repercussions they will get when they finally <a href="https://www.destinpropertyexpert.com/destin-condos/destin-condos/">buy a condo</a>, especially if they aren’t familiar with <a href="https://precondo.ca/condo-inspection-checklist/">what to look for in a condo inspection.</a> You don’t want to experience buying a condo and finding out later that it has significant problems that may become too late to fix.
That is why <a href="https://www.destinpropertyexpert.com/blog/a-complete-closing-checklist-for-first-time-home-buyers/" title="First-time homebuyers closing checklist">buyers need to have a checklist</a> to help them know which parts of the condo to look at and inspect. Most buyers hire a <a href="https://www.yourokcpropertymanager.com/" title="property management ">property management company</a> to assist them with the home inspection process. Doing so can help determine whether the condo will be worth buying or not. Typically, when buyers purchase a condo without any knowledge of the several problems, they have no choice but to spend money to fix these issues.
Luckily, you have this article to guide you through a condo inspection. This checklist lets you determine which areas of the condo you need to keep an eye out for. Make sure to read every part of this checklist to avoid every kind of detrimental issue for you and the condo.
Checklist #1: Flooring and Ceiling
When you step into a room, you should look at the flooring for any issues. You may have seen many different types of problems with flooring and ceilings, such as dilapidated floors, paint coming off of the ceilings, cracks, spots, etc. These two need to be on the priority list of the areas where you need to inspect.
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If the<a href="https://www.destinpropertyexpert.com/blog/ways-to-protect-floors-from-scratches-scuffs/" title="Protecting hardwood floors"> condo has wood flooring</a>, checking for spaces between the flooring and the baseboards is critical. This flooring issue usually happens due to physical damage or leaks. At one point, you may need to replace the entire flooring if these issues are left unattended for quite some time. This would also mean costly repairs, giving you even more problems to think about.
Another issue that’s most likely to happen with the flooring is its tendency to slope. This is one of the many alarming issues when inspecting a condo because there are foundation issues. Water is also the other reason for floor joists to sag and slowly slope. You should check the plumbing pipes under the flooring since overflowing water can gradually damage the wood.
As for the ceiling, you can usually find cracks and paint coming off due to neglect and lack of maintenance. Maintenance personnel can remedy paint coming off of the ceiling with ease. But with cracks, that’s a sign of low building integrity. Some condos have wood ceilings, which can crack because of poor-quality wood or force applied to the surface.
Checklist #2: Plumbing
Once you finish inspecting the flooring and ceilings, the next area you need to conduct an inspection is the condo's plumbing system. This needs to work efficiently to ensure people living in the condo will have one of the necessities to live comfortably. You need to hire an experienced plumber for this inspection since most of the plumbing components are found behind surfaces such as walls, ceilings, and underneath the flooring.
The water heater is one part of the plumbing system that needs inspection. It may not provide hot water during cold weather because it lacks maintenance or repairs. The water heater could have a <a href="https://www.projex.com.au/blog/a-few-common-reasons-why-balconies-leak/" target="_blank">leak</a> which could indicate worn out or broken parts leak, or it is outside of its lifecycle. Next is to check the fixtures, pipes, sink, and appliances for previous water damage. The last repairmen who worked on the issue might have done the job hurriedly, so inspecting them is crucial to prevent them from worsening.
Checklist #3: Kitchen and Washroom Areas
The kitchen and washroom inside the condos would need proper maintenance, especially if a previous tenant was occupying them. Anything can happen to the kitchen and restrooms, so it’s essential to inspect these areas. What you can do <a href="https://www.destinpropertyexpert.com/blog/how-to-design-a-contemporary-kitchen-in-your-new-home/" title="Remodeling your kitchen">first is to check the cabinets</a> and drawers if they open quickly. Previous tenants may have possibly damaged them over time and made the hinges loose.
You can also check the tub and shower areas for damaged caulking. It should not have any hollow spaces to prevent runoff water from seeping through and staying inside the gaps. It’s also best to check the fittings in both of these areas to check if they have any issues. The kitchen sink will also have caulking, so make sure you also inspect it. Not only will the water stay inside these gaps, but also food bits. Leaving them for a long time can cause cockroaches and other small insects to invade these areas.
Find out: <a href="https://www.peststrategies.com/pest-guides/cockroach-guides/how-much-is-a-cockroach-exterminator/">Is</a><a href="https://www.peststrategies.com/pest-guides/cockroach-guides/how-much-is-a-cockroach-exterminator/"> it worth getting an exterminator for cockroaches</a>?
Checklist #4: HVAC and Electrical System
Most condos nowadays have HVACs, completely replacing the old window-type AC. An HVAC needs proper maintenance, just like any other system in a condo. Every part of the HVAC has to work correctly to avoid unsuspecting issues from happening. A common problem that occurs in HVACs is with their thermostats. A faulty thermostat is a big issue, especially when the weather is too hot or too cold, and you need to set it to the right temperature. When you’re having the HVAC checked, the condos usually have an <a href="https://bestaccessdoors.com/hvac-access-panels/" title="HVAC access panels" target="_blank">HVAC access door and panel </a>for maintenance personnel to use. This lets them do their jobs more accessible and more efficiently.
Once the HVAC is appropriately inspected, head on over to the electrical system. Electrical problems are some of the many causes of house or building fires. Even something as small as an exposed electrical wire can already start a fire. It may create a fire faster when it’s near flammable materials and surfaces like wood flooring. Damaged electrical outlets should also need repairing as these can damage appliances when plugged in. This is a part of the checklist that you should not ignore.
Checklist #5: Windows and Doors
Doors and windows should firmly close and not leave any gaps. These gaps can cause air to go out, which is a problem when you’re keeping the interior warm or cold. They should also close completely to provide a sense of privacy. Sounds or noises that come from inside the condo should stay inside as much as possible to ensure absolute privacy.
Make sure to scrutinize the windows as mold might be present. You can determine if the windows have molds when you see spots slowly forming. Apart from the mold spots, the window should not have any squeaking noise when closing down. Usually, windows with hinges have this type of problem due to the hinges rusting over time. A simple solution for this issue is to use an anti-rust spray.
Look for moisture or fogging that appears to be inside the window. What this means is the thermal barrier of the window is broken. If this happens to the window, it will no longer be efficient. On top of that, no matter how much Windex you put on it, it will not become clear glass again. When this happens, you can typically higher a local class company to replace the panels of glass rather than the entire window. Having a window or multiple windows with broken thermal barriers can quickly add up to be an expensive undertaking.
Checklist #6: Condo Exterior
Making the exterior condo look good is just as essential, aside from maintaining internal systems. The building should have a fresh coat of paint every time. Not only will this <a href="https://www.destinpropertyexpert.com/blog/adding-curb-appeal-to-your-home-is-as-easy-as-123/" title="Good 1st impression of your home">make the exterior appealing</a>, but the paint protects the surface from getting damaged easily. The landscape needs to be taken care of as well. There’s nothing better than seeing a beautiful and well-maintained landscape every morning. A beautiful landscape can help lift a person’s mood. Adding stone walkways or benches on the landscape can create a space where people can relax and take some time to destress after a tiring day.
Ensure that you follow this checklist whenever you’re planning to rent a condo or buy one. This will help you decide which areas need work on the most and efficiently budget your expenses. And when you’re looking for one, following this checklist will help you do the inspections faster.
Additional Real Estate Checklists
<a href="https://www.destinpropertyexpert.com/blog/ultimate-home-renovation-checklist/" title="Renovation checklist" target="_blank">Ultimate home renovation checklists</a>
<a href="https://www.destinpropertyexpert.com/blog/a-complete-closing-checklist-for-first-time-home-buyers/" title="The best first-time homebuyers closing checklist" target="_blank">Closing checklist for new buyers</a>
2023-02-08T17:54:00-07:002023-10-17T07:36:28-07:00Danny Margaglianotag:destinpropertyexpert.com,2012-09-20:272347 Reasons It's a Great Time to Buy a Condo in Destin<img src="https://assets.site-static.com/userfiles/2042/image/Blog_Photos/Its_a_great_time_to_buy_a_condo_in_Destin_Florida.jpg" width="624" height="312" alt="Reasons why you should buy a Destin condo now" style="margin: 7px auto; display: block;" />Why is it a great time to <a href="https://www.destinpropertyexpert.com/destin-condos/destin-condos/" title="Condos for sale in Destin, FL">buy a condo in Destin, Florida</a>?
We’re all looking for the perfect place to call home. When you close your eyes and think about your perfect home would be, do you see a beach, boardwalk, white sand, and the Emerald Coast? The real estate market is hot, and Destin is a top choice for people from all walks of life. Homebuyers are coming from near and far to find their next place to call home.
There are a lot of reasons buying a condo in Destin is a great idea right now. Here are a few. Do any of these apply to you?
Passive Income: Airbnb, Vacation Rentals, Renting Rooms
With the prices of goods and property skyrocketing, people are finding themselves looking for new ways to make money. While working full-time will cover the bills, there are only so many hours per day a person can dedicate to work for pay. What if I told you there was a way to increase your revenue stream and make money while you sleep? Well, there is a way… with a passive income. A passive income is a great way to offset rising costs and inflation.
There are a lot of different ways to make money on the side. Owning property opens the door to a variety of valuable options. Condos can be turned into luxury vacation rentals. Condos make excellent Airbnbs. If you live in your condo, you have the option to rent a spare room. If you use your condo as a vacation home, it can bring in revenue on the days you’re not there. Property managers love renting condos if you’re not interested in dealing with tenants yourself.
These are just some options to consider for making a Destin condo generate passive income. Using a condo to generate passive income can be quite lucrative and is a substantial reason to <a href="https://www.destinpropertyexpert.com/destin-condos/destin-condos/">buy a Destin property</a>.
Destin Condos Have a High Return on Investment!
Investing is something that everyone should do. With investing today, there are a lot of different options. Some of the most popular investments include stocks, bonds, precious metals, cryptocurrencies, and of course, real estate. While you should have a diverse portfolio that’s well-researched using a reliable stock valuation platform like <a href="https://www.alphaspread.com/">Alpha Spread</a>, It shouldn’t be a surprise that real estate gains have much stronger return potentials than other choices. Picking a condo as an investment gives the buyer a couple of options.
When there is a booming real estate one popular choice might be to flip it. When an investor buys a property to flip, they want to sell it as fast as possible. Sellers will make a few cosmetic upgrades and try to sell for a quick profit. People that flip real estate rarely move into the dwelling.
With condos, there are fewer repairs to make and updates cost less. There is also less competition for flipping condos because many short-term real-estate investors target traditional family homes. Condos are more affordable to flip than a family home.
Flipping condos isn’t for everyone. Flipped homes only account for 1 in 20 real-estate transactions per year, and condos are not the most popular type of property to flip. A longer-term and more popular approach would be to live in the investment property. Even though it is possible for average profits from flipping homes to exceed 40 percent. Compared to the original acquisition price, a longer investment period will maximize profits. A longer investment period usually means sellers live in the home.
When using a condo in Destin as a long-term investment has its perks. Destin’s white sand beaches make this part of the Emerald Coast a lovely place to vacation or live. It really is the perfect place to use as your favorite vacation spot. Living in the investment property, or using it as a vacation home, allows sellers more time to invest in valuable upgrades. Remember, living in the residence gives you the chance to enjoy and appreciate the investment.
You’re Ready to Buy a House for Your Family
Supporting a family can be expensive. Living in a condo can save money compared to buying a traditional family home. The initial cost of buying a condo is usually lower than <a href="https://www.destinpropertyexpert.com/destin/" title="Find a Destin home or condo for sale">buying a home</a> or townhouse. While there are some downsides, like thinner walls and your neighbors hearing you, the upsides are worth entertaining.
Choosing a condo may be the next best way to transition between renting and owning a traditional family home. The initial cost of <a href="https://www.destinpropertyexpert.com/homes/new-construction-homes-30a-santa-rosa-beach-miramar-beach-and-destin/" title="Destin, Santa Rosa Beach, and 30a new construction homes">building a home</a> can also be cheaper than buying a home but takes more time. From finding the right land to <a href="https://www.houzz.com/for-pros/architect-leads">finding an architect</a> to hiring builders, the process takes an awful lot longer than just buying a condo with the same budget. Choosing a condo saves money and time.
Another thing to consider, nearby neighbors are not always so bad. One way children learn and grow is by interacting with different people in the community. We’ve all heard the saying “It takes a village to raise a child”. When you’re raising children, it's reassuring to know someone you can trust, like a neighbor, is always nearby. People living in Destin are always looking out for each other.
Another advantage to living in a condominum, is that there isn’t any yard maintenance to worry about. Which means no fighting over who has to mow or pull weeds. Swimming pools are a popular shared amenity and can be a lot of fun for the whole family, especially when the HOA hires someone to take care of the pool. A condo may just be the stepping stone for a family that needs to jump from renting to owning.
Destin Condos are Perfect for Retirement
If you’ve been trying to decide when the best time to retire will be, there is no better time than now. The last couple of years of public health concerns pushed people into isolation, demanding as much extra space as possible with little concern about joining a community. Today, with little standing in the way of getting back to normal, people are feeling more social than ever before. People are getting back to spending time with their family, friends, and neighbors. While condos fell out of favor during the isolation era with high demand for wide-open spaces, people are taking advantage of the opportunity to live in a vibrant community filled with smiling neighbors.
There are a few things that make Destin a great place to retire. There isn’t any snow, summers are long and hot and winter is warm. Once you learn how to cope with higher humidity, the weather is amazing. It is heaven for anglers, the city claims to be "The World's Luckiest Fishing Village" and is famous for having the largest fleet of fishing vessels in the state. The snow-white sand beaches offer breathtaking sunsets at Henderson Park, a local treasure. Destin is central to everything in the area, so all the entertainment, dining, and shopping is nearby. As a tourist hotspot, there are plenty of attractions to entertain the locals. If you’re into military jets, Eglin Air Force Base is active enough to keep you on your toes. Last but not least, there are almost twenty different golf courses. It really is the perfect place to retire.
Waiting longer to make a purchase means the prices will keep rising and there will be fewer choices once you finally decide to retire.
Buyer Competition Crosses the Nation & Generations
When there are more buyers than sellers, its called a sellers market. Properties are sold quickly all across the state, and buyers all over are learning about the reasonable prices of purchasing a condo in Destin. Buyers wind up competing with one another. Some buyers have been shopping in the market for quite some time, so you’re up against a lot of competition when you finally decide to shop for your home. The competition isn’t just local.
We’re living in a new age of home buying with a new breed of shoppers. People are shopping and buying homes online. <a href="https://www.destinpropertyexpert.com/blog/buying-house-remotely/">Remote buyers rarely live in the state</a> they’re shopping, and there are a lot of them. We’re also coping with the largest population of homebuyers growing up and entering the market.
Millennials continue to account for the largest portion of homebuyers. Older and younger millennials (buyers currently between the ages of 22 and 40) account for as many as 38% of buyers according to a 2020 study by the National Association of Realtors Research Group. The study shows an overwhelming abundance of millennials are first-time home buyers. First-time homebuyers are interested in the most affordable options, and condos are high on the list.
The word is out. Destin is a great place to live, and the property prices are competitive. Buyers from all over the country are flocking to Florida. The competition extends beyond county and state lines. You’re up against the entire country. There has never been a worse time to wait.
Waiting is Increasingly Costly
If you’ve been considering buying a condo, but have been waiting for prices to come down, it may be time to revisit your strategy. There are only so many choices in Destin’s 7.5 square miles. With a finite supply and increasing demand, the prices will keep going up with time
Condo prices don’t follow a straight upward trending line, the rate of change increases with time. When the prices increase exponentially, waiting to buy ends up costing you more in the long run.
It isn’t just the high demand and limited supply that makes waiting increasingly expensive. We’re living in a period of rising inflation we haven’t seen in decades. Inflation has risen at least 7% over the past year. This is the highest raise in inflation since 1982. If your portfolio is flush with cash, you risk losing buying power to inflation. Investing in hard assets, like real estate, is one of the best ways to preserve the value of your wealth and protect yourself against inflation. Historically real estate appreciates approxiamatly 5% per year and Destin Florida is no exception. In fact, because the real estate market is growing in Destin and has a mixture of primary resident and investment properties, Destin typically appreciates even faster.
Investing in a Destin condo makes sense when you consider the rising demand, finite supply, and issues with inflation. Buying a condo sooner means you’ll ultimately save and make more money on your investment.
Renting Costs More Than A Condo
Rent really is becoming more expensive than a mortgage payment. When it comes to buying homes, it doesn’t get much more affordable than a condo. While there is usually some sort of HOAs to be mindful of, the total cost is often considerably lower than renting. It is also nice not having to worry about taking care of a yard, something that is usually handled for condos with HOAs.
For locals, buying a condo may be a cost effective option to stay in their hometown. The rising costs of living push people out of their hometown neighborhoods, a process known as gentrification. People must move to more affordable housing miles and miles away. A condo may be the best solution for folks that don’t want to give up their nightly stroll through HarborWalk, and also don’t want to deal with ever increasing rental rates.
Going from renting to owning can be intimidating. Sometimes it is simply a matter of finding an agent. A knowledgeable agent can make all the difference. Establishing a relationship with a reliable agent is <a href="https://www.destinpropertyexpert.com/agents/danny-margagliano/">the first step in home buying</a>.
In closing, there are a variety of reasons to consider a Destin condo as fast as you can. Whether you’re trying to generate passive income, invest, plan your retirement, support a family, avoid increasing rental rates, beat the competition, or just save money by getting in early and beating the competition… Now is really an excellent time to buy a condo.
Do any of these reasons resonate with you?
If so, call/text Team Margagliano 850-613-0929 today to see what's available!2023-01-27T12:30:00-07:002023-06-25T14:55:33-07:00Danny Margaglianotag:destinpropertyexpert.com,2012-09-20:32893How to Decide if You're Ready to Buy a Condo<img src="https://assets.site-static.com/userfiles/2042/image/Blog_1/how-to-know-if-youre-ready-to-buy-a-condo.jpg" width="800" height="450" alt="Find out if you are ready to buy a condo." style="margin: 8px auto; display: block;" />If you're <a href="https://www.destinpropertyexpert.com/condos/sandestin-condos/" title=" Buying a condo for sale at Sandestin Resort">thinking about purchasing a condo</a>, here are some things to mull over before taking the plunge:
Can you tolerate living in close quarters with your neighbors?
Do you know what to expect in terms of HOA fees and regulations?
Do you have the money available for a down payment and monthly payments?
Deciding whether you should buy a condo or not is difficult, and even if you decide to buy one, you need to know <a href="https://www.lemonade.com/homeowners/explained/buying-a-condo/">the right way to buy a condo</a>. But coming back to the main dilemma- how to know if you are ready to buy or not?
Weighing the Pros and Cons of Owning a Condo & a Home
There are several advantages to owning your house outright. To begin with, you'll have more privacy and be able to make decisions about renovations and design. You also won't need to deal with landlord-tenant issues, and you could even rent out part of your house to help pay the mortgage. One of the disadvantages of having a house is all the exterior maintenance that you have to do. Also for example, if you travel frequently, then maybe it’s not the right time to buy a condo yet as you will have to worry about your property’s maintenance.
There are a few disadvantages that come along with buying a condo, too. Some HOA's condos may have heavy fees. But as far as advantages, by owning a condo, you won't have to worry about exterior maintenance because that will be the HOA's duty. You will also have in most cases, things like a swimming pool, fitness center, tennis courts, and more.
The choice of whether or not to buy a condo is a personal one in the end. Consider the advantages and disadvantages carefully to determine if owning a home or condo is the right decision for you.
The Financial Aspect of Condo Ownership: Can You Afford a Mortgage?
Owning a home is an exhilarating experience, but it's essential to confirm that you're in a good financial position to take out a mortgage before beginning your house hunt. In addition to being able to make the monthly mortgage payment, you should also have money saved for a down payment, closing costs, and unanticipated repairs or renovations.
The first step is to calculate <a href="https://www.cnbc.com/2021/07/14/how-much-of-your-income-you-should-spend-on-housing.html">how much you can afford to spend on a condo</a> each month. A good rule of thumb is that your monthly mortgage payment (including taxes and insurance) shouldn’t be more than 28% of your gross income. Once you know how much you can afford, you can start looking for a lender and getting pre-approved for a loan.
When you're ready to apply for a mortgage, the lender will look at several factors to determine your eligibility, including your credit score, employment history, and debt-to-income ratio. They'll also require documentation of your assets and liabilities. If everything looks good, the lender will give you a pre-approval letter that indicates how much they're willing to lend you.
With a pre-approval letter in hand, you can start your new condo search with the peace of mind that comes with knowing how much you can afford. Once you find the perfect place, be sure to get a home inspection before making the purchase—this will help make sure there are no unpleasant surprises that could affect your ability to afford the property down the road.
The Emotional Aspect of Condo Ownership: Are You Ready for the Responsibility?
It's crucial that you take a step back and evaluate your readiness for the emotional challenges of owning a condo before you start shopping for one. A condo is a significant responsibility, both in terms of money and emotions.
As a condo owner, you're in charge of everything inside your unit, from the paint on the walls to the carpet on the floor. You're also responsible for footing your own mortgage, insurance, and property taxes. If something breaks, it's your responsibility to fix it. And if you have noisy or disruptive neighbors, it can be difficult to handle them by yourself. On the flipside, the is a sense of security being in a condo building with neighbors so close.
Condo ownership comes with a lot of responsibility, which can be daunting if you're not used to handling these things by yourself. However, condos can be great places to live or use as a vacation rental property if you're up for the challenges that come with owning a condo. Just be absolutely certain that you're prepared before making such a big decision.
The Maintenance Aspect of Condo Ownership: Are You Ready to Handle Repairs and Upkeep?
Everyone knows that owning a house is a lot of responsibility. Not only do you have to make repairs when something breaks, but you also have to keep up with regular maintenance. This can include mowing the lawn, raking leaves, shoveling snow, painting, keeping up with curb appeal, and more.
If you don't like or are bad at taking care of these types of responsibilities, then condo living might be a better option for you. With a condo, the exterior maintenance (including the roof) is typically the <a href="https://www.destinpropertyexpert.com/blog/12-pros-and-cons-of-hoa/" title="HOA pros and cons">responsibility of the HOA</a> (Home Owners Association). This means you'll have more free time and won't have to pay for any significant repairs.
Even if you live in a condo, there are still some upkeep tasks that you'll be in charge of. These could involve things like upkeep on your HVAC system, keeping your appliances in good working condition, and general light maintenance inside the condo. However, owning a condo generally requires less maintenance than owning a single-family home.
If you're not prepared to take on <a href="https://www.destinpropertyexpert.com/blog/repairs-request-before-close/">repairs and maintenance</a>, then a condo might be the right choice for you.
The Location Aspect of Homeownership: Where Do You Want to Live?
As you mull over homeownership, one of the main questions you'll need to answer is where do you want to live? If you're considering purchasing a condo, this is especially important to contemplate, as condos are typically situated in areas where there are more people around. Whereas, a home can be located just about anywhere but typically they are and more of a rural setting. Therefore, before beginning your condo search, take some time to think about the location element of owning a either a home or condo.
There are a few things you should think about as you decide where to live. One is what kind of environment do you want? Would you rather be in a big city or a smaller town or suburb? Another thing to take into account is what kind of lifestyle do you want? Are you looking for a lively nightlife or a more relaxed atmosphere?
Consider these things and zero in on a particular search area. Once you start looking at condos, you can have the location in mind and try to find a condo that would be the best fit based on your needs.
The Size Aspect of Condo Ownership: How Much Space Do You Need?
After you've decided that you're ready for homeownership and have started to look at different types of condos and homes, the next step is to think about how much space you'll need. This can be difficult, especially if you're moving from a bigger home to a smaller one, or vice versa. If you're moving from a house to a condo you should expect to have less space. You may wonder how you'll fit all your belongings into a new place, or how you'll fill up extra space. Here are some factors to keep in mind as you choose the right size for your new home.
The Timing Aspect of Property Ownership: Is Now the Right Time for You to Buy?
Property ownership is a significant financial responsibility and should not be taken lightly. You need to ensure that you're in a good place financially before taking on a mortgage and all the other costs associated with owning a home or condo.
One of the key things to think about when trying to determine if you're prepared to buy a condo is timing. The real estate market is always in flux, so <a href="https://startuptalky.com/why-timing-is-crucial-when-buying-or-selling-home/">timing is crucial when making a purchase</a>. You must be certain that you're buying at the right time; otherwise, you might end up paying too much or being stuck with a property that decreases in value.
The following are a few things to remember when thinking about the timing of homeownership:
The Real Estate Market
You need to be aware of the current state of the real estate market before making any decisions. Are prices rising or falling? Is it a buyer’s market or a <a href="https://www.destinpropertyexpert.com/blog/best-deal-home-sellers-market/" title="How to grab a good deal on a condo during a sellers market">seller’s market</a>? Answering these questions will help you determine if now is a good time to buy or if you should wait for prices to drop before making your purchase.
Before you buy a condo, it's important to take a close look at your personal finances. Can you afford the mortgage payments? Do you have any other debts that need to be paid off first? Make sure you're in good financial shape before taking on the responsibility of homeownership.
Job security is another key element to think about. Do you have a dependable income? Are there any upcoming changes that could affect your capacity to pay your mortgage? You should feel confident in your employment situation before taking on such a hefty financial obligation.
Your goals
What are your long-term goals? Are you planning on starting a family soon? Do you anticipate needing to move for work in the near future? Buying a condo is a big decision, and you need to make sure it aligns with your long-term goals. Otherwise, you could find yourself stuck in a property that doesn’t meet your needs down the road. Although, the good thing with a condo is there typically easy to rent.
The timing of your purchase is crucial if you're thinking about buying a condo. Make sure to do your homework and weigh all of the factors involved before making any decisions.
The Bottom Line: Making the Decision to Buy a Condo
In short, there is no definitive answer to whether or not you should buy a condo. Your finances, lifestyle, and long-term objectives will all play a role in your decision.
If you're okay with making a long-term financial investment and you're confident you can handle the duties that come with owning a condo, then buying a condo might be the right choice for you. On the other hand, if you're not quite ready to commit to owning a home, then renting may be the better option for you right now.2022-12-12T07:50:08-07:002022-12-12T09:29:50-07:00Danny Margaglianotag:destinpropertyexpert.com,2012-09-20:32129The 5 Best Beachfront Condos On the Emerald Coast of Florida<img src="https://assets.site-static.com/userfiles/2042/image/Blog_1/Best-condos-in-the-Florida-Panhandle-1.jpg" width="800" height="450" alt="Check out some of the best condos on the beach in Florida" style="margin: 9px auto; display: block;" />Whether you're looking for a vacation rental property, a home away from home, or a full-time residence, the condos on our list are sure to impress! Read on; we'll give you a peek inside Florida's most gorgeous, exclusive beachfront condos and apartments to jump-start your search.
<a href="https://www.destinpropertyexpert.com/destin-condos/jade-east/">Jade East Towers</a> -- Destin, FL.
This gorgeous upscale resort has something for the entire family! The kids will love the arcade, playground, and gulf-front swimming pool. (The adults will too!) Spend the day on the private beach with complimentary beach service, then spend a night on the town at one of the many fashionable restaurants in the area.
If you'd rather spend an evening at home, there are barbeque grills right on-site for a laid-back cookout. If you like to work up a sweat, enjoy a game or two of tennis on our on-site courts, or get in a quick workout in our gym/exercise room.
All units in this exclusive, gated community are 2- and 3-bedrooms with upscale amenities, and additionally, each unit features ample balconies with spectacular views of the Gulf of Mexico.
<a href="https://www.destinpropertyexpert.com/destin-condos/one-water-place/">One Water Place</a> -- Destin, FL.
Located within the gates of <a href="https://www.destinpropertyexpert.com/destin-subdivisions/kelly-plantation/" title="Kelly plantation homes for self">Kelly Plantation</a>, this one-of-a-kind property offers gorgeous views of Choctawhatchee Bay. Wine storage rooms featuring secure lockers, a private club room with a baby grand piano, and a screened terrace featuring a fireplace are just a few of the impressive luxury amenities you'll find at One Water Place!
Units feature between 1 and 3 bedrooms, and they all share impeccable, professionally designed interiors. When you're ready for a night out, the Mid Bay Bridge and Destin Commons are right next door. Or, if you prefer, spend the day relaxing by the pool overlooking the bay and the Choctawhatchee Golf Club.
If you enjoy your vacation in this wonderful city and want to prolong it, take advantage of remote working and <a href="https://www.rentcafe.com/apartments-for-rent/us/fl/destin/">rent a place in Destin</a>, to spend some more time relaxing and enjoying all of these amenities the city offers.
<a href="https://www.destinpropertyexpert.com/sandestin-condos/one-beach-club/">One Beach Club</a> -- Sandestin Resort, FL.
Less than 100 yards from the beach, One Beach Club features luxury condos with stunning gulf views and fashionable interiors. Located on the south side of the stylish Sandestin Resort, this exclusive beachfront property is in a gated community with tennis courts, a resort-style pool, a hot tub, and a state-of-the-art fitness center. Residents and guests have access to private poolside cabanas, and the adjacent private beach club membership is included.
If golfing is your preferred way to relax, <a href="https://www.destinpropertyexpert.com/sandestin/">Sandestin Resort</a> has four of the best golf courses in the Southeast! Sandestin also offers seasonal activities and events for the community to enjoy, and Baytowne Wharf is within walking distance with award-winning restaurants, world-class shopping, art galleries, and exciting nightlife. The Wharf has kid-friendly activities, too, such as a fairytale carousel, ziplining, Blast Arcade and Laser Maze! You'll never run out of things to do in Sandestin, and One Beach Club is one of the best properties on the resort.
<a href="https://www.destinpropertyexpert.com/panama-city-beach-condos/aqua/">Aqua</a> -- Panama City Beach, FL.
Aqua has so many beachfront amenities; you'll never be bored! Relax and enjoy one of the steam rooms, watch a movie in the theater room, or enjoy lounging by the indoor/outdoor pool. Aqua Gulf also features a poolside cafe with flat-screen TVs and wireless internet, a world-class fitness center, and more. Aqua condos are also a short walk to Pier Park with restaurants, bars, shopping, entertainment, a movie theater, and more. No matter what you decide to do for the day, the views are stunning, and the beach is right in your backyard!
<a href="https://www.destinpropertyexpert.com/panama-city-beach-condos/long-beach-towers/">Long Beach Towers</a> -- Panama City Beach, FL.
Featuring units from studio apartments to three bedrooms, these beachfront condos located in the Long Beach Resort community are suitable for families of all sizes. Excellent for a vacation rental property or second home, most units offer panoramic Gulf views and all the amenities the Long Beach Resort properties provide. After a day at the beach, enjoy the tropical lagoon pool and a snack at the poolside bar. The property also has a fitness center and three seasonably heated pools to enjoy as the weather gets cooler.
The beachfront condos in Long Beach Towers are some of the most affordable in the area, so if you're thinking of making the switch to homeownership, now is the time to buy. You'll find the average monthly mortgage for a 2-bedroom condo is about on par for a 2-bedroom rental apartment in roughly the same area. If you decide to maintain the flexibility of lifestyle renting, there are many <a href="https://www.rentcafe.com/apartments-for-rent/us/fl/panama-city-beach/">rentals in Panama City Beach</a> you could check out.
Enjoy Life on the Beach in Luxury
Ask a Florida native, and they'll tell you there's no magic quite like living on the beach. The sunsets, sunrises, and clear blue days in between aren't the only backdrop for the emerald gulf. There are so many gorgeous beachfront properties that make Florida special, too. From exclusive gated communities with private beaches to fashionable, affordable properties in the middle of the action, we hope you come down to our neck of the woods and check out the best living that Florida has to offer! 2022-10-31T13:03:36-07:002022-11-08T09:36:48-07:00Danny Margaglianotag:destinpropertyexpert.com,2012-09-20:30617Buying the Right Condo: 10 Tips on Getting a Good Deal<img src="https://assets.site-static.com/userfiles/2042/image/Blog_1/Buying-the-Right-Condo-1.jpg" width="800" height="450" alt="Tips for buying the right condo in getting a good deal" style="margin: 11px auto; display: block;" />Buying a condo can be a great way to dive into homeownership without taking on all of the responsibilities of a single-family home. Condo-dwellers enjoy amenities like shared pools and gyms, a lower price tag, and less maintenance. Also, you don't have to live in a big city to find a condo - they can be found in smaller towns and some retirement communities. Just because condos come with some built-in benefits doesn't mean that finding the right one is easy – or that you'll automatically get a good deal.
Here are ten tips on how to make sure you <a href="https://www.destinpropertyexpert.com/blog/reasons-buy-panama-city-beach-condo/" title="Here's why you should buy a Panama City Beach condo">buy the right condo</a> and get a great deal in the process:
1. Consider Your Lifestyle
When considering a condo purchase, it's crucial to think about your lifestyle. What are your needs and wants? Do you need a lot of space? Or are you happy with something a little smaller? If you have kids, do you need a place with room for them to play? Is having a maintenance-free property vital to you if you travel a lot?
Once you know what's important to you in a property, it will be easier to rule out unsuitable condos. For example, if you want a large yard but the only condos in your budget are all in high-rise buildings, then it might be time to reconsider your budget. You can consider loft apartments if you are okay with a smaller space. The key is, to be honest with yourself about your needs and wants to find the right match.
On the other hand, if the size isn't an issue for you and you'd prefer to live in an area with more amenities like restaurants and nightlife, finding something downtown may be the better option. Knowing what's essential will help save both time and energy as you start touring different properties.
2. Find a Realtor Who Knows the Condo Landscape
<a href="https://www.destinpropertyexpert.com/blog/top-5-reasons-why-choosing-your-real-estate-agent-carefully-really-matters/" title="Choose your real estate agent carefully">Not all real estate agents</a> have the same level of expertise in condos. When you're ready to start looking for a place, find an agent who specializes in or has extensive experience with condos. They will know the ins and outs of the condo market and any potential red flags to watch out for.
A good real estate agent can also provide valuable insights into different buildings and units, which can help you narrow your search. For example, they may know that a particular building is going through construction or that a unit has been on the market for a long time because it's overpriced.
If you don't have any personal recommendations for agents, look for someone who is a Certified Condominium Specialist (CCS) or a Registered Condominium Professional (RCP). These agents have completed additional coursework and training specifically on condo properties.
3. Get to Know the Condo Board
One crucial step in the condo-buying process is getting to know the condo board. The board is responsible for making decisions that affect all of the residents in the building, so it's essential to make sure you're comfortable with them.
Start by attending a few meetings so you can see how they operate and what types of issues they tend to focus on. This will also allow you to meet other residents and get a feel for the community.
You can also request a copy of the board's minutes from past meetings. This will give you an idea of what kinds of decisions they've made and how they've handled different situations.
4. Decide What Amenities You Want to be Included
A condo can offer a lot of different amenities, from a gym to a swimming pool to a concierge service. But not all condos provide the same amenities, so deciding which ones are most important to you is vital.
Related: <a href="https://www.destinpropertyexpert.com/blog/reasons-buy-condo-destin/" title="Reasons it's a great time to buy a condo in Destin Florida">Reasons to buy a condo in Destin, FL</a>
Some people might be willing to forego a few amenities to save money on the purchase price, while others might be willing to pay a little more for a condo with everything they want. There's no right or wrong answer here – it all comes down to personal preference.
When working with your realtor, address the types of amenities that are most important to you so they can help narrow down your search. You're buying access to the amenities and the property, so ensure you're getting what you want.
5. Find an FHA-Approved Condo
If you're looking for a condo that you can finance with an FHA loan, ensuring the building is FHA-approved is essential. This means that the building has met specific safety and financial requirements set by the Federal Housing Administration (FHA).
You can check if a building is <a href="https://www.redfin.com/guides/how-to-buy-a-house-with-fha-loan" target="_blank">FHA-approved</a> on the U.S. Department of Housing and Urban Development's website. Just enter the building's address or name.
If you're considering a condo that's not yet FHA-approved, keep in mind that it may take some time for the building to go through the approval process. It can be a lengthy process, so be prepared to wait if that's the route you decide to take.
6. Get a Good Understanding of the Financial Situation of the Condo Association
When you buy a condo, you're also purchasing into the financial stability of the condo association. This means that you should have a good understanding of how healthy the association is financial.
One way to do this is by requesting a copy of the condo association's financial statements from past years. This will give you an idea of how much money they have available to cover expenses like repairs and property taxes.
Related: <a href="https://www.destinpropertyexpert.com/blog/condo-inspection-checklist/" title="Condo inspection checklist">Condo inspection checklist</a>
You can also ask the board questions about how they manage their finances and how much money they typically reserve for emergencies. By understanding the association's financial health, you can avoid any potential surprises down the road.
7. Ask About Potential Risks Involved With Buying a Condo
When you buy a condo, you're also taking on certain risks. For example, if the property values in the area go down, your condo could be worth less than what you paid for it.
It's essential to ask about any potential risks involved with buying a condo before you make an offer. This way, you can decide if the risks are something you're comfortable with and factor them into your decision-making process. Some of these risks include:
The possibility of special assessments if the <a href="https://www.destinpropertyexpert.com/blog/12-pros-and-cons-of-hoa/">condo association</a> runs into financial trouble
The risk that rules or regulations could change after you purchase your unit, which could affect your use or enjoyment of the property
The risk that your mortgage lender could foreclose on the property if payments are not made
These are just a few examples, so asking your real estate agent about any potential risks involved with buying a particular condo is essential. They should be able to give you some idea about how likely these things will be and what kind of impact they would have on your investment.
8. Have Your Finances in Order Before You Start Shopping
Before you start shopping for a condo, it's essential to have your finances in order. This means getting pre-approved for a mortgage and knowing how much you can afford to spend.
It's also a good idea to save as <a href="https://www.destinpropertyexpert.com/blog/how-to-get-help-with-down-payment/" title="Getting help with your down payment" target="_blank">much money as possible for a down payment</a>. The larger your down payment is, the lower your monthly mortgage payments will be. And if you can avoid paying private mortgage insurance (PMI), that's even better.
Working with a financial advisor or loan officer before you start looking at condos can help you better understand the different financing options available to you. They can also help you figure out how much you can realistically afford to spend.
9. Consider the Resale Value
When buying a condo, it's crucial to consider the resale value. This is the amount of money your condo will likely sell for if you decide to sell it in the future. You can do a few things to help boost the resale value of your condo. One is to make sure the building is FHA-approved. This will show potential buyers that the building has met specific safety and financial requirements.
Another thing you can do is make sure the condo association is financially healthy. By doing this, you can avoid any potential surprises down the road. It would help if you also tried to choose a condo that's in a desirable area. If the property values in the area go up, your condo will likely be worth more. And lastly, make sure your mortgage payments are affordable. If your fees are too high, potential buyers may be turned off.
10. Hire a Home Inspector
When buying a condo, it's a good idea to hire a home inspector. This person will look for potential problems with the unit or the building. Some of the things a home inspector will look for include:
Water damage
Mold growth
Structural issues
Fire hazards
Electrical problems
Home inspectors can be expensive, but they could save you a lot of money in the long run. If they find any major problems with the unit, you can use that information to negotiate a lower purchase price. Or, if the seller is unwilling to make repairs, you can walk away from the deal altogether.
Buying a condo can be a great way to invest in property without dealing with all the maintenance and upkeep that comes with owning a single-family home. But it's important to do your research and know what you're getting into before signing on the dotted line. By following these tips, you can help ensure you get a good deal on the right condo.2022-08-04T12:06:00-07:002023-11-18T15:56:28-07:00Danny Margaglianotag:destinpropertyexpert.com,2012-09-20:2579111 Reasons to Buy a Panama City Beach Condo<img src="https://assets.site-static.com/userfiles/2042/image/Blog_Photos/11-reasons-why-to-buy-a-Panama-City-Beach-condo.jpg" width="900" height="506" alt="Why should you buy a condo in Panama City Beach Florida?" style="margin: 7px auto; display: block;" />If you love warm weather and living next to the ocean then buying a condo in Panama City Beach will make your dream come true. Located along the Gulf of Mexico, Panama City Beach offers more than just a beach getaway. Residents, as well as visitors, enjoy a variety of lifestyles not to mention the option of living there primarily and being part of the community. Besides enjoying good weather all through the year, there are many reasons why you should buy a Panama City Beach condo. They include:
Variety
There are many beachfront condominium complexes all over Panama City Beach thanks to the 27 mile stretch of sugar-white magnificent beaches. A good number of them are not located in high-traffic areas which are perfect for anyone looking for tranquility and privacy. Additionally, some condos have private beach access for those who wish to have a secluded experience. There are two different roads along the beaches in PCB. Thomas Drive is the beachfront Road on the eastern portion and Front Beach Road is considered the West End of PCB. Being <a href="https://www.destinpropertyexpert.com/panama-city-beach-condos/condos-near-pier-park/" rel="noopener noreferrer" target="_blank">close to Pier Park</a> in the West end of Panama City Beach you will find newer buildings and higher demand for purchasing and renting.
Rental income
You may be looking to<a href="https://www.destinpropertyexpert.com/condos/emerald-coast/" title="Emerald Coast condos for sale"> purchase a condo</a> as a vacation home but the majority of people <a href="https://www.destinpropertyexpert.com/condos/panama-city-beach-condos/" title="Panama City Beach condos for sale">buying condos in Panama City Beach</a> use them as investment properties. Using the condo as a rental property can give you a way to build wealth without lifting a finger. You can <a href="https://www.destinpropertyexpert.com/blog/benefits-hiring-vacation-rental-management-company/" title="Why you should use property management companies">hire a property management company</a> to take care of all the daily operations for an additional fee of somewhere between 20% and 25% of the rental income. The Florida Panhandle is filled with homes and condos along the white sandy beaches but no community is as popular as Panama City Beach Florida. An important factor to remember when making your purchase is the amenities. Look for a condo that has a nice swimming pool, hot tub, tennis courts, and fitness center along with beautiful views and you will be off to a good start.
Diverse condo sizes
Panama City Beach condos come in different sizes to accommodate people with different preferences or needs. Whether you want an expansive space that can accommodate your whole family or a one-bedroom condo for solo retreats you will definitely find it all in Panama City Beach. Also, there are smaller condos down the coast as well as near the city center. Thus, everyone, no matter their preferences, will definitely find a suitable condo to call home in Panama City Beach.
Good weather
It is always sunny in Panama City Beach even when the rest of the country is experiencing extremely low temperatures. Well, maybe not always but it's not called the sunshine state for nothing. The excellent year-round weather at Panama City Beach is one of the reasons this community attracts a lot of visitors. Also, winter is much shorter in Panama City Beach which can’t be said of many places around the country. Thus, if you enjoy warm weather then buying a condo in Panama City Beach is a great choice. Its proximity to the airport and <a href="https://www.destinpropertyexpert.com/condos/30a-east-condos/" title="Condos for sale along 30a Florida">30A-South Walton area</a> also allows you easy access to all parts of the country.
Lots to do for the entire family
on any given day no matter what your interests are you can find something you'll love to do in Panama City Beach. For shopping lovers, there is no better place than Pier Park. In fact, Pier Park has more than stores for shopping. There is a movie theater, a giant first wheel that offers views of the entire Emerald Coast, live music, plenty of restaurants, and much more. For those that are a little more adventurous, you may have the perfect time enjoying some of the many water sports offered in PCB. Nature lovers cannot get enough of the state parks along the Emerald Coast. Make sure to <a href="https://www.floridastateparks.org/parks-and-trails/st-andrews-state-park" rel="noopener noreferrer" target="_blank">explore St. Andrews State Park</a>. You can try your hand at standup paddleboarding, kayaking, jet-skiing, taking banana boat rides, and even surfing. No matter where you buy a condo in Panama City Beach you will be within minutes to excellent golf courses like the <a href="https://watersoundclub.com/Golf/Shark_s_Tooth_Golf_Club_(1)" rel="noopener noreferrer" target="_blank">Shark's Tooth</a>,<a href="https://www.destinpropertyexpert.com/panama-city-beach-subdivisions/bay-point/" rel="noopener noreferrer" target="_blank"> Bay Pointe Golf Club</a>, <a href="https://www.destinpropertyexpert.com/panama-city-beach-condos/edgewater-pcb/" rel="noopener noreferrer" target="_blank">Edgewater Beach and Golf Resort</a>, and Holiday Golf Club to name a few.
Retirement home
A Panama City Beach condo is one of the best places to spend your time after retirement. A lot of retirees head over to Florida to enjoy the warm weather. Thus, choosing to retire here means you won’t be short of good company. Additionally, most seniors usually suffer from loneliness upon retirement because their children have moved out or their spouses have passed on. By living in a condo there is the support of the community as well as safety and security. Since a condo doesn't require a lot of upkeep compared to traditional homes, owning a condo as a retiree is better. You will not waste too much time with home maintenance but rather indulge in your passions and hobbies. Besides the excellent security and amenities you will be enjoying, you can always accommodate friends and relatives who want to vacation at Panama City Beach.
Great for snowbirds
Snowbirds love the entire state of Florida. The Emerald Coast and in particular Panama City Beach is no exception. Retired singles and couples flock to this area every winter. The typical snowbird season is from December to March. An enormous bonus of Northwest Florida Panhandle is that our high season for rental income is the summertime. This is unlike the rest of Florida. Why this is important to you? The benefit of buying a condo here rather than somewhere further south is that you will be using it during the “off-season” and still be able to rent your condo during the “high season”. You can’t do this anywhere else in Florida.
If you are getting ready to <a href="https://www.destinpropertyexpert.com/blog/a-guide-to-becoming-a-snowbird/" title="How to become a snowbird">become a snowbird for the first time</a> or you already are one you may be missing out on a great opportunity not owning a condo in Panama City Beach. Because you will want to use the property in the winter you can still profit during the busiest times of the year, the summer.
Proximity to the beach
Emerald green water, snow-white beaches, and good weather are some of the reasons why beach destinations on the Emerald Coast are popular. Thus, buying a Panama City Beach gives you access to all these every day of the year. Also, beachfront condos are the perfect getaway when the weather at your primary residence is unfavorable. Nearly all PCB condos have excellent Emerald Coast excellent Gulf views. Most people are coming here for the beautiful beaches so make sure the condo you buy has a great view. Not having a lot of expenses to worry about while on family vacation takes the stress off your shoulders allowing you to have a great time. That’s what you will be signing up for if you buy a Panama City Beach Condo.
They can be vacation rentals
No matter how much you love your job, it is good to have an alternative source of income. It is not easy to build wealth with just one income source unless you are earning a six-figure salary. That’s why you should diversify your income-generating activities, especially passive income. With a condo in Panama City Beach, you can become a real estate investor. Renting it out can bring you enough money to realize your financial dreams. The best part is that Panama City Beach is a popular destination which means you won't have to struggle to find guests. As long as the condo is properly furnished and well-maintained you can be sure that guests will pick it.
Better quality of life
Choosing to buy a condo in Panama city beach is also signing up for better standards of living. The community always has all-year-round family-friendly events, opulent shopping centers, restaurants, and award-winning tourist attractions. There is so much to learn about the city's history, culture, and also art. Also, the city council is always looking for ways to improve the experience of people living there and highlight the historic districts. The condos are built around the main attractions and amenities to ensure residents don't have to venture far to get essential services or supplies. There are 4 public libraries in Panama City Beach as well as universities, colleges, and public schools. There are workforce programs too to support the working class.
Tax benefits
Whether you decide to make the condo your primary residence or a vacation rental you can always <a href="https://www.destinpropertyexpert.com/blog/the-tax-advantages-of-investing-in-florida-real-estate/" title="Investing in real estate offers tax benefits">take advantage of the tax benefits</a> this investment offers. Taxes are a necessary evil but there are various legal programs to get tax reliefs, especially for real estate investors. Thus, purchasing a Panama City Beach condo will allow you to enjoy these benefits. Furthermore, the property taxes in Panama City Beach are very reasonable compared to other places in Florida and the United States. As of 2022, the millage rate is 4.99 which equals $499 per $100,000 of assessed value.
In conclusion
Buying a beachfront condo not only assures you of an amazing vacation accommodation but can also be the financial breakthrough you have been waiting for. Panama City Beach community is the best place to buy a condo if you are ready to own a property at a wonderful beach community. Not only is it a great investment location but also an amazing place to live with everything you need in close proximity. Also, the spirit of togetherness in the community is a bonus.
If you are getting ready to become a snowbird for the first time or you already are one you may be missing out on a great opportunity not owning a condo in Panama City Beach. Because you will want to use the property in the winter you can still profit during the busiest times of the year, the summer.2022-01-23T11:36:00-07:002022-01-23T15:18:05-07:00Danny Margaglianotag:destinpropertyexpert.com,2012-09-20:15524Advantages of the Condo Lifestyle In Destin!<img src="https://assets.site-static.com/userfiles/2042/image/Advantages-of-the-Condo-Lifestyle-In-Destin.jpg" width="800" height="450" alt="Destin condo lifestyle" style="margin-top: 7px; margin-bottom: 7px;" />When people are looking to purchase real estate, they have a lot of options. They can search online, or even go for a walk or drive and see what is available in their city. In most cases, they will see a variety of different looks and price ranges.
While many will elect for a traditional house, others prefer a condo. They provide a unique living experience and provide a lot of value for your money in most cases. This is especially true in a city like Destin, Florida. Known for its amazing beaches, golf courses, and fishing, there is a ton to do and see in the city. Not to mention the Florida weather is very attractive to most people.
This makes it a popular place to visit and live as well. While there are many different ways to live and vacation in the city, many people elect to stay in condos. This article is going to touch on some of the many advantages of the condo lifestyle in Destin.
Incredible Convenience
When you live in a house, you often have to drive or walk decently long distances to reach the fun and exciting amenities that Destin (or many other cities) has to offer. This is especially true if you are in Destin during the busy season, where traffic can be quite outrageous. It can often take you an hour or so to travel only a couple of miles.
Thankfully, many condos have incredibly convenient locations right in the heart of town. This makes it very easy to go anywhere from a restaurant to the gym, to the grocery store, or even the beach. Not only will you get to these places easier, but also in only a fraction of the time. This convenience is one of the main advantages of the condo lifestyle.
Golfing, boating, and other activities will only be a few minutes away and easily accessible. You will save a lot of time and money related to commutes when you live in a condo in most cases. Less gas, shorter taxi rides, and a lot less wasted time. Not only that, but many communities will even have things like gyms, spas, coffee shops, and other amenities right on location, for even more convenience. Time is very valuable, and living in a condo in a great location can save you a lot of it.'
More Free Time
Many Americans are incredibly busy and work long hours. Add to that thing like cooking, working out, cleaning, and maintaining your home, and many don’t have much time for anything else. Well, another great thing about living in a condo is that there is much less maintenance around the home to worry about.
While you still have to take care of things inside of your unit, the other work and maintenance that is generally required by a homeowner won’t be required of you in most cases. You won’t have to cut the grass, water the outdoor plants, or even repair the outside of your unit. Your condo fees will cover these and will ensure that all of this work is essentially done for you. Most of the simple maintenance-related tasks will be completely taken off of your plate.
This generally leads to much more free time to focus on things like your family, your friends, and your hobbies. Whether you decide to use this free time to pick up a new hobby, or simply lounge at the beach that is only minutes away from your condo, the choice is yours!
Great Safety Features
Another major benefit of the condo lifestyle in Destin, or any city for that matter, comes down to safety. No one wants to feel unsafe at home, and condos help to ensure that you don’t have to. Unfortunately, when you live in a home, there is often only one locked door between you and whoever may want to enter or burglarize your home.
When you live in a condo, there are often extra security measures taken to keep residents safe. This can include locked entry points to buildings, intercom systems, cameras, and potentially even a security guard or other individuals on the premises. All are designed to keep you safe and secure so you don’t need to worry as much about your safety.
There are many hoops for potential thieves or criminals to jump through when compared to a traditional house. Also, it is often easier to form relationships with your neighbors in a condo setting. This means you will have more people looking out for you and helping ensure you and your unit are safe, even if you aren’t always around.
Better Social Life
Speaking of forming relationships with your neighbors, living in a condo makes it much easier to do that. Because many condos have shared amenities like gyms, coffee shops, lounges, rec rooms, and other locations, meeting others living near you is quick and easy. Simply walking down to one of these amenities could have you meeting several different neighbors. They are great places to spend with these new friends, as well.
You will often see the same people around, which can make it much easier to form bonds and create friendships. Of course, condos still offer a ton of privacy if that’s what you want, but it does indeed make it easier to meet others.
The Views
While not every single condo will offer incredible views, it is certainly a selling point for condos that are located on high floors. As you could imagine with how beautiful Destin is, having a condo with a view is incredibly desirable. Many will also have some sort of outdoor balcony so you can enjoy the gorgeous weather along with the view.
Sure, living in a house is nice, but there is something special about being able to look out your window and see far and wide. Whether you like to be able to see the hustle and bustle of downtown below you, or like that your unit overlooks the beaches and water, the view is certainly something to love when <a href="https://www.destinpropertyexpert.com/Advantages of the Condo Lifestyle In Destin!" title="Gulf view condos for sale Destin">living in Gulf view condos in Destin</a>.
Living the condo lifestyle in Destin, Florida provides many different advantages for you to enjoy. This can include incredible convenience, more free time, and the ability to feel safer in your home. Of course, these are far from the only benefits and advantages that one can expect when they opt for the condo lifestyle in Destin.
Author bio
Wendy Dessler<br />Outreach manager<br />Wendy Dessler is a super-connector who helps businesses like The Urban Avenue to find their audience online through outreach, partnerships, and networking. She frequently writes about the latest advancements in digital marketing and focuses her efforts on developing customized blogger outreach plans depending on the industry and competition.2020-10-15T10:00:00-07:002023-11-19T21:20:32-07:00Danny Margaglianotag:destinpropertyexpert.com,2012-09-20:14476Ditch The Apartment And Switch To Condo Living!<img src="https://assets.site-static.com/userfiles/2042/image/Blog_Photos/Ditch-the-apartment-and-switch-to-condo-living.jpg" width="600" height="314" alt="Ditch renting an apartment and buy a condo" style="margin: 5px auto; display: block;" />
Advantages From Many Angles
While it’s possible to rent a condominium, most who pursue this residential avenue aim for ownership. This is the primary advantage of condo living. You can build equity without having to purchase a house. Also, that equity can expand if you buy right. That is to say, you can see the value of your condo increase, legitimately expanding your assets.
You’ll never see any benefits like that from an apartment. Unless you consider paying the rent each month and having it raised on you every year a benefit. Apartments are an equity black hole. They suck in your rent monthly and return nothing for that price. If you’re paying $800 to $2,500 a month for an apartment, and you live there for three years, you’ve thrown away $29k to $90k which could have been paying off your condo mortgage.
Even if you’ve got a small condo or a small property, putting the monthly payment into equity makes more sense. You can get at least some of it back. With an apartment, the most you can get back is your damages deposit, and that’s not going to be more than a few hundred or thousand dollars depending on the apartment.
So with that in mind, in this writing, we’re going to go over to a few more positive aspects of condo life as a means of helping you see why so many have gone this route over the rental of a home or apartment.
1. HOAs
<a href="https://www.investopedia.com/articles/mortgages-real-estate/08/homeowners-associations-tips.asp" title="Homeowner association tips" target="_blank">A Home Owner’s Association, or HOA</a>, institutes certain rules regarding a given community. In residential communities that don’t include condos, HOAs are a bit less positive. But with a condominium, you’re going to have a lot of difficulties ironed out beforehand.
Your HOA fees will include such things as insurance on the exterior of the building, water, sewer, trash, cable, amenities, yard maintenance and upkeep, plus more. They do come at a fee, but generally, HOAs maintain the value of a property, meaning your equity is insured over the long-term. There are <a href="https://www.destinpropertyexpert.com/blog/12-pros-and-cons-of-hoa/" title="Pros and cons of an HOA">definite pros and cons to belonging to an HOA</a>. That said, sometimes HOAs aren’t always as advertised, so be sure to “keep them honest” by checking in on them.
For example, sometimes you purchase a property on a lake but that lake is used to irrigate a <a href="https://www.destinpropertyexpert.com/destin/golf-coursetennis-homes/" title="Golf course homes">nearby golf course</a> at intervals, so though when you looked at the property, the water was right at the edge of your property, yet, for half the year, it recedes a hundred feet. You would want to call up the HOA in that scenario. Ask other locals in the area to see what the HOA is like.
2. Actual Neighbors
Certainly, with apartment living, you have technical “neighbors” who live adjacent to you. But they’re going to be more transient than those in a condominium community. You may never get to know them—or even want to. With a condo, you’ll have neighbors with whom you can build a real relationship. They are investing in condo equity as you are.
3. Bigger, Better Living Spaces
Because people generally own condos, they will make updates, and more carefully maintain the premises. You’ll find some that are over 20 stories tall, exceptional views, and locations that are ideally located within a given community. You could<a href="https://www.destinpropertyexpert.com/condos/bayfront/" title="Bayfront condos for sale"> purchase a bayfront condo</a> at a fraction of the price of a <a href="https://www.destinpropertyexpert.com/property-search/results/?searchtype=2&searchid=920765" title=" Bayfront homes for sale">bayfront home</a>. This is because you are sharing the expense of the land with many people.
Also, you’ll find it’s a bit easier to move into a condo. Because there’s a greater level of economic impact, and a higher class of residents defining most condos, a lot of complimentary moving options exist. Now groups such as UMoveFree provide moving options for apartments or condos; but with a condo, you’ll have these and more solutions available.
The square footage that you have in a condo is typically designed so that not 1 inch of the property is unusable. The architectural design of the interiors can be a marvel when seeing how smart they use the space provided. A 1200 square-foot condo can feel larger than a 1500 square-foot home.
4. Rent-To-Own In The Same Price Range
Renting condos isn’t a big difference from renting an apartment; only you get a unit in a good community built for equity and designed to appreciate in value over time. Additionally, you typically get better units and neighbors, and you will have a mortgage with the condo instead of a straight rental, allowing that equity option that’s been mentioned so much here.
A Superior Option
There are a lot of things to consider when you’re either looking to move or build equity. Condos often become owned by those who lodge there. Rent-to-own situations are available but difficult to find. You’ll find better, bigger living spaces, better neighbors, HOAs, and more with your newly purchased condo.
If you haven’t looked into <a href="https://www.destinpropertyexpert.com/destin-condos/destin-condos/" title=" Destin condos for sale">buying a condo</a> as opposed to renting an apartment, there’s never a better time than now. In terms of preserving assets and equity, hands-down, condos are the better option.2020-08-23T13:15:00-07:002023-12-04T15:31:36-07:00Danny Margagliano