7 Reasons It's a Great Time to Buy a Condo in Destin
Why is it a great time to buy a condo in Destin, Florida?
We’re all looking for the perfect place to call home. When you close your eyes and think about yours, 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 an excellent Airbnb. 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 buy a Destin property.
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 stock, bonds, precious metals, cryptocurrencies, and real estate. 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.
With the booming real estate market, 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.
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 buying a home or townhouse. While there are some downsides, like sound 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 building a home can also be cheaper than buying a home but takes more time. From finding the right land to finding an architect 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.
There are other advantages. 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 they hire 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. Real estate prices are through the roof, and condos are coming back into style.
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 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.
With the returning demand, waiting longer 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, we’re in a seller's market. Right now, that is the case for the real estate market. Homes are sold quickly all across the state, and buyers all over are learning about the reasonable prices 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. Remote buyers rarely live in the state 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 the 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.
When there is a listing, it sells really fast. There is nothing to suggest this trend will change soon. In fact, it is common for a listing to have multiple offers over the asking price in today's market. Waiting really can become increasingly expensive. Don’t blink, or you’ll miss them.
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 fiat currency in hard assets, like real estate, is one of the best ways to preserve the value of your wealth and protect yourself against inflation.
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 one of the best ways 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 exorbitant rent hikes.
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 the first step in home buying.
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 rent hikes, 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, reach out to the Destin Property Experts today to see what's available.