Spring Break is great, but wouldn’t it be wonderful if you could have your own personal Spring Break whenever you wanted? Imagine having the ability to hop in your car, cruise down to the beach, and lounge in a waterfront condo to your heart’s content.
Does that sound like a pipe dream? It doesn’t have to! Purchasing a beach condo may be more possible than you think, and our agents can talk you through the process. But in the meantime, here are a few things to consider if you’re thinking about making your condo dreams a reality.
Determine the “Why”
It may seem superfluous to spend time thinking about why you want to buy a condo (isn’t it obvious?!), but the condo’s purpose actually affects your IRS tax position. Whether it’s just for personal use, a second home, or a rental property, identifying the purpose of the condo before you buy will save you loads of headaches later on.
Determine the “Where”
Are you picturing beachfront, Gulf front, beach view, on the lagoon, on a golf course, or completely off the beaten path? If it’s just for your own personal escape, you might be interested in saving some cash and getting a place a little farther from the water. But if you’re planning to rent it out, you’ll get the most interest if it’s on the water (or at least very close). Think carefully about where you want your condo to be, and then you’ll have an idea of price points.
Determine the “What”
How big of a place do you want or need? Are you looking for something on the top floor of a high rise, or a smaller unit with just a few floors? If this is just for your personal use, then go with whatever makes you happiest – but if it’s for a rental, think about it from the perspective of a renter. Ask questions a renter would ask, and remember bathrooms are important – be sure there are enough of them!
Determine the “Who” and the “How Much”
There are several people involved in condos, like the condo association. These people are the owners of the building, with a President, Vice President, Secretary, and Treasurer. They keep the best interests of the complex in mind, and ultimately are in charge of condo fees (the “how much”). It would be wise to review their financial records before making your final purchasing decision.
Additionally, sort of tied in with all this, consider the condo fees. How much will they be? Can you afford to pay them, even if you don’t have renters one month? These fees include landscaping, insurance, and other things necessary to the property maintenance. This fee usually floats, too, so don’t be under the impression that it will never change.
Ready to Buy a Beach Condo? Call LAH!
Whether you’re ready to move on your beach condo dreams or you’re just looking for an agent to talk to, LAH is here to help! Contact us today with questions, concerns, and more. Let us help you find the beach condo you’ve been searching for!