Beach Condos for Sale: A Buyer's Guide
Coastal living is a dream for many people. From sandy beaches and breathtaking views to vibrant communities, it's a dream come true. In fact, research indicates people who live near the coast have reduced stress levels! The high demand for coastal properties means that it can be tough finding the right home for you. Beach condos solve this problem. However, finding the right condo can be an uphill task.
Today we explore some of the things you should consider when looking at beach condos for sale. Let us help you live the dream.
Beach Condos for Sale: Thing to Consider
When looking at beach condos for sale, it's worth keeping in mind that you won't be living here permanently. You are probably looking for an investment property with a good profit potential.
It's best to keep your tastes and preferences aside. Instead, focus on the long-term potential for profit, rental income, and possible resale value. Here are a few things other to keep in mind during your search.
Research the market - Not all coastal areas are created equal. If possible, spend some time in the area. What is the scenery like? Is it a booming market or one that has already flattened out? Also, consider whether it's an area with many willing renters. College towns and popular retirement destinations may be right places to start your search.
Evaluate the real ownership costs - Consider the total cost of owning your beach condo. Unless you plan on managing the property yourself, you are going to need to hire people to manage the property for you. These cost money.
Evaluate the costs of hiring an agency or a person to maintain the property. Also look into homeowner association costs, the costs of parking, property taxes, cost of utilities, etc.
Location, location, location - Location is the bane of any real estate investment. Before closing on that beach condo for sale, evaluate whether it's a location popular with renters.
Avoid an area with many empty rental units especially if you cannot afford to have your beach condo empty. Aim for a clean and beach friendly community. Something that you can afford.
Having direct access to the beach is a crucial consideration for many renters and may improve the property desirability.
How much can you rent for? - Check the going rental rates in the surrounding neighborhood before buying any beach property. You can do this with the aid of an agency, by looking at listing sites or by going in as a renter. Rental rates will determine the overall health of your investment in the long run.
Show me the mortgage - You'll need to qualify for a mortgage. Both the lenders and condo association will have different requirements. Read up on mortgage basics to guide you on the process. You can also get a real estate agent to help you finalize the deal. Find out how much you can spend on monthly payments and what you'll need to make a suitable down payment.
Peak and off-Season - Peak and off-peak seasons characterize many beaches. This is something that you need to keep in mind when looking at beach condos for sale. A more extended peak season is better since it means there will be more competition and renters driving up the rental values. That translates into more money for you.
Ensure that your beach condo can cover the costs of both the peak and low seasons. Be prepared to give up that peak season vacation yourself.
Beach Condos for Sale: What to Look For
Pick a desirable property - Picking the right beach condo for sale is both an art and science. Dig into the history of the building and find out whether there are any structural issues. This is especially important in hurricane-prone coastal areas.
A charming building is also a great attraction with renters.
Vibrant community - Pick a vibrant neighborhood. Even if you won't be living there permanently, a lively community is something that many potential renters will be looking for. Availability of social amenities, good transportation etc should all factor into your search.
The view - An ocean view while desirable is only visible during the day. This is something you have to keep in mind while looking at potential beach condos for sale. A sea view may drive up the price and maybe a desirable feature with renters.
However, you can also get a modestly priced unit with a different appearance. Keep your options open when conducting your search.
Show me the money - Compare the prices on beach condos for sale before signing on the dotted line. Ideally, you want something cheap enough that you can afford, but that has the potential of appreciating in the long run.
It's best to examine available units on the same beach stretch before committing. This should give you a better idea of the general market for beach condos in the area and help you gauge the investment potential.
Parking & other amenities - Parking can be a headache on many beach properties. The influx of tourists and beachgoers also means that parking can be limited in some areas. It's something you should consider when viewing potential beach condos for sale.
Ensure that they have ample and secure parking. Other desirable condo amenities include a swimming pool, terraces, recreational facilities, gym and fitness centers, outdoor areas, etc.
- Is the building pet-friendly?
- What sort of floor plans does the beach condo for sale have?
- Is there a balcony on the beach condo unit and do you need one?
- What are the potential homeowner restrictions and are they agreeable?
- What other amenities exist in the complex?
Beach living is desirable to many. However, it comes with its own share of risks. Some of this include adverse weather like hurricanes, erosion and a limited supply of affordable properties to purchase.
Dig deep and explore any potential beach condo before buying. Run the numbers and if possible, consult a real estate agent to help you with your search. You can live the dream without breaking the bank!