Real estate is undergoing a massive boom at the moment, despite increased unemployment and uncertainty. Nowadays, Clearwater condos for sale sell within two months, compared to the usual eight to twelve months they spend on the market. Long Beach condos for sale show the same trend, thanks to a 50% decrease in housing inventory and low mortgage rates across the USA.
Reasons to Invest in Beach Condos
So, if you’re looking to sell your seaside property, now’s the time to do it. What about buying a coastal investment though? Read on to find out why beach condos are the way to go, whether you’re looking for a leisure or investment property.
1. Seaside Condos Bring Double Benefits
When you invest in a seaside condo you’ve got your future vacations sorted. You’ve got year-round access to your own private paradise where you can indulge in all the delights of coastal living. Are you looking for a new home? There’s nothing better than the laid-back vibe of America’s coastal areas.
If you choose a condo in a sought-after vacation area, you’re assured of a wonderful festive atmosphere during peak season as well as access to many seasonal events and festivals.
What’s more, beach condo rentals in these top spots experience high demand among vacationers. You’re almost assured that your condo will attract paying customers during peak times. You’re bound to find some vacationers who prefer to rent it out of season too.
One of the best ways to maximize your beach condo is to buy it now and rent it to vacationers until you decide to retire. It will pay for itself many times over before you move in and you get to enjoy your golden years mortgage-free.
2. Beach Condos Are a Fantastic Investment
You’ll find condos for sale across the country but a beach condo is bound to appreciate more than any other type of property over time.
Everybody knows the benefits of owning a seaside getaway, so astute investors are always on the lookout for beach condos for sale. That means you’ll have no problem selling your condo if you want to.
There are some tax perks associated with owning a condo too. Whether you rent out your condo long-term or to vacationers, you can deduct all your related expenses from your earnings before you calculate your tax.
These deductions include mortgage interest, depreciation, repairs, and more. This can help put a dent in the tax you owe due to earning rental income. Also, if you buy a condo in a state like Florida, you could benefit from low property tax and income tax as well.
3. Condos are a Low-Maintenance Option
One of the ongoing headaches of owning a seaside home is the ongoing cost of maintenance. Condos are much smaller than homes and thus require less maintenance.
Most condos are sectional title investments. So, the managing agent splits the cost of major maintenance, like roof repairs, among all the owners.
A smaller property means lower utility bills, and you never need to worry about garden maintenance either.
When you buy a condo, you only own the interior of your unit, so anything that happens outside your four walls isn’t your problem.
Most complexes have a swimming pool and other amenities that attract vacationers. Yet, you’ll never have to worry about maintaining or repairing these extras, since your monthly maintenance fees cover them.
The condo layout means you always have neighbours nearby. When you own a freestanding house, you’ll always worry about the security of your property when there’s no one in residence.
In a condo complex, there’s always someone around to hand over your keys to a cleaning service, maintenance crew, or vacationer. So, you needn’t worry about keeping your keys safe in between occupants either.
4. Abundant Variety
There’s a mind-boggling array of condo styles to choose from. They come in a range of configurations and sizes to suit your needs, budget, and rental aspirations.
If you’re buying into a multi-story development, you can choose between the convenience of ground floor access versus the benefits of elevated views. A ground floor unit also offers a small, enclosed garden, whereas the upper floors only have balconies.
Ground floor units are also safer if you need to keep small children in mind and more convenient if you plan to spend your old age in your condo.
With a condo, you can choose your views depending on the units for sale. Sea-facing condos cost more but command a premium when you rent them out, while inward-facing ones offer greater privacy.
The same applies to unit size. Bigger units always cost more but you can charge higher rates for them and they also offer more space for your family’s needs.
Many condos follow a theme. So you can choose from Mediterranean-styled, ranch-style, modern, or classic designs.
If you want to get the most out of renting your condo, you should always consider the views, location, and configuration that’s likely to suit guests.
On-site amenities are also very varied in condominium complexes. Some may feature only beach access, while others feature resort-style facilities. These may include a gym, spa, pool, and business centre on-site.
Make Good Decisions
There’s no doubt that beach condos offer several lucrative benefits for prospective homeowners. Yet keep your budget firmly in mind before you find yourself carried away by the prospect of seaside living or living your life as a property mogul.
Any real estate involves ongoing costs and risks regardless of its location. Keep in mind that property booms come and go. You’ve got a much better chance of earning an income from a beach condo, there are no guarantees. You might struggle to find good tenants or sufficient rentals to help you pay your mortgage. So, don’t rely on this income when calculating your expenses. If you’d like some more sound advice about life’s little and large decisions, browse our blog for more input.