When you’re considering buying a home and want a property that’s either right on the beach or near the Sarasota Bay or Gulf of Mexico, you’ll have plenty of options. There are condos, townhomes, villas, and single family residences in the area and each has its own features, amenities, as well as pros and cons. Of course, your choices will be limited to your budget, lifestyle, and wants and needs.
The good thing about having property near or on the beach is that it will gain equity at a more rapid rate than a landlocked residence. It also means that you’ll have an attractive vacation home, which you can use when vacationing and rent out during the year. What’s even better is that if it isn’t going to be your primary residence is that you can charge top dollar for vacationers and have a passive income stream that’s also growing in asset value.
Should it become or be your primary home, then you’ll have the luxury of a great location with plenty to do and see nearby. Because the beach is a destination, there are all kinds of entertainment, dining, and recreational opportunities in every direction. This too, enhances the value and your quality of life and makes for a wonderful environment to reside, be it full time, seasonal, or even a few weeks a year.
CONDOMINIUMS VERSUS SINGLE FAMILY HOMES
Where some homebuyers get hung-up is whether to purchase a single family home or a condo. What’s important to know is that the actual structure has little to do with whether or not a home is a condo, townhouse, villa, or single family. The term “condominium” is a legal one and refers to a type of home ownership. Therefore, a multifamily property, be it one or twenty stories high, isn’t necessarily a condominium.
“There couldn’t be a better time to buy vacation property. Vacation homes have long been known as a solid investment; one which appreciates over time. Now of course, the low interest rates, high volume of properties on the market and low home values make it an ideal buyers market. Even better you can rent your vacation property out and recoup some, if not all, of your mortgage costs.” —Realtor.com
It could well be a townhome or a cooperative, but, if it is a condo, it’s not a fee simple property. The way to distinguish condo ownership from fee simple is what you actually own. In other words, if you buy a single family residence, the land, the air above the roof, and, the ground below the foundation, are all part of your ownership. However, in a typical townhome community, the amount of space you own is reduced, because the common areas are communally owned. In a condo community, you own from the walls in, which means you aren’t directly responsible for the rest of the property.
5 REASONS WHY YOU SHOULD BUY A BEACH CONDO
The great thing about purchasing a beach condo is that it has several benefits that set it apart from a single family residence. Location is one of them and that’s really good news because, as the real estate principle states, a home is all about three things, “location, location, location.” Here are five more reasons why you should purchase a beach condo:
- Amenities. One big benefit of many condo communities is the fact they provide wonderful and useful amenities. These can include clubhouses, game rooms, spas, pools, golf courses, tennis courts, and more. These provide places of relaxation and recreation, typically onsite and easily accessible.
- Community. Often, because condo owners are in such proximity, there are planned community events. These can be anything from pool parties to beach side cookouts and are low cost and enjoyable.
- Desirable location. The cost of owning a single family property on the beach is a steep one and this is where condos have a huge financial advantage. Because there are several units, the cost is a fraction of what it would otherwise be to live on or near the beach.
- Equity and taxes. Since the location is a desirable one, the rate of appreciation will be greater for a beach condo than another type of housing miles away. In addition, there are tax benefits to take advantage of if you rent it for part or most of the year.
- Maintenance. The single biggest drawback to owning a single family property is all the maintenance which comes with it. There’s the yard to landscape and maintain, a roof to repair, and all sorts of other upkeep and repair expenses. In a condo, the majority of maintenance is taken care of by the association.
In addition to all of these, several condo communities have dedicated security. This helps to keep the property safe and to provide owners with a reassurance.