If you have decided to purchase a condo on the beach to use when your family goes on vacation, then there are many things you need to consider before selecting the condominium that you want to purchase, including each of the following:
What are the Monthly Condominium Fees?
Unlike the apartment or single-family home that you are likely used to, condominium complexes always have monthly fees that each unit's owner will need to pay. Some complexes have low fees, while other complexes have very high fees.
The monthly condo fees you will be paying go towards paying for the maintenance and improvements necessary for the buildings and grounds located within the complex.
Before you write an offer to purchase a unit, it is essential that you know exactly what the condominium fees will be and review the condo association's financial documents to ensure the complex is in a good financial position.
Does the Condo Association Allow You to Rent Out Your Unit?
If one of the ways you want to off-set the costs of your family's new vacation condominium is to rent it out when you are not using it, then it is vital that you ensure you can do so in the complex that you choose.
To protect the investment and quality of life of owners in many condo complexes, there are typically strict rules about renting out individual units. Some complexes allow you to rent your condo daily, while others only allow weekly or long-term rentals. Then again, some condominium complexes will not allow you to rent out your space at all, so you need to know this before making an offer to purchase.
How is the Noise Level During Peak Season?
Since the peak season for your local beach will bring in a lot of travelers and tourists, it is important to take the added noise into consideration. For example, if you select a condominium that is on the beach side of a complex, then you may find that you hear a lot of noise coming from the beach at all hours of the day and night.
While you have no control over the seasonal population swell and the noise all those extra people make, you should take this issue into consideration before making a purchasing decision.
Finally, if it is at all possible to do so, you should visit various condominiums during the peak season and identify any noise or other issues related to tourists before you write a purchase offer. As you can see, buying a condominium requires special considerations just like when looking at homes for sale.Share
6 May 2017
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