Condos are great options to purchase the oceanfront property that you’ve always wanted. The maintenance costs are taken care of so you don’t have to worry about hiring someone to mow a lawn or look after the house while you’re gone. They also come with many other services that you might want to have, including security, for a home that you won’t be at for a large portion of the year. They also are great options for properties that you can rent out to others as well. But buying your first beachfront condo can be an intimidating experience, especially if you’re not familiar with the area that you are trying to buy your condo in. There may be rules and regulations that you’re subject to, you might have to deal with a housing authority, and it’s slightly different than buying regular beachfront property. However, if you do the proper research and follow some general tips, you can get the home that you’ve always wanted, in an affordable location close to the sea.
Tip #1: Explore the Location
Not just with beachfront property, but with any property that you’re looking to buy, always make sure that you examine it and look around the area before you put your money down. Even if you’re thinking about just making this a rental property, you should make a several trips down to explore the area. It will give you a sense of how the local economy is, if the housing market is already oversaturated, and what you can expect from realtors.
Never, ever buy property that you’ve only seen pictures of on the internet or other places. Even if you’ve already been to the area that you want to buy the property in and are familiar with it, always check out the exact property that you’re buying. Have an outside part assess the structural integrity of the condo and make sure that there’s no flaw with it and the sea air hasn’t corroded the structure prematurely. Degradation is a much bigger problem in the salty sea climate than it is further inland.
Tip #2: Know the Bylaws
Almost every condominium complex, at the beach or otherwise has a homeowner’s association that you will be subject to. Make sure that you know all the rules and regulations that you’re going to be subject to with them. Many times you will have to sign a long legal contract to actually become a member of the complex. If there’s anything in the contract that you don’t understand, it would be a very good idea to have a lawyer look over it and explain to you what the different rules and regulations are. Some properties might even forbid renting, which could be a problem if you signed the contract thinking that you would be buying a property that could be used part of the year to rent out to other families on vacation.
Tip #3: Look at Preconstruction Pricing
Many condominium complexes will have very steep discounts preconstruction so that the developer can raise the money they need as soon as possible. You will have to wait until the construction is done for your condo to be moved into, but this could be a great opportunity to save a lot of money and get a great condo for a huge discount.
However, since you won’t be able to examine the condo physically before you move in, make sure that the developer at the site is in good fiscal shape and has a good reputation. Also make sure that you know your rights if the complex should not be completed on time, on schedule, or what happens to your money if the project is abandoned. Even with the steep discounts, it may not be worth the price to move into a complex being built by a developer with a poor track record because you will be putting your own money at risk.
Tip #4: Find out about Building Services offered by your Beachfront Condo
Almost all beachfront condominium complexes come with upkeep and maintenance fees. These can be steep, but you will most always be able to get some free services out of the deal. This can include anything from landscaping to keep the property values high, security to keep an eye on the place when you’re not around, and maintenance men that will fix whatever is wrong with your plumbing or electrical systems. These extras can be especially helpful if you won’t be around to tend to your condo for lengthy periods of time.
Buying beachfront condos doesn’t have to be an especially hard or painful process. Just use common sense, do your research, and follow simple tips like these and you’ll find yourself in the beachfront property of your dreams in no time.