Condo Ownership 101
Posted by Destin Real Estate Sales on Thursday, July 23rd, 2015 at 9:37am.
For 33 years Ocean Reef Resorts has represented private vacation rental properties and many of these are luxurious beachfront condominiums located all along the Emerald Coast. A majority of visiting guests fall in love with Destin or any of the surrounding communities and come here every year on family vacations or romantic long weekend getaways. Eventually many decide to purchase property in this part of paradise and we have professional real estate agents who can help you.
Before you decide to buy a condominium you must zero in on a desirable location which is of paramount importance. You’ve heard about the importance of “location” before since it always applies to the purchase of a single family home, but it also applies to condominiums. Many condominiums purchased here are rented out for additional investment revenue. However close to 90% of those who purchase a condominium plan to use them as well. If you want to have the “best of both worlds” choose a condominium that most appeals to you because this will also be a good indicator as a promising vacation rental property for others.
Here are a few benefits to be noted if you are considering condominium ownership. These include: Affordable Amenities, Financial Savings with Low Maintenance Cost, and Security.
Affordable Luxurious Amenities
Condominiums in Destin and along the Emerald Coast are usually vacation resort destinations offering prime gorgeous gulf front locales with amenities like a beautiful beach, sparkling swimming pools, bubbling hot tubs, restaurants and friendly bars on site, tennis courts and even championship golf courses. These condominium complexes are well sought after and are a “go to” destination established over many years which deems well for rental income. You would spend a huge amount of money to purchase a home that included these kinds of perks. All condominiums have monthly association dues but they represent only a fraction of the cost of valuable amenities provided for your use. Some are in gated resort communities like Sandestin, with 2,400 lushly landscaped acres nestled between the emerald hued gulf and Choctawhatchee Bay. Here condominiums have ready access to the crystal white sand beach, four championship golf courses, professional tennis courts and fitness facilities. Grand Boulevard and the delightful French Quarter inspired Village of Baytowne Wharf are part of the resort complete with restaurants, bars, retail boutiques, seasonal festivals and free musical concerts. The beautiful beachside Majestic Sun and the towers of Ariel Dunes on Scenic Gulf Drive are another example. Ariel Dunes has five gargantuan sized swimming pools with 23,000 square feet of watery refreshment. The Majestic Sun has an indoor pool with a cathedral ceiling and an outdoor pool with hot tubs overlooking the glorious gulf. This is part of the Seascape Resort with a challenging championship golf course and professional tennis courts available right next door. These are just a few examples because there are many more.
Financial Savings and Low Maintenance Costs
Condominiums are generally less expensive than single family homes since they are often smaller in size. This obviously decreases the total purchase price, down payment and size of your mortgage. Utilities cost less as well. Although there are always monthly condominium dues, these cover a wide variety of maintenance costs that you are not personally responsible for. Incidentally the majority of neighborhoods along The Emerald Coast for single family homes also include monthly Homeowner Association dues for community amenities but do not cover maintenance expenses for your individual residence. However besides the luxury of added amenities condo dues also often cover lawn maintenance, landscaping, irrigation, exterior painting, roofing, pest control, insurance for the building itself and even basic cable or wireless internet. These costs for with a regular single family home usually average of about 1.5% in annual costs for maintenance per the total value of your home. That would come to $1,500 per $100,000 of property value each year, although some more costly items may have to be completed over time. With a condominium someone else takes care of mowing, raking leaves, trimming bushes, planting flowers, irrigating the lawns, cleaning the pool, replacing a leaky roof, painting the exteriors, fixing windows, and paving driveways.
A sense of security for your property is especially important if your condominium is a vacation getaway spot and you live elsewhere. The vast majority of condominiums have staff on hand, sometimes twenty-four hours a day, for emergency repairs and other concerns. Many are in gated resort communities and have full time security personnel on the grounds at all times. In luxury condominium towers the lobby entries are staffed or coded key entry is required. All have security systems and equipment for fire protection. Oftentimes video cameras are monitored to protect property from intrusion. In case of a medical emergency it is also nice to know that there are others on staff or nearby who can quickly help you.
Ocean Reef Resorts manages hundreds of condominiums for owners on our renowned rental program. We also have a real estate division to provide professional consultations. It is our great pleasure to be of service to those who have decided to purchase a piece of paradise!