Living on the beach or near the beach may be a dream of yours, allowing you to walk on the beach and listen to the sound of the surf whenever you want to. However, with beachfront condo ownership, you must be sure you are prepared for some realistic considerations. Here are some recommendations to help you in your search for a beachfront condo property.
Calculate Your Budget
When you are looking to buy a beachfront condo, it is important for you to calculate and analyze all of the costs with ownership of a condo. A condominium right on the beach or on beachfront property will have a traditional mortgage payment associated with its purchase, but it is also going to come with a few other costs.
Condos are usually managed by a homeowners association (HOA) and will have a monthly HOA fee that goes to cover some regular upkeep to the property's community areas and exterior of the building. Although this cost is going to be in addition to the mortgage, it will go to pay for the property's maintenance, such as roof replacement and upkeep to the pool, gym, or other community amenities that come with your ownership. So, if you choose to live in it full-time or to rent it out when you are not staying at the condo, the HOA fee will be of great benefit so you don't have to worry about property maintenance to the exterior and other surrounding areas.
If the condo comes with its own parking spot, either in a parking garage or in a nearby lot, find out if this is covered with your ownership. Sometimes you will need to pay a parking rental fee each month to pay for your access to a reserved parking spot.
You should also talk to your insurance agent about homeowners insurance rates for the area. Because the condo is on a beach location, it will be susceptible to weather events, such as hurricanes, flooding, or salt spray from the ocean that can cause extra corrosion to some building structures.
Consider the Condo's Location
When you look at a condo that is near beach property, the view from the interior is going to be of importance to you. You may not want to buy a condo that has views from your bedroom that overlook the parking lot or nearby shopping center. As you tour through the unit, be sure that you look out the windows to see what type of view you would have each day. If there is a balcony, what direction does it face? You might be more interested in a balcony that overlooks the ocean or the eastern sky to get a beautiful sunrise every day.
Contact a condo complex like Coral Ridge Towers North Condos to learn more.
