Many people want to own property in their favorite vacation destination, but not everyone wants to deal with everything that is involved in maintaining a single family vacation home. A good compromise is to purchase a condo. Most popular vacation destinations have a number of condo complexes, and buying a condo can be less expensive than purchasing a single family home. However, if you're planning on buying a condo to use as a vacation home, it is essential to think ahead and be prepared. Always consider the following things before buying a condo to serve as your family's vacation home:
Prior to looking at any condos for sale in your favorite vacation destination, it is important to establish a budget. Knowing exactly how much you can afford to spend can make your search for a condo much easier. Ideally, you should have all financing in place prior to looking at condos on the market. When establishing your budget, don't just think about the total cost to buy the condo or how much your mortgage payment will be each month-- you also need to factor in the cost to keep the condo maintained along with utility payments.
Whether or Not to Rent Out Your Condo
Many people who buy condos to serve as vacation homes also rent out their property to other vacationers when they are not using it. This can be great for cash flow if you buy a condo in a very popular area. However, even if you do decide to rent out your condo when you're not using it, do not expect rental income to cover all of your expenses. It is still very important to choose a condo that you can comfortably afford. The last thing you want is to stress about paying for your condo because you have not booked as many rental days as you expected the first year that you own the property. If you choose to rent out your condo, you will also need to hire a property management company to help maintain it when you're not around.
Condo Association Fees
When you purchase a condo, you will need to pay condo association fees each month. These fees are not included in your mortgage payment. Condo association fees cover the cost of maintaining the grounds and onsite amenities. They also pay for major improvements, such as replacing the roof on each building. If you're interested in a condo, always make sure that you know exactly how much the condo association fees are.
For more information, work with a local real estate company like RE/MAX Properties, Ltd.