If you’re planning on purchasing a condominium in Panama City Beach you have a wide variety of complexes and buildings to choose from. Each offers their own amenities and perks so you want to find something that fits your lifestyle and your budget.
Check out the homeowners association dues. When you own a condominium in a particular building there will be a homeowners association that you will need to abide by. There will be rules, conditions and restrictions that will be applied to not only the condo owner but any renters as well. Go over all of these conditions and restrictions to make sure that you agree with the way the condo association is set up and are comfortable with the monthly or yearly fees.
Check out the associations reserve. Often times the Association will carry reserve fund for large purchases or major renovations to the exterior of the building or amenities. The more amenities at the building maintains, the higher the homeowners dues and potentially higher the special assessments will be. For instance, if the reserve funds only have $50,000 in it and a new pool replacement will cost $200,000, as additional fees will be imposed on the condo owners. This is not something that you can refer to your renters as well. You will need to come up with these costs on a monthly basis. If the Association has a healthy reserve fund, you won’t need to worry about any special assessments unless there is an emergency.
Make sure the condo has the amenities that you’re looking for. If you’re never going to swim, use a Jacuzzi, or participate in social activities, you shouldn’t buy a condominium in an association that specializes in these features. However, if you’re planning on renting out your condominium for most of the year, these are popular items that many vacationers will look for. Keep this in mind when purchasing a condo.
Check on the maintenance of the amenities. Are they properly maintained at all times? Do they have managers and staff that maintain the amenities for owners, guests and renters? All of these should be a factor when deciding on the type of building you choose.
For more information on purchasing a condominium in Panama City Beach and what each building offers as amenities please contact buyers agent today.