Choosing a condominium as a second home or vacation property makes a lot of sense especially if you like the low maintenance lifestyle. Condominiums usually have a condo association or homeowners association that handles a lot of the maintenance, upkeep and repair for you. Of course, this does come at a cost, but if you can’t be there year-round to handle a lot of the items and needs, this may be well worth the cost.
Finding the right condominium for your needs, your budget, your lifestyle, and your family, takes a little bit of planning. It’s well worth it in the end, however, when you find a home that not only fits your lifestyle but that everyone in the family can enjoy.
First, decide if it is worth it to buy a vacation home. Estimate the number of weeks that you will realistically expect to spend in the area and multiply that by the weekly rental price of a place you know and like. Is it more or less than the cost of owning? Do you feel you would use the second home even more if you did on it? This is almost always a resounding, yes!.
Owning a second home is a lifestyle investment. Although it might be financial, don’t look at it as a financial investment, since you probably will not be getting the same amount out of it as you put into it. But, the joy of having your own vacation property in a sunny location may be well worth the investment.
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Questions to Ask
How long are you going to own the condo? Is this something that you plan on passing down to your children and grandchildren? Will be something that everyone can enjoy including extended family? Often times, one family member will purchase a vacation condominium and then allow multiple family members to use it throughout the year. This keeps up on the maintenance and repair and make sure that you can really get your money’s worth. Family members can even pitch in on homeowners or condo association dues if you plan on staying for longer than a few days.
Buying a condominium in Panama City Beach is a great investment as it is one of the top vacation spots not only in the state of Florida but in the United States as well. There are so many year-round amenities and perks that it really doesn’t matter what time of year you choose to visit. There will always be water sports, fantastic restaurants, holiday events, weekly festivals, and multiple other things to do, see and experience.
There are several questions you want to consider before jumping into purchasing a vacation condo.
#1. Why do I want to buy?
#2. What if prices drop in the area?
#3. Am I paying cash or financing the project?
#4. What are the true costs of owning a condominium in a particular complex?
#5. Is a home affordable with no rental income?
All of these questions are extremely important when considering a condominium purchase as a second home or vacation property. Typically, if the condo is not your primary residence you will need to have more as a down payment than if it was a property that you occupied regularly. You’ll probably want about 20% down if your financing. If you’re paying cash, consider the monthly outgo and the true cost of owning the condo. You may have several hundred dollars a month or a quarter in condominium association fees will have to determine if the amenities are worth it while you’re there and while you’re not.
Panama City Beach has multiple condominiums for sale. This is what we do and we love not only renting out vacation properties on a weekly basis but selling condominiums to those looking for an investment condo throughout the year, a second home or a vacation property that they can use on their own.
Many people choose to go in with another partner or several people in order to buy a vacation condo. This works quite well and we’ve dealt with dozens of people that have teamed up to purchase a property together so that they can all use it throughout the year. Typically anywhere from 2 to 3 people going in on one purchase is average. Any more people than that and you might get some conflict of interest or issues that arise with the other parties will have to buy out one or more party. A simple arrangement of deciding who will use the condo and when can make planning the vacations for the year much easier.
Also want to determine the type of amenities that you’re looking for. Do you want a swimming pool? Do you want it on the beach? Do you want within walking distance to shops and restaurants? Consider how you are going to get to your condo as well. If you are driving, a condominium complex that is out of the world may not be as big of deal. However, if you are flying into Panama City Beach and you’ll need public transportation in order to get around, you may want to complex that is within walking distance to your favorite nightclub, restaurant or shopping outlets.
We help literally hundreds of people every year find, purchase or sell their condominium in Panama City Beach. If you’re looking to make Panama City Beach your permanent vacation destination contact our office today. Feel free to browse through our website at all condos for sale throughout the area and if you have specific questions on a complex or building let us know. Because we know the area so well we can answer just about any question you might have on pricing, condo association fees, amenities, and location. We look forward to talking with you soon.