Panama City Beach Florida is located on the Gulf Coast of Florida about two hours from Pensacola and a little over two hours from Tallahassee. It’s and from the Peninsula surrounded by the Gulf of Mexico, West Bay, and Grand Lagoon. Panama City Beach should not be confused with Panama City, located just north of the mainland, and along North Bay and the Grand Lagoon. Panama City Beach sits right on the beach and features fantastic resorts, hotels and amazing entertainment and nightlife.
Located in Bay County Florida, Panama City Beach is home to about 15,000 residents year-round. It’s known far and wide as having “the world’s most beautiful beaches” due to its unique, sugary white sandy beaches. It’s a popular vacation destination for families, retirees and spring breakers.
One of the most unique things about Panama City Beach is the large variety and collection of investment condominiums. Other than Hawaii, I’m not sure of any other coastal city that has more condominium resort buildings that individuals have purchased and rented out. Because of this, there are always a wide variety of properties, condos and vacation rentals to choose from. Rental sites are packed with rental options, discounts and great deals both on and off season.
This is just one of the many reasons that buying a condominium in Panama City Beach might be ideal.
Due to its location, it’s an easy drive destination for most of the Midwest. Many people that live in Missouri, Arkansas, Oklahoma or Texas have chosen to purchase a condominium in Panama City Beach, either as a vacation rental, second home, beach destination or for an investment purpose. Condominiums here are actually quite affordable compared to many other beach vacation spots around the US. Condominiums here start at around $100,000, very obtainable for many low, middle and even upper-income families or investors.
The resorts and condo buildings in Panama City Beach features smaller, 400 square-foot one bedroom studios all the way up to five bedroom Penthouse units and of course, the price is very therein. From less than $100,000 for a small studio, beachfront apartment to over $500,000 for luxury, high-end, spacious condo.
Benefits to buying a condominium
Purchasing a condominium over a single-family house, especially as a rental investment, means that you won’t have the high maintenance that a single family property requires. All condominium buildings in Panama City Beach have homeowners association dues, which cover building and complex amenities and maintenance of the exterior building and landscaping. The only thing the condo owner needs to worry about is the inside of a condo.
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Many condo owners also love the sense of community that a condominium building provides. There are social events planned for owners and renters and many buildings feature a variety of amenities and on-site activities for every age group including preschoolers to senior citizens.
A condo also offers two distinct financial advantages over simply renting a property. You can always build equity and the ability to take advantage of tax deductions on mortgage interest.
Owning a condominium in such a popular vacation destination means that during peak seasons, your condo may be rented out every single day. Of course, this all depends on how you want to set it up. If you’re looking at using the vacation property during peak seasons, you can avoid paying hotel and resort costs. Many condo owners occupy the property certain times of the month and others they prefer to rent out in order to pay the mortgage, the homeowner’s fees were property taxes.
Buying in a popular vacation spot
Not only is buying a condominium a good financial decision, if it works out for your situation, but buying in a popular vacation spot can also be very beneficial. Many people know about Panama City Beach and are already directing their vacation plans toward this area. There’s very little advertising you’d actually have to do and of course, you are free to visit and enjoy your condo any time of the year.
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You can also purchase a vacation condo with other friends or family members. We’ve recently sold a Panama City Beach condo to three sets of friends. They all have written contracts that state what they are required to do with the condominium, how much they will pay and when they all can enjoy it. This is a great investment if you all get along and can follow the contract. We never recommend going into this type of purchase simply by word-of-mouth. However, this can lower your monthly mortgage fees and homeowners fees and still offer you a great vacation property.
There are lots of benefits to owning a condominium and even more when you own a condo in Panama City Beach Florida. There are so many choices, a wide range of prices, furnished, unfurnished, and the best resort style amenities. Plus, you have all the best restaurants, nightclubs, shopping and entertainment all within a five-mile radius. Why would you choose a condo anywhere else?