A beachfront condo allows you to relax on the beach and bankroll the rental income. Beachfront property presents some unique challenges, but you may be able to pay your mortgage with rental income if the condo is purchased as an investment property.
Set a budget. A modest condo on the beach will have a higher cost than one in other areas. Calculate how much you can afford for monthly mortgage payments and how much you have to put down.
In your budget, include property taxes, homeowners insurance, and condo association fees. Beachfront condos have higher insurance rates for storm risk, such as floods and hurricanes.
Decide how big a condo you require. Many buildings offer everything, from studios to units with three or four bedrooms. A high-rise development with hundreds of condos might be more appealing to you than a small development with only 10-20 residences.
A real estate agent who is experienced with beachfront properties should be your partner. A broker or agent who is familiar with beachfront properties can help you find condos within your budget.
Qualify to get a mortgage. Both you and your condo association will need to meet the requirements of lenders. Some loans, such as Fannie Mae, Freddie Mac and FHA loans may not be available to condos on the beachfront.
When looking at condos, make sure to look at the floor plans, parking and amenities. Security is important. You may need a condo with a high security system and restricted access for tourist areas.
Carefully read the policies and regulations of your condo. There might be restrictions on the number of guests, pets allowed and the maximum number of beach chairs that you can keep on your patio or balcony. You can read the minutes of board meetings to find out what residents are complaining about and what needs fixing.
Instead of just touring the model, take a look inside your unit. You can get a sense of your ocean view and whether or not you will see sunsets. Take note of how close you are with your neighbors, what their appliances look like, and whether or not the walls are thin.
If you see a condo that you like, make an offer immediately.
This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the Tiffany House In Ft. Lauderdale Beach. Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower, offers 129 residences, including 1, 2 and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Ocean. Looking for a condo at Tiffanyhouse Fort Lauderdale for Rent? Contact us today!