A beach or oceanfront condo can be a great investment into your real estate portfolio or as a primary residence. With the views and the sound of the ocean along with access to great weather and fun activities, there can be many adventures that you will benefit from when you buy a condo near the ocean. Here are some recommendations to help you in your search to buy an oceanfront condo.
Look at Rental Opportunity
When you look at the oceanfront condos along the coast, you may instantly think about their potential to be used as a short-term vacation rental. When you own an oceanfront condo, you have an investment that can provide you a good rental income all or most of the year. And if you want to use the property as your own vacation getaway place, you can block out specific times in its rental schedule to ensure you get the best opportunities to use your own rental property.
As you analyze a property for its rental potential, you will need to collect some data and analyze the figures. Look at how much rentals are going for in the area, which you can do with a search on short-term rental websites for condos in your area. Keep in mind that the location of your condo and its amenities can influence how much you will be able to rent it for. So, for example, if your condo is directly on the beach with sand when you walk out of the main doors, you can charge a bit more for direct ocean access. And if the condo comes with access to a gym, swimming pool, and private parking, this will help you rent it out for a bit more.
However, keep in mind that an oceanfront condo is likely going to be managed by an HOA (homeowners association) and you need to make sure you can use it for a short-term rental. Look at the HOA's regulations to make sure rental opportunities are not prohibited in ownership of the condo.
Get to Know the Neighbors
When you are buying an oceanfront condo where you plan to live all or most of the year, you will want to get to know your neighbors. If, for example, you find out that all the surrounding condos are rented all year long, you will not have any permanent neighbors who you can do activities with, get to know, and become friends with. Make sure you meet some of the neighbors and have a chance to talk with them for a bit. Once you buy a condo and move in, you won't be able to change your situation with any neighbors.
Reach out to a professional for more information about oceanfront condos.Share