THE GREAT ESCAPE:
Your Definitive Guide to Buying
a Florida Home or Condo
10 Things to Know Before Buying a Beach Condo
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Main Benefits
Net positive cash flow from renting the property builds up equity and limits the monthly out of pocket expenses
When it is best for you
When you have enough for the down payment, but can’t afford the monthly payment and/or don’t plan on using the property at all.
Main Property Rental ConsiderationsBe fully aware of any HOA or Condo Association restrictions/limitations on renting out the property, such as minimum rental period, maximum number of rented out days, any permission required, etc…. You will probably want to consider a longer term lease for more stability and better long-term maintenance of the property. You should also be aware of the % of units in a condo that are rented out, since that could be a factor in getting mortgage approval of the condo. Also, you should be aware of any tax requirements that may be due on rental income to the city/county. In many condo buildings that are heavily occupied by full time owners or non-renting owners, there could be more neighborhood pressure against renters (like heavily enforced rules and fines)
Main Benefits
Earn some incremental rental cash flow to help offset the monthly payments, provide some flexibility for when you can visit the property
When it is best for you
When you have enough for the down payment, and can make some contribution towards the monthly payment, but could use some additional monthly cash flow to help with the payment
Main Property Rental Considerations
Be fully aware of any HOA or Condo Association restrictions/limitations on renting out the property, such as minimum rental period, maximum number of rented out days, any permission required, etc…. You will probably want to consider monthly leases for longer periods when you won’t be visiting the property, but ensure that you would be able to rent with shorter periods, if needed. However, if in a condo, you should make sure there are no overnight or short term rentals/rental desks that might impact the abiilty to get financing on the property. You should also be aware of the % of units in a condo that are rented out, since that could be a factor in getting mortgage approval of the condo. Also, you should be aware of any tax requirements that may be due on rental income to the city/county. In many condo buildings that are heavily occupied by full time owners or non-renting owners, there could be more neighborhood pressure against renters (like heavily enforced rules and fines)
Main Benefits
You can fully support the extra monthly payment and expenses and want to be at the property more often or don’t want other people using y our stuff
When it is best for you
When you have enough for the down payment and can afford the monthly payment and expenses and will use the property frequently.
Main Property Rental Considerations
If you don’t intend to rent the property out and are looking for more of a home/quiet place, look into the % of the building/neighborhood that is rented out and the typical length of rental terms. Generally speaking, properties with shorter rental terms and greater % of renters may be louder, have more transient/unknown visitors, and could be subject to more wear and tear/amenity depreciation. In many condo buildings that are heavily occupied by full time owners or non-renting owners, there could be more neighborhood pressure against renters (like heavily enforced rules and fines)
Main Benefits
The Ultimate Accomplishment!
When it is best for you
When you have enough for the down payment and can afford the monthly payment and expenses amd will live here permanently.
Main Property Rental Considerations
If you don’t intend to rent the property out and are looking for more of a home/quiet place, look into the % of the building/neighborhood that is rented out and the typical length of rental terms. Generally speaking, properties with shorter rental terms and greater % of renters may be louder, have more transient/unknown visitors, and could be subject to more wear and tear/amenity depreciation. In many condo buildings that are heavily occupied by full time owners or non-renting owners, there could be more neighborhood pressure against renters (like heavily enforced rules and fines)
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