For frequent travelers, or those who venture to the same destination every year, the cost of a hotel or resort can get to be too much. If you really love heading to Florida in the winter or checking out the shopping or clubs in Los Angeles, then you might be thinking that buying a vacation condo is in order. There are some things you should think about before you buy.
In some cities and towns the cost of buying a condo is less than in other larger cities or other areas of the country. It might seem like a great deal at first, but factor in your down payment costs, furnishing it (if it’s not already furnished) and monthly maintenance fees and the costs may become pretty expensive. If you want to ease some of the pressure of the expense in owning a vacation condo (not time-share), then you may want to think about using it as a rental property when you are not going to be there.
The Location Might be Higher Priced
You might find two almost identical condos with similar features and the same amount of bedrooms and bathrooms, both with great amenities such as a pool or exercise room. However, what you might find is that the prices are very different. One of those condos just might be higher priced than its counterpart. Why would that be? The reason is the location of each condo.
For a tourist town there are areas which are much more desired to be in than others. They are close to the beach, have a fantastic view and are close to attractions tourists want to see. This means you will pay a premium for where the condo is located as opposed to one further away from the action. You must think carefully if you want to put in the extra funds for a condo closer to the beach with an ocean view, or if you are content to walk, bike or drive a few extra blocks to spend the day in the sand or strolling along looking for great shopping.
Rent a Condo First
If you already live in a condo, then you may decide to skip renting in your vacation town. This isn’t always a good idea. You might not really enjoy the building in which your new condo is located in, or you might not really like the neighborhood with it’s noisy nightclubs and tourists everywhere. It’s best to rent a condo first before buying one to see if it really is the ideal place where you feel you want to come back to again. Visit citycreekliving.com for more information.