It might be something you have been thinking about for a while. You would like to buy a waterfront condo and either live there year-round or perhaps use it as an investment property. Either way, it can be a great option, and perhaps it is more affordable than you might think.
Here are some things to consider when buying a waterfront condo.
Location Is Important
When you are buying a waterfront condo, you need to think about where it's located. This is for several reasons. You want the condo to be close to the beach, boat launch, or even waterside trails along a lake for your own personal enjoyment or for that of your guests. You also want it to be close to the activities you enjoy, and if you have kids, you will want it to be in a good school district.
If you aren't set on which town or city to live in, location can make a difference in the price of the condo too. For example, if you are considering Miami or Ft. Lauderdale, Florida, as a location to buy your condo, then Ft. Lauderdale might be the more affordable city, and it's still in close proximity to Miami with similar benefits.
When you buy a condo, you will typically pay a maintenance fee to the building's management company. This goes to paying for all the upkeep of the building itself, for some repairs in your own unit, and maintenance of the grounds, including trails and parking lots. For major renovations or larger repairs, then you will need to have your own work done.
When you buy a waterfront condo, those maintenance fees can help cover any storm damage caused by tropical storms or hurricanes to the building, any flood damage to the overall property, and cleanup. You will need to have your own insurance just like with a house to protect your personal property against storms and flooding.
Condos Can Be Safer In Large Storms
One thing you should think about, especially when you are buying a waterfront condo, is that they can potentially be safer in large storms than a house. Condos that are built within the last few years along the ocean or Gulf of Mexico are built to withstand major hurricanes and large storms. The same is true of condos built on any large body of water such as a lake or bay. You can have a home inspector look over the condo before buying to ensure that it is built to withstand storms.
Contact a real estate agent for help with finding waterfront condos for sale in your area.