Whether you are considering the purchase of a beach condo for personal use, rental income, or both -- keep these tips in mind:
1. Read the Condo Rules. Condo Associations have extensive rules that owners and tenants must abide by to stay in good standing. These rules cover everything from guidelines for allowing pets (size, breed, number), rules for renting the unit (minimum rental period, i.e. one month), noise restrictions, parking rules, and more! Read and re-read these rules before making an offer.
2. Verify Monthly and Special Assessments. Condo owners pay monthly assessment fees. These fees fund the maintenance and upkeep of the condo such as the pool and other common areas, grounds maintenance, and property manager's salary as well as long term capital improvements such as a new roof. It is not uncommon for associations to charge owners special assessments when reserve funds run low. Be sure to check in with the property manager to inquire about proposed or pending special assessments.
3. Drive Beach or No Drive Beach. A number of Florida beaches, including New Smyrna Beach, have a portion of the beach that allows vehicle access. Most people have a preference one way or the other -- so be sure to tell your Realtor your preference.
4. Proximity to Restaurants & Shops. Consider the proximity of the condo to your favorite restaurant or shop. Do you want to be within walking or biking distance? Or is a 10 minute drive from the main hub of activity more your style?
5. Onsite Rental Manager. If you plan for your condo to be a vacation rental, consider your options for property management. Some condo buildings offer on site property management which may save on costs and simplify the process. Another option is to manage it yourself or hire an outside property management company.
Questions about buying a beach condo? Contact Shannon Riva, Realtor with Coldwell Banker. (813) 789-7532. Shannon.Riva@FloridaMoves.com