The market for Destin Gulf Front Condo Investment opportunitiesÂ is really hot right now.Â A lot of people askÂ me as part of their search for a condo, which ones are better investments. Personally, if I knew the answer to that question, I would be writing this from my sailboat out somewhere really warm.Â Â Unfortunately, that is not the case and I write in my home office, looking out at the cloudy day.Â
There is no hard and fast rule when it comes to investment condos. A lot of it depends on what exactly you are looking to get out of it. Some people think of investment condos as rentals, while others are thinking of sales value down the road, add in a little personal use and you have still only part of the picture.
If you are looking to buy a condo to rent out, then there are a few factors you need to consider.
First, don't just buy the smallest and/or cheapest unit you can find. My rule is don't buy it unless you are willing to live in it.Â Â Instead, think of who your target market is going to be. If you want singles, then one bedroom condos would be fine. Once you get to couples (with the possibility of children), then you are going to want to think more in terms of larger units with two or moreÂ bedrooms.Â multiple families vacationing together demand developments with lots of available units.
Speaking of which, there has been a recent hue and cry over the lack of condos that are suitable for families. Sure, there are a few tired old buildings with three bedroom units, but they are few and far between. Renovations have improved these older units and they still might be beach front.Â Time to do something about it. Anyway, on with the article...
Location is also going to have the biggest impact on price and rental return but that is the subject of another blog so keep following me as I share everythingÂ I know about Destin Gulf Front Condo investment opportunities.Â Â Â or call me if you want to work one lesson ahead.Â Â