Home Buying in Boca Raton>Question Details

DB, Home Buyer in Fort Lauderdale, FL

In Boca Raton, is the demand for rentals higher for condos or single-family homes?

Asked by DB, Fort Lauderdale, FL Fri Nov 22, 2013

I'm just looking in Boca Raton. I know every situation is different, but when it comes to buying a place for the purpose of renting out, is it typically better to purchase a condo or a single-family? For which property type is there typically more demand from potential renters?

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Answers

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I work with two national investors, 3 regional investors and nearly five local intestors looking for real estate to buy and rent. NONE of them have expressed any interest in condos or townhomes.
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They see the real value in block contruction, 3/2/2 without a pool. AND they typically offer Fair Market VALUE or list price, which ever is less.

Best of Success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor FL
727.420.4041
Move to the Front of the Line
(http://FirstLookHomes.us)
0 votes Thank Flag Link Sat Nov 23, 2013
hwkeye,

The demand is actually very similar with rentals of condominiums in Boca Raton averaging about 116 per month and single family homes about 92. However far more of the closed rentals of condominiums are "seasonal" short term rentals so in reality the numbers are much closer.

However that does not mean a condo is better as it all depends on the numbers which have to be carefully evaluated on any investment. The best return on paper does not necessarily mean the best investment.

A very clear description of your specific investment goals is the best place to start your property search and if I can be of service to you I would appreciate the opportunity to be one of the agents you may choose to interview. We are experts in finding our clients that "needle in the haystack" and would love to help you find yours.

Best of luck and if I can offer anything additional please let me know.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes Thank Flag Link Sat Nov 23, 2013
The demand is higher in condo rentals.
0 votes Thank Flag Link Fri Nov 22, 2013
There's much for you to consider starting with what is your price point. Generally, condos can cost less to purchase and maintain than single family homes but their restrictions might be too restrictive - - pet and age restrictions come to mind. Also, many condos do not permit new owners from renting out their unit until they have owned it for a year or two. Be sure to check the rules and regulations of any condo you are considering purchasing.

A single family home will most probably cost you more to purchase but depending on the size and location of the home you could charge more rent. However, it will cost you more to maintain. Your expenses - - insurance, roof, lawn are expenses that will eat in to your return of your investment.

The rental market is very strong in Boca and the surrounding cities for both condo and single family homes. Not too long ago we had more rental properties on the market because those who could not sell their homes or condos instead rented them out. Now homes and condos are selling quickly thus putting a strain on the open rental market.

If you would like further info or advice don't hesitate to give me a call.

JOAN LORBERBAUM MOORE
Broker Associate, GRI
Lang Realty
9858 Clint Moore Road
Boca Raton, FL 33496
JoanMooreRealtor@gmail.com
561-573-3238
http://www.boca-delray-boynton.com
0 votes Thank Flag Link Fri Nov 22, 2013
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