Home Buying in 74047>Question Details

Jenrut, Home Buyer in 74047

What would be some of the first steps to purchasing a Condo/Townhouse right on the Gulf in NW Florida? Are they very good as rentals?

Asked by Jenrut, 74047 Mon Apr 5, 2010

Do Condos pay for themselves for the most part? Are people still vacationing a lot in, say, the Destin area? What are some of the biggest problems with Condos/Townhouses? I am just starting to research.

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Emily Gibson
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0 votes Thank Flag Link Tue Apr 6, 2010
Some condo HOA's do NOT allow rentals.

When you rent you will have time without tenants. You then have to pay not only the mortgage BUT also the HOA fees. That sounds like bad investment material to me. Your down months should not be that punishing to you.
0 votes Thank Flag Link Mon Apr 5, 2010
Jenrut,

It's all about what you pay for the unit, the desirability of the area, and the fees associatey with the complex. Our recommendation is to try to get a little further south where vacationers feel the comfort of warmer temperatures.

If you are interested in taking advantage of the distressed sales market, we would be happy to support your interests.

Bill Eckler Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Mon Apr 5, 2010
I used to live in Pensacola, FL for a couple of years. I bought away from the Gulf because I was concerned about hurricanes. So, first, find out from an insurance agent what you need to know about insurning your place. The Homeowner's Association should have coverage, but it may not be enough to cover you, especially the contents. Next, look at the HOA's financials. Do they have any money in the bank and what is their monthly income and expenses. Oh, yeah, find a good real estate agent.
0 votes Thank Flag Link Mon Apr 5, 2010
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