Recommendations For A Successful Waterfront Condo Purchase
A condo located near a lake, river, or ocean can be a great investment for your own personal enjoyment. It can also provide high potential for a rental property. Whether you are looking to buy into your own condo ownership and stay where you have close access to water or you want to rent your condo, make sure you thoroughly evaluate your condo purchase before making the final decision. Here are some helpful recommendations for you to aid you in your search for waterfront condos for sale.
Check Into Rental Potential
A condo close to the beach is an attractive prospect in the realm of rental properties. And when you are in the market for a waterfront condo, this is a smart topic to look into as you are shopping for the right condo to purchase. Many condos allow for their owners to rent out to short and long-term renters, so it can be a profitable and possible venture. As you visit and check into condos for sale during your search, your realtor can check into the potential with each property to make sure it is not prohibited.
When you buy a waterfront condo with the ability to rent it out, you can stay in your condo whenever you want, then put it up for rent on the dates you won't be using it. Check into a local property manager to help you manage the rental property so you don't have to stick around to clean the condo and prepare it for the next renter each time a tenant moves in or out. You can also arrange to put the condo on an owner rental website for short-term vacation rentals and manage the condo's rental yourself.
Hire a Property Inspection
You may have chosen a great condo to purchase, but you want to make sure it is in good condition and all systems are working properly. And to do this you should hire a property inspector to go through the condo. They will look at the plumbing, electrical, and HVAC to make sure there are no problems or unknown issues before you close on the purchase. This inspection allows you to renegotiate your purchase price if any problems are discovered.
Evaluate the Water
The water at the condo's location is a big factor and one you should fully check into. Visit the water along the shore or beach to see if the water is good for water sports, fishing, and swimming; you should also see if there is a dock or other water access to improve the condo's beach access. Is the beach a public beach or is it private to the condo owners? Look at the condition of the water and its visibility to make sure it is not muddy or filled with marshy vegetation. You can also check to see if the waterline stays the same all year or if it fluctuates with spring runoff, summer evaporation, or in times of drought. Your real estate agent can help you investigate the shore's situation.