You have worked hard and have arrived at a point where you can afford a second home. But you do not like the hassle and responsibilities that come with the ownership of a single-family dwelling and therefore opt to buy a condominium. You probably already know what general area you are interested in, mountains, ocean, hill country or city life.
Here the top 10 issues to pay attention to when deciding on the right vacation condo for you:
1) Airport access
The better your travel access to your vacation home the more you will be able to make use of it. Is the airport close by? If the airport is at a distance is there a highway leading towards the vacation resort? What airlines fly into the airport and are there direct flight from where you live?
2) Airfares
Make sure that the airfares to your planned second home are competitive. The more airlines fly to the nearest airport the more the competition will bring down prices and make short notice trips more affordable and therefore more feasible.
3) Location
Once you settled on a town or area have a closer look at the different locations. Talk to a Realtor in that area and ask as many questions as you can about the different subdivisions or developments. Understand what makes a location tick.
4) Rentability
If you are thinking about renting the condo out while you are not using it talk to a rental agent about the ability to rent it short term. What condos rent best? What size condo is in highest demand? Is there a certain condo complex that is most desirable? Why? Make sure the Condominium declarations allow short term rentals.
5) HOA expenses
Look into what the monthly or quarterly Home Owners Association dues are and what you are getting in return. Questions to look into are for example: Is firewood included?, do the dues cover heating?, are common areas professionally maintained?
6) Special Assessments
If the condominium building is older carefully review the last few condominium association meeting minutes. Talk to the board members about any discussions about upcoming improvements to the building. The costs for exterior renovations and improvements will have to be paid by the owners through a special assessment and might effect and exceed your financial abilities.
7) Building Amenities
Ask yourself what amenities you absolutely have to have as part of the condominium complex. What about a pool, a gym for the owners, outdoor lawn areas, children playgrounds, day care facilities, transportation provided by the association.
8) Restaurants
Are there any restaurants in the building or close by. If yes, do their exhaust fumes impede on the enjoyment of your condo. There is nothing more agitating than the constant food smells and one's inability to open a window because of it.
On the other hand restaurants a block away might be a great amenity to have.
9) Parking
Does your potential new condo have an assigned parking spot or even an underground parking facility? Underground secure facilities are great to leave a car so you would not have to rent one every time you enjoy your new place.
10) Owner storage locker
If you are thinking about renting your vacation condo make sure there is a place to keep your personal belongings. There should be either a storage area inside the condo that can be locked off or a secure basement owner's locker compartment. This will allow you to make the condo your own while you stay and quickly convert it back to a depersonalized setting for rentals.
Whatever your dream vacation home spot may be, make sure you know what to expect before clunking down your hard earned cash for a pied-Ã?-terre.
