Buying a Condo
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Condos are not the typical second home. They are fabulously-furnished condominium suites in some of the most famous resorts in the country. Owners have access to all the luxury amenities and services of the property, ranging from spas to fine dining to concierge services.
Like a traditional vacation home, owners can use their home when they want. However, unlike a traditional home, they have the option of participating in the property's rental program and sharing in the revenue the home generates. Ownership is 100% hassle-free as all maintenance and rental issues are handled by a professional, in-house management company.
Finally, condos, because of their prime locations, limited inventory and upscale quality, are a highly-desired commodity. If history is any indication, they appreciate over time and are readily resold, giving them added appeal as investment tools.
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Many buyers are interested in the investment potential of condos compare to a risky stock market. Some of the factors they take into consideration are:
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Buying preconstruction: The main advantage to buying into a condominium development before construction starts is that you often get a lower price than if you buy when construction is complete.
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Rent Revenue: Condo units will produce rent revenue. That revenue can partially or completely offset the costs of owning and maintaining the vacation home.
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Appreciation potential: Property values in resort areas and for waterfront properties have increased nearly 15-20 percent a year for the last 5 years, according to various sources and census bureaus. In today's market, this constant appreciation adds even more to the potential equity.
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Limited Supply of Available Land : Desirable oceanfront and resort locations to build are not endless in key markets.
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Condos have now become one of the most popular real estate investments in the World. You can own a luxury vacation home at a world-class resort and receive rent revenue whenever you are not using it. Condo owners have the option of putting their condo unit into the property’s rental program. This is what makes condos so attractive. A professional management company takes care of renting out the units when they are not in use by the owner.
Essentially, a condo is a hassle-free, revenue-generating way to own a luxury vacation home with appreciation potential in a prime setting.