Choosing a Condo for Your Vacation Home
Once you’re considering a vacation home, or a second home, you have a decision to make. Should I buy a stand alone home, or maybe a second home condo? Condos offer many advantages over a stand-alone home. However there are many things to consider when purchasing a condo, especially if you’re not familiar with them. Consider the following options when comparing second home condos.
In all of the major destination areas, luxury second home condos have proven to be a valuable investment that offers a return on resale if the property is maintained and kept properly. Before making your purchase be sure to investigate the condominium associations that operate in that development. The condominium associations have bylaws and regulations that dictate what you can do to your unit and how it will be done. In today’s environment, this is an important process, if not the most important aspect of your buying decision.
It’s important to tour condos as you decide on your second home condo, but don’t fall in love with the appointments, floor plans or the interior design as most of those items can be changed. Ask the condo association for a current budget and financial statements as well. By reviewing these documents you will have a good look into the window of the association and it’s management. Some questions should be readily answered so don’t be afraid to ask. How many of the condominiums are currently sold? Is the developer still in control? Are there any foreclosures underway? These are questions that will give you a good look at just how solvent the association is and how many problems will arise. Condo assocations can make owning second home condos a breeze or a nightmare.
If resale value is a concern, vacation home condos are definitely worth looking into. The high end condo market is on the rebound. So if your family is looking for a more maintenance free option and have the money for a premium type of investment, luxury condominiums could be your answer. A second home condo can also be an ideal option for someone who has the income but does not want to rent as part of a transitional period before a bigger purchase.
Of course, families who have the ideal second home condo in mind and a large income will seek the assistance of luxury home builders to build the ideal home. It is wise to first check to see with the Better Business Bureau to see if any luxury home builders have outstanding complaints against them. This is the easiest way to root out any luxury home builders you might not want to deal with.
All in all, buying second home condos can be a painless process. When you are considering a vacation home, just be sure to do some due diligence and this will save you headaches down the road.