Do you know about - Condo Hunting in SouthWest Florida: Considerations Before You Buy
World Finance Corporation! Again, for I know. Ready to share new things that are useful. You and your friends.You're on vacation in Fort Myers (or Naples or Cape Coral or Sanibel) and you fall in love with SouthWest Florida. You know you'll come back to gawk all the things you did not see the first time and to revisit your popular spots. You and your partner are paying 5 per night for your 350 quadrate foot room and the join you are traveling with is paying the same (50 per join for a two week stay).
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While on the beach or the golf course, you assault up conversations with some population and you learn that they live "up north" (undoubtedly you meet Minnesotans and Michiganders), they visit 2 or 3 times every year, and they own vacation condos in the area.
The 3 R's
So you talk it over and resolve to start exploring the idea of purchasing a vacation condo in SouthWest Florida. Why not, after all, join the best of all worlds: Rest, Recreation, and Return on investment? Why give the money to person else when you could be helping yourself with an investment and be vacationing in the comfort of your own home? And how about that inequity in space and convenience? A two bedroom, two bath condo with a full kitchen, lanai, and great view is quite a bit more comfortable than a tiny hotel room with a 2 cup coffee maker. It makes sense, you think you're quite brilliant, and so you dive into the search.
It sounds easy at first, but alas you soon gawk there are so many factors involved. Buying a vacation condo--even for experienced buyers--can be a bit extraordinary at first. What location is best? Beach? Golf? Boating? What features are most leading to you? What about condominium fees and policies? Can you rent out the condo when you are not using it? Can you bring Sparky the family dog?
Location, Amenities, View, and Price
The first step is determining which type of view and location is the priority for you. You can all the time drive to the beach or a golf procedure or a marina or boat ramp or shopping center or amusement park. If your priority is beach, sunsets, and titanic water views you'll be in the category of beach condo buyer. You of procedure still go boating or golfing, it's just that the boat is not in your backyard or the golf procedure is not in your front yard. Likewise, if you are an avid boater or angler, but just a casual golfer, then your priority is a waterfront asset on a canal or in a community with marina facilities.
To keep it simple, let's generalize three classifications of condominium properties:
Planned gated communities: There are many gated communities that offer a extraordinary blend of all the amenities many condo shoppers are finding for: golf, tennis, clubhouse, fitness rooms, walking trails, and the like. These communities are a blend of single-family homes, villas, and condos. Some also have marinas, boat storage, and on-premise restaurants. In this category, properties on the waterfront will have views of the Caloosahatchee River, Charlotte Harbor, or a large lake-like saltwater basin.
High-rises: In SouthWest Florida, the majority of high-rise condo towers are found in downtown Fort Myers along the Caloosahatchee River and on the beaches of the Gulf of Mexico (Fort Myers Beach, Bonita Beach, Naples). Additionally, some gated communities have high rises among other asset types. Examples are Tarpon Point and Cape Harbour in Cape Coral, Gulf Harbour and Mastique in Fort Myers, and Burnt Store Marina on the Charlotte Harbour.
Smaller condo complexes: Smaller complexes, say 8 to 100 total residences and 3-5 stories high, are ready in centrally-located areas such as central Fort Myers, along the waterfront (canals, the Caloosahatchee River, and the Gulf of Mexico) and are tasteless on Sanibel and Captiva islands. There are also small waterfront complexes on canal systems, often with boat docks for use by residents or their tenants. On the beaches, there are corporate-owned condo-hotels and small owner-association operated condo-hotels.
Price is of procedure a key observation and will play a factor in the location, view, and attractiveness options from which you have to choose. There are very nice options in the 0,000 - 0,000 range. The majority of options are in the 0,000 - 0,000 range. Luxury condos range from 0,000 to million, plus.
Boating & The Gulf of Mexico
For boaters there are some considerations with respect to the boating and water access. Planned, gated communities with marinas offer slips for rent or for sale, often both wet and dry (rack storage) slips. Rental rates average per foot, per month.
Condo complexes situated on canals have dock space ready one of three ways: deeded, where the dock space is legally attached to the condo unit, assigned space (assigned to the unit), and tasteless space (space is not assigned or deeded to any units). The ideal scenario for convenience of the owner and time to come value is a deeded dock. But tasteless dock space is okay too, and rarely are these docks full, meaning that dock space any time of the year is not likely be an issue for the residents of the complex.
Golf Communities
If your priority is golfing, it will be no surprise that there are many golf communities in the area. In fact SouthWest Florida boasts the most golf holes per capita that everywhere else in the nation. Some golfing communities surround semi-private or communal courses. Others are entirely incommunicable and offer equity golf membership, sports membership (tennis, fitness, swimming), or communal memberships. Most tasteless are "bundled" golf communities, where the golf membership is included with title to the asset and residents pay an each year membership fee (00 - 00).
Association Fees
There are two types of association fees: Hoa (Home Owners Association) fees and expert Hoa fees. The Hoa fee covers assurance for the structures, grounds keeping, water, sewer, trash remove, cable Tv, and management. Larger communities might have manifold subdivisions, in which case the subdivision association charges the Hoa fees and there is in expanding a expert Hoa fee that covers the tasteless grounds and services for all subdivisions, such as guarded entrance, entryway landscaping, and clubhouses. Generally, Hoa fees are cheap and equate with what you would pay if hiring the services independently.
Leasing Policies
Most condo associations have a rental procedure dictating how often (or if at all) you can place paying tenants into your unit. These policies have two parts: maximum whole of leases per year and minimum days lease.
For example, a "4-90" procedure means you can lease the unit 4 times per year and the minimum lease must be 90 days. The 4-90 or similarly restrictive policies are good for semi-permanent or permanent resident owners who do not want to be in a community with turnover in tenants.
Perhaps the most tasteless rental procedure is 12-30, meaning 12 times per year, minimum of 30 days. It is not difficult to find seasonal renters who will stay for a month or more. The 12-30 procedure is most flexible, especially if you are counting on rental wage to offset expenses.
Also available, but less common, are condos with weekly or bi-weekly rental periods allowed. Finally, there are "condo-hotels" that allow nightly rentals. Condo-hotels typically have on-site rental supervision and are operated just like a hotel: reservation desk and staff, daily cleaning schedules, bell hops, and similar. (If you think a condo-hotel and plan to finance the purchase, bear in mind that most lenders think the asset uniquely and so you will need to shop for a lender that has a condo-hotel or investor program.)
Property supervision & Rates
In SouthWest Florida, asset supervision firms that deal with seasonal rental units are plentiful. The choice of firm primarily depends on the location of your property--firms specialize in regions (Cape Coral, Punta Gorda, Fort Myers Beach, Sanibel) or communities, such as Gulf Harbor, The Landings, and Burnt Store Marina.
Property supervision firms that have connections with European customers are ideal, as they can also find renters while summer off season. while summer months, there are many tourists from Europe (particularly Germany and Great Britain), extending the rental wage opening beyond the typical "high season" of December through May.
An additional factor is how hands-on you want to be in the rental process. Absentee owners often prefer to let the asset manager do everything: marketing and advertising, collecting security deposits and payments, getting contracts signed, checking the tenant in and out, paying operating bills, arranging cleaning, and handling minor repairs. Fees vary according to the level of assistance and type of compact (such as either or not the trade is exclusive or not). Outline a minimum of 10% of the gross rent for weekly and monthly rentals and up to 45% of gross rent for condo-hotels.
Pools, Furnishings, Pets, and Restrictions
Pools: Nearly all condo complexes have a community pool (if not some pools). Some also have tasteless outdoor dining areas, tiki huts, shuffle-board courts, and fishing piers.
Furnishings: Condos or homes that are currently being seasonally rented sometimes sold furnished, either "turnkey" (furniture, electronics, linens, dinnerware, and cookware), fully furnished, or partially furnished (varies as specified in the contract).
Housing for older persons: As in other metro areas, some condo associations are designated 55+ communities, although those are becoming more rare. (Be just if an agent or association manager tells you that you can get in "early" if you are under 55, as often the by-laws will not allow that, no matter what you are told.)
Pet policies: If you want to bring Sparky, be sure to check the pet procedure in the association documents. Policies are usually: no pets allowed, limits (a weight or height limit), or anything goes. Some associations allow owners to have pets, but not their tenants.
Condo doc review: As a security for buyers, Florida law requires that sellers deliver current documents and financial statements to buyers once a buy compact is signed. A buyer has 3 company days from receipt of documents to review association by-laws and can rescind an offer if the rules and regulations or the association's finances are unsatisfactory to the buyer.
Is a Vacation Condo Right For You?
If you and your family like the area enough to vacation here year after year, you are curious in production a real estate investment, and you are in the financial position to do so, then buying a vacation condo is a good idea. You get to vacation in the comfort of your own condo and community, make long-term friends with fellow repeat vacationers, and you have a "perk" to offer friends, family, co-workers, and clients. Remember that 50 you were paying for a two week stay? Think of that money as now going toward your investment. If you resolve to lease the unit, you have the added benefit of offsetting expenses with rental income. Assuming you did not over-pay and that you hold onto the asset for at least a few years, your investment will appreciate and contribute returns down the road should you resolve to sell.
And last but not least, you get the bragging rights. Which would you rather say to that pompous person at the fitness club: "We're staying at a hotel in Florida," or "We're going to our condo in Florida..."?
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