Special Considerations for Purchasing a Beach-Front Condo
If you have decided to downsize your life and move to a condo on the beach, then there are special things you should be aware of that come with beach-front living. While all of that sand and sun are wonderful for your mental and physical health, they can be very hard on your home, your vehicles, and your wallet if you are not prepared for them. While you already know that buying a condo on the beach comes with a premium price, you may not have considered some of the other costs that come with this type of purchase. By having a thorough understanding of each of the special considerations listed below, you can make the best condo purchase.
Condo-Association Costs for Repairs and Insurance Policies
Since living along the coast comes with the additional risks associated with bad winter storms, you can expect that your condo association will have higher fees than one located inland. Additionally, insurance policies for condos located near the beach are sometimes cost prohibitive in some locations where large past storms have done a lot of damage.
Before shopping for your new condo on the beach, speak with an insurance agent to determine what the average insurance costs are for condos in the area you are interested in. Also, speak with the condo association representative of any building you are considering for purchase. Ask the representative about the current costs and past costs and about whether they foresee increases in the years to come.
Sea Salt and Its Effect on Vehicles
While you may realize that driving on salted winter roads is bad for your vehicle, you may not realize that parking and driving your car near the seashore is equally as bad for it. Since the humid, salty air will degrade paint and cause the metal pieces of your car to prematurely rust, you will need a garage to park your car. When you are shopping for a beach-front condo, it is important that the condo comes with an enclosed parking space.
Money Down on a Condo Versus a Single-Family Home
Finally, when you purchase a condo on the beach, you can expect that you will be required to put more money down on it to obtain a mortgage than you would if you were buying a single-family home. If this is going to be a challenge for your financial situation, then it is always a good idea to get pre-approved for a mortgage loan before you shop for your next home. During the pre-approval process, the loan agent will be able to tell you what your down payment requirement will be.
Talk to a company such as Panama City Beach Condos For Sale to learn more.