If you're lucky enough to purchase an oceanfront condo vacation property — that's awesome. However, you don't just want to be lucky, you also want to be smart. Learn about some of the things you must do while on your oceanfront condo search and during the buying process.
Get a clear understanding of the property's view classification. The reason this step is so important is that oceanfront properties fall into several other sub-categories. There are full oceanfront views, partial oceanfront views, and obstructed oceanfront views. You don't want to fall in love with a property only to later found out the view is obstructed if you want a condo with a full ocean view. As you look further into the listing details you should be able to find this information.
Condo properties have multiple tenants, so it's a good idea to find out what your neighbors will be like. If the property is a popular vacation area, there is a possibility that some of the units are used as rentals. If so, there could be different people in and out of the building at all times. If you want a vacation property that is quieter and has greater guidelines on who is allowed on the property, you should look for an oceanfront condo in a building that does not allow rentals.
As you prepare your budget for the purchase, it's critical that you also factor in the cost of insurance. In most areas, owning an oceanfront property also means that you will need to carry hurricane insurance and possibly flood and wind insurance. If there is any destruction of the property as a result of these weather events and you do not carry the adequate coverage, you will have to pay for the damage out of your own pocket.
Think about the condo to determine if it's in line with your needs now, as well as into the future. For example, if you're married and don't plan to have any children, a one-bedroom condo might work. However, if children are on the horizon in the future, it's best to purchase an oceanfront condo that will be able to accommodate your expanded family size. The purchase of a vacation property is an investment, so it's best to ensure it's one that meets your needs.
A trusted real estate professional can assist you with one of these tasks. Remember, the real estate agent isn't just there to show you properties, but to assist you with the buying process.