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 Ahhh...the benefits of condominiums. Just think of the maintenance you don't have to deal with: There is no roof to repair, no lawn to mow, no snow to shovel, and no leaves to rake. Moreover, a condominium complex, in all likelihood, will include extra amenities that you probably won't get in a single family dwelling, such as Olympic-size pools, hot tubs, golf courses, health clubs and more.
As vacation property rentals go, condominiums have many desirable advantages to a long distance property owner, but they can require the same amount of time and energy as renting a single-family home. Here are some condo tips and considerations for prospective buyers to keep in mind:
- Before buying a condo, research any association or government restrictions regarding transient rentals. Golf course communities tend to have several restrictions.
- I would also look to see what the attraction in the area is, or what brings in the vacationer.
- Also check the area for other such rentals and see what their history is like
- Price is another factor, since condo amenities tend to come with a higher price due to association dues. Can you still break-even or gain a positive cash flow?
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