Fred Mullins, Donna Mullins, & Erin Biby
Coldwell Banker Schmitt Real Estate Company
1201 White Street Ste. 101 Key West, FL 33040
Direct: 305-745-9440
Email: mullinsf@bellsouth.net
Website: www.lowerkeys-homes.com
If you are a potential condo owner wanting an investment vehicle, or looking to rent a unit to take advantage of the lifestyle, there are some key points you ought to know. This is a great choice, providing investment owners with a passive income and renters with peace of mind because practically everything is taken care of for them.
What many people do not know is the meaning of the term “condominium.” It’s actually a legal property ownership description, differing from what’s known as “fee simple”, most commonly associated with single-family properties. Because of the ownership structure, rather than one family contributing to necessary upkeep and improvements, all unit owners share it.
This is precisely what make condo living so attractive. Because it puts its residents in highly desirable locations, such as downtown, on the beach, or in scenic locations; and, it does so at a much lower cost. Future owners wanting to rent and those wanting to rent a unit have some things in common.
Most Desirable Features in a Condo Community
Regardless of which category you fall into, you’ll want to look for these features, as they are the most important. Should any of these be lacking or nonexistent, that poses a huge problem to be able to market the unit out to rent and a negative connotation in the minds of renters.
● Furniture in the unit. Furniture is just a necessary creature comfort. Without it, property investors will have a tough go of finding renters as said potential renters won’t relish the prospect of having to buy furnishings. What’s more, having to accommodate the delivery service.
● Comprehensive, professional management. Third-party management services are generally preferable to both owners and renters, because they are typically more responsive, compared to owner-managed properties. This is because third-party management services will be on-call all the time and not gone on lengthy vacations or extended weekends.
● Plenty of resident and guest amenities. One thing, which condos have over single-family properties, is the presence of resort style amenities. Typically, there are on-site recreational facilities such as a swimming pool, tennis courts, barbeque grills, lounge chairs, and much more.
● Competent and active security. Condos, which have a security detail and monitor the grounds 24 hours a day, seven days a week are priceless. It provides a safe living environment and helps to keep insurance rates down.
Another thing to consider is public transportation and access to nearby destinations. For instance, a condo community that’s near but not on or next-to the beach will be a bit less desirable.
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