4 Important Factors When Buying A Destin Florida Condo
is 2025 the year will wish to take the leap and buy a condo around Destin Florida? If this is your first time to do so (or it has been a few years) let's look at a few things to consider.
1) Revenue generated from the unit--It's important to secure A) the last few years actual revenue collected and B) rental forecasts from at least two property management companies. In terms of past revenue collected, much will hinge on how available the home was for renting. And with the rental forecast, under the fees the property management company will keep.
2) Get To Know The Home Owner Association (HOA)-- For first time buyers not from a big market, HOAs can be intimidating. We want to review all the condo documents, but I've found a phone call to the HOA representative helps a bunch.
3) Structural Integrity and Reserves Study (SIRS) and Milestone-- This section can get technical, however a quick Google search can provide a good understanding. Essentially the Florida Legislature mandates condos have an independent review every so often to look at the structural integrity and the life expectancy of key systems (and ensure that the condo association has the necessary funds in reserve).
4) Independent home inspection-- Because of above, some buyers elect to skip the individual unit inspection. Since most condo owners live out of area, I encourage a professional home inspection. Sometimes the owner is just as surprised as the home inspector!
Five Reasons To Consider Professional Property Management
Ready to find your Emerald Coast area condo? Call Doug Rogers (318) 613-1994 with RE/MAX Coastal properties today! Want to review local properties for sale RIGHT NOW? Go to Destin Florida Condos For Sale to see properties posted on the local MLS.
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