If you have always wanted to purchase a vacation home in a dream destination, now is a great time to do so with mortgage interest rates so low making homes more affordable. It can be a good way to get away on vacation while staying safely distanced from others. A vacation home can also be a means of passive income should you decide to rent it out when you are not using it.
When shopping for a vacation property the big question is should you get a condo or a house?
Pros of Finding a Vacation House:
A house is typically larger than most condos and can provide plenty of space to spread out, especially if you plan to invite friends or family to come along.
Many houses provide a good amount of private outdoor space that is easily accessible by just walking out the door. If you are hoping for a yard a home makes that much easier to obtain.
In some areas a home can give you more bang for your buck as condos can be highly sought after for their views and amenities and the demand drives the price up.
Cons of Finding a Vacation House:
The maintenance for a single-family home is going to be more expensive as most of the upkeep needs will not be included in HOA dues. You can find homes in neighborhoods that offer maintenance services, but they rarely cover everything in and around the home.
Pros of Finding a Condo:
Condos are best loved as vacation homes for their low maintenance lifestyle. In most condo communities all of the outside amenities and upkeep are taken care of through HOA dues and HOA hired help.
Condos can be found at a cheaper price point than single-family homes in many areas with the exception of high tourist destinations and large square footage or luxury properties.
The Amenities: condos quite often come with community amenities offering more activities just steps from the door. This can include a pool, game rooms, fitness area, and more depending on the community.
Cons of Finding a Condo:
Parking: parking can be limited in condo communities and some do not offer covered parking at all
Rules: with an HOA comes stricter rules on what you can do to decorate your home on the outside and how you conduct yourself when using amenities. If you are planning to rent the home it can limit how you do that and what rental guests are allowed to do on the property.
Noise: while most communities are fairly quiet there is the risk of inconsiderate renters or even homeowners that break the rules of respecting that people are sharing walls and property amenities.
There are both perks and a few drawbacks to each type of vacation property. The best way to decide what type of vacation property is best for you is to take a few minutes to ask how often you will use the home, if you plan to rent it, and how you envision your vacation home to function so that your time there really feels relaxing.
For more information on available homes for sale in Carrabelle and other areas of the Forgotten Coast please contact us anytime.
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