4 Things to Know Before you Buy a Vacation Home
The Panama City Beach area is filled with vacationers, snowbirds, part-time residents and a few full-time residents. There are a lot of people that choose to make this a great vacation destination full time, meaning that this is where they want to vacation on a regular basis throughout the year. But before you decide on buying a vacation condominium or property in Panama City Beach it’s best to know these four things.
#1 – make sure you’ve been here a few times. Many people love the Panama City Beach area but it may not be for everyone. Take some time and at least two or three vacations here before you realize that this is the ideal spot to have a vacation home not just for the next year or two but maybe for five or 10 years in the future. make sure that you’ll find enough to do here or if you don’t want to do anything, that you won’t be bored when relaxing on vacation. There are literally hundreds of activities and things to do in the Panama City Beach area but we want you to be excited and happy about your purchase a long after the closing date has signed.
#2 – know what you are going to do with the property when you’re not using it. There are many property management facilities throughout Panama City Beach that handle all of the management when you’re not around. Whether it’s cleaning, managing rental fees, or prepare and upkeep, you want to have this handled and feel comfortable with the management team that you’ve hired especially if you live out of state. There are many websites and companies that will gladly list your rental property throughout the year so that you can have a good amount of rental income pouring in even when you’re not using the property.
What you should know about buying a house vs. a condo
#3 – understand all the costs involved in owning a rental property. Just like your primary residence, you have to understand the total price of ownership including property taxes, homeowners insurance and any other costs involved. Even when you’re not there, you may still be charged for water, electrical, trash removal and any other maintenance services including homeowners association dues. Make sure that the numbers make sense before jumping into a rental property.
#4 – understand our peak seasons. Getting here might be a challenge during the times that you want to vacation because of spring break or other popular peak seasons. Understand how our peak seasons work throughout the year so that you can plan accordingly. You might realize that renting your property during the peak season will gain more income than if you had used it during the vacation time. Talk to one of our professionals that handle condominium rentals and sales in Panama City Beach so you understand all of the funds, the costs, and the best time to use it yourself versus renting the property out.
More things to know about a vacation home- by Forbes
At any time if you have questions about the buildings, the locations, amenities and fees involved in buying the vacation home in Panama City Beach give us a call. We here to answer your questions and help you at any time.