How to Buy a Condo in Panama City Beach When You Don’t Live Here
Considering purchasing a condominium in the Panama City Beach area but you don’t live here full-time? Surprisingly, many people choose to do this, either as a seasonal or vacation home or to rent it out. Regardless of why you’re buying the home, here are some tips to keep in mind when considering buying a condo in Panama City Beach, even if you don’t live here.
1. Find an agent in the area that understands the condo market.
This is probably one of the very first things you should do if you’re considering purchasing a condominium in an area you’re not familiar with. Even if you live out of state or just out of the city, finding an agent that specializes in Panama City Beach condos can help you make an informed decision on the right complex, the right location, and the right budget to suit your needs and your long-term investment goals.
2. Familiarize yourself with the area.
Obviously if you’re considering a condo in Panama City Beach you’ve probably been here more than once. You might love the area and not to make it your second home or a vacation residency so you probably have some idea of the location, the neighborhoods, and how to get around. But, if you’re a little uneasy about knowing exactly which area to purchase a condominium in, this is where your agent can come in handy. Speak to your agent about your goals when it comes to the general feel and ambience of the condo. Are you looking to be close to the beach? Have beach access, do you want to view, and how much in homeowners dues are you willing to pay? Do you want to be close to shops, markets and restaurants or will it be okay to rent a car or a bicycle?
3. Understand the fees involved.
When you purchase a condominium in Panama City Beach you won’t just be buying the condo but you will also need to pay for utilities, real estate insurance, flood insurance, taxes, utilities and any homeowners association fees. Plus, if you plan on renting the unit out decide on the length of time you’re planning to allow for renters. Do you have someone that will clean up after them and will you need a property manager to maintain and rent the property when you’re not around? You’ll need to consider all of these fees and make sure that the condo is worth your time and your investment.
4. Don’t forget to use it.
Too often, people invest in a condominium, apartment or timeshare and then never get a chance to use it. Either they’re too busy or time slips away from them. Don’t forget to use your investment for your own enjoyment and stick with the property management company that shares in your same goal. You don’t want to lose money on a monthly or yearly basis and you want to be able to enjoy the property at your leisure.
For more information about purchasing a second home or vacation condominium in Panama City Beach please give us a call or contact us anytime. We have agents that specialize in this specific type of purchase and would love to speak with you about options and prices today.
Thank you to Tina Droessler for her guest post this week on condo buying out of state. She handles homes and real estate in Palm Desert CA for buyers and sellers. She writes for several real estate blogs including mortgage and home buying.