Basics of Property Management: Screening Potential Tenants
Stay Aware Of Additional Expenses When Buying A Waterfront Condo
Jesse Obrien
Purchasing a condo on the water can be a great decision when you've been eager to have a better view from your home and don't want the typical work associated with a single-family home. If a condo is your best fit, you still need to look into what you can expect for all the expenses this kind of housing can come with.
By knowing what to expect with a waterfront condo, you'll feel a lot better about your decision of what condo to make an offer on.
Higher Homeowner Association Dues
The first expense that you'll need to figure out when you're buying a condo is the homeowner association dues that you'll be responsible for. Since you'll be living so close to the water, there could be a lot more maintenance that the condominium managers will need to take care of, making it important to discuss these costs in advance.
Since you'll be paying the HOA dues on top of your mortgage, you need to make sure that it makes the costs still reasonable for you.
Increase in Your Property Taxes
Another expense you should be ready for as you prepare to buy a waterfront condo is the increase in property taxes. With a home on the water, it's value will likely be a lot higher and you should be able to sell it without any worry later. With how desirable the home will be, the additional cost of property taxes is certainly something to keep in mind since it can affect the annual cost of owning a waterfront condo.
More Maintenance and Insurance Coverage
Understanding the maintenance that's involved in owning a waterfront condo is so important since you don't want to get into a situation where being close to the water has more negatives than positives for you. From making sure the outside of the condo is kept clean to understanding the maintenance when it comes to any landscaping, it's a thing to consider as you look at different condos.
The additional expense of insurance for a waterfront condo is another thing that you'll need to be ready for when you begin checking out the different condos for sale.
Before getting serious about any particular condo that you find, it's best to understand some of the issues that can arise with living so close to the water. With the above expenses that will be present with a waterfront condo, you can feel more confident looking for waterfront condos for sale and making an offer.
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For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.