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re: Rental properties - Sandestin, Seaside, Seagrove, Water color

Posted on 7/1/22 at 8:11 pm to
Posted by baldona
Florida
Member since Feb 2016
20512 posts
Posted on 7/1/22 at 8:11 pm to
quote:

Yeah that’s the only reason I don’t want a condo esp high rise condo. I don’t to get hit with special assessments out of left field. I hear if that a lot.


As someone that's been involved in both ownership of a home, townhome, and condo from afar I'll tell there's A LOT more work in upkeep on your end for anything but a condo. Furthermore, the only reason condo dues aren't cheap is because they building is maintained in essentially SAME condition. To maintain a home or townhome of the same size individually is A LOT more money. A LOT more.

The beauty of a condo for a vacation property, is you pay your dues and the exterior of the building is almost 100% set for you infititely. The interior...I mean that's fairly easy just appliances and maybe some occasional like plumbing or handy man stuff. Then whatever upgrades but that's with any properties.

Ultimately, a condo you can be a crappy owner as far as maintenance and likely nothing will likely. If you are a crappy owner in regards to upkeep on a beach house its going to fall apart on you in just 3-4 years.
Posted by Im4datigers
Northern Virginia
Member since Oct 2003
4466 posts
Posted on 7/2/22 at 9:53 pm to
quote:

The beauty of a condo for a vacation property, is you pay your dues and the exterior of the building is almost 100% set for you infititely.


Yes, so long as you have a condo board that is business savy and understand CAPEX and reserving properly. If you get a bunch of idiots on the board that like to spend money on useless shite and disregard reserve studies and sticking funds back, you can be toast real quick. Ie the building collapse in miami for an extreme case
Posted by GeauxTigers123
Member since Feb 2007
1364 posts
Posted on 7/3/22 at 2:35 pm to
For vacation homes (in various desirable spots not just the coast) how do property management companies work? Like if you need to do repairs to a home, do they call you up and say “the porch has got to be redone” and then arrange it from there? Or do you still have to be super involved.
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