Watch This Before Buying A Condo in Destin Florida 2024

Are you considering purchasing a condo in Destin, Florida? Here are some essential points to consider before making your decision in 2024.

Welcome to the Whittemore Group's guide to buying a condo in Destin, Florida. Whether you're looking for a vacation home, an investment property, or a combination of both, this video will provide you with valuable insights.

Types of Condo Investors

• Second Home Seekers: Looking for a vacation home to enjoy and potentially gain equity over time.
• Family-oriented Investors: Seeking a property for personal use and rental income to offset costs.
• Analytical Investors: Focused on the numbers, prioritizing income potential regardless of the property's location.

Types of Condos in Destin

• Warranted Condos: Easy to finance with options like VA, FHA, and conventional loans.
• Unwarranted Condos: Financing options may be limited, often requiring hard money or unconventional loans.
• Condotels: Condos within a hotel-like setting, often challenging to finance through traditional channels.

Financing and Expenses

• Financing: Typically requires a 25% down payment, with local lenders being more familiar with condo financing nuances.
• Management: Options include self-management or hiring a professional service, with fees ranging from 18% to 25% of gross income.
• Other Costs: Cleaning, advertising, maintenance, HOA dues, utilities, and possible assessments for unexpected expenses.

Income Considerations

• Seasonal Income: Peak season (July-August) brings high demand and income, while off-peak seasons may see lower rental rates.
• Income Stability: Unlike long-term rentals, vacation rentals can have fluctuating income levels based on seasonal demand.

Additional Considerations

• HOA Management: Understand the HOA rules, fees, and any potential assessments that could impact your investment.
• Maintenance: While exterior maintenance is typically covered by the HOA, interior maintenance and repairs are the owner's responsibility.
• Appreciation: Despite potential income variations, Destin's market continues to appreciate, providing long-term equity growth.

Conclusion

Is buying a condo in Destin worth it for you? The answer depends on your goals, financial situation, and willingness to manage and maintain the property. If you have further questions or need assistance with your condo purchase, contact the Whittemore Group for personalized advice and guidance.

Contact Us: For more information or to discuss your real estate needs, feel free to call/text us at 850-204-4416 or email us at Admin@WhittemoreGroupRE.com today. We're here to help you make informed decisions and find the perfect property in Destin, Florida.

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