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A South Padre Vacation Condo as a Second Home
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1 Comments ::  :: South Padre Island, Second Homes |
A South Padre Vacation Condo as a Second Home
A condominium may be a smart purchase for a vacation home, since amenities like security, pools, and community rooms are all included in association fees.
Views are at a premium in the South Padre Island area and Condos continue to be the number one product buyers prefer on the beachfront.
The new Sapphire High-rise condominium towers on South Padre Island bring a whole new class of product to the area, are almost sold-out, and the 180 units are not recorded in our MLS statistics - (which would make our market fundamentals look much better).
In South Padre, second-home owners tend to purchase condominiums over single-family homes. Condominiums provide a host of amenities and low maintenance.
Views of our turquoise ocean - the best on the Texas coast - are a priority causing developers to build upward and the Sapphire towers are the tallest on the Island - and can be seen 30 miles offshore.
In South Padre, swimming pools are standard fare, but Sapphire has raised the standard with high-end luxuries including entertainment rooms, community rooms, full service spa, high-end services and a million dollar pool complex. |
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Condominium living has advantages, but they come with a price tag. Prospective buyers should inquire about the complex’s association fees.
The higher the square footage, the higher the association fee. Fees cover things like routine exterior maintenance, pool upkeep, building insurance, and front-door security. Also, plan for the occasional assessment, particularly for older buildings where exterior updates and structural upgrades are more likely.
Condo Associations also have bylaws and regulations that dictate what you can do to your unit and how it will be done. Cosmetic changes are typically approved as long as any required city permits have been acquired.
Condo associations don’t concern themselves with a wall-color or carpet change, but interior reconstruction is another story, particularly if it compromises a load-bearing wall.
Second-home owners aren’t year-round occupants, so it’s important to check association bylaws if you plan to rent out your unit. Some places require that owners establish residency for a couple of years, while others may limit the number of months or the number of times per year that the unit can rented. Pet ownership is yet another consideration, so do your homework before you buy.
Alice Donahue Real Estate has helped over 30 customers find a second home paradise in the Sapphire Condominium towers, and we look forward to helping future customers get the best deal possible on the biggest and hottest property in the Island's history.
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By
Stuart @
Saturday, January 05, 2008 11:40 PM |
What about a vacation home as an investment?
Like any investment, it can be risky. Location and current market conditions are extremely important when deciding whether to buy.
Other things to consider:
Will you be able to afford repairs, maintenance, insurance, and utilities?
What about fees to pay agents who rent the property for you?
If you live several miles away from your vacation home, who will clean up between tenants and take an inventory of household items once the tenants leave?
What if you are unable to rent your second home? Can your pocketbook withstand the strain of paying the mortgage?
Should I buy a vacation home?
The second home market has more ebbs and flows than the primary home market. Sales are iffy in a bad economy except, perhaps, on the high-end. That said, there is a growing trend toward the purchase of vacation homes. They are being bought for investment purposes, enjoyment, as well as retirement. In the latter instance, some people are buying with the idea of turning a vacation home into a permanent retirement haven down the road, a move that puts them ahead of the game now.
Some of the tax benefits of a second home mirror those for a primary residence.
Before taking the leap, however, ask yourself if you can afford to carry two mortgages, maintain two households, and pay the extra utilities and maintenance costs.
Also, learn about financing requirements and options, which can differ slightly from those on a primary residence. |
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