The ABCs of Getting a Mortgage Loan for First-Timers

Posted on: 19 February 2021

Buying a vacation property on a beachfront location or in a coastal area is a great investment as you can use the property as a rental for income, and you can also visit the property to use as your own vacation destination. However, before you go out and buy the first beachfront condo you find, be sure you check into all areas of the situation. Here are some tips to help you buy a beachfront condo for your next vacation property.

Know the Area

A good beachfront condo is going to be in a good location that will make it attractive to vacation renters. Look for a tourist destination that is popular most months of the year and in an area that provides great dining, shopping, and other attractions. If you can find a beachfront condo that is in a tropical destination, you will likely be able to keep the property rented for more days during the year, which equals a better cash flow for the property.

Find Out What Is Included

When you are searching for a beachfront condo as a rental, look at some features and amenities in a property that will make it an attractive rental for your investment. Beachfront condos will already have great access to the beach, being directly on the beach or within a short walking distance, but what about their features? Does the property include a laundry room or access to convenient laundry facilities on the property? Your renters may want to use close and convenient laundry while they stay at your condo, and this feature can set it apart from others that do not have laundry in the unit or on-site. 

Also, look to see if the property comes with access to a pool, hot tub, sauna, tennis courts, or playground. And what type of parking does the condo provide, whether it is covered parking that is assigned or a general use parking lot? If the condo is in a high tourist area, what type of security does the property have? Is there a security system for the condo or is there also a gate around the property to limit trespassers or unauthorized vehicles? Look at all these details as you shop for the right beachfront condo as a vacation rental property.

Look at Rental Regulations

As you research the beachfront condo property, check into the rules and regulations associated with the property and the HOA (homeowners association). Make sure there are no regulations against renting the condo to renters either long-term or short-term. Ask your realtor to check with the property's HOA regulations and the CC&Rs (Covenants, Conditions, and Restrictions), which they can do so through the listing agent.

Contact a company like Residences at Barrier Reef Belize for additional tips.