Monday, April 4, 2011
What to be aware of in Buying a Vero Beach Condo
There are some important considerations to take into account before you make the final decision to purchase a condo. Too often, people overlook these critical issues and end up regretting their purchase down the line. Do your research carefully and you will make a sound investment. What should you be looking out for? Here are a few important questions to ask:
Is the condo complex professionally managed?
You should examine all HOA documents carefully. It is important to establish whether or not the complex is professionally managed. It is a good idea to speak with other owners to get their impressions of the complex management. Also, look at the turnover rate of elected HOA members. If there is a high turnover rate this may indicate that the HOA may be disorganized and ineffective. Analyze the minutes of previous HOA meetings to see what the issues are and if they have been dealt with effectively. This will also reveal any major projects that might be under way. What do the association dues cover? Are owners paying their association dues? If there is a significant amount of unpaid dues, it could be a sign that the HOA is ineffective as well as underfunded. Check the HOA’s accounting records. Is there sufficient money in the reserve account to cover any emergency repairs? If not, the HOA dues could be increased to cover these unforeseen circumstances. Lastly, check that the HOA is not currently involved in any litigation.
What insurance policy is in place?
Ask for a copy of the certificate of insurance to get more information on the association’s insurance policy. You need to know exactly what the policy covers. Is there sufficient cover to rebuild the complex should something happen? Are the replacement costs outlined in the policy an accurate reflection of the cost of rebuilding? Does the policy have a building-ordinance clause?
What are the HOA bylaws?
This is where buying a condo differs significantly from buying a single-family home. The HOA’s bylaws can be a minefield of information. They can be difficult to understand and interpret. It is a good idea to have a real estate attorney look over the bylaws on your behalf. You should know exactly what you will own and what you won’t own.
How many units are owner occupied and how many are rented?
Generally, owner occupied condos are maintained better than rented condos. If there is a high number of rented condos make sure that the HOA has a clear rental policy. Find out exactly what these policies are and if they manage the renting out of condos or not? Do they stipulate that you use their lease agreement? If so, have your real estate attorney look over their lease agreement. Also be aware that the HOA may prohibit the renting out of condo units. You should be aware of all these fine details before you make a final decision to purchase.
How often are units bought and sold in the complex?
A high turnover rate of units bought and sold could be a clear indication that something is not right in the complex. This could affect the value of all units. Talk to other people living in the complex and ask them about the high turnover rate. Current owners will probably be quite willing to reveal any major problems to you.
Buying a condo is a complex process. Make sure that you do your homework thoroughly to avoid disappointment later. As with any financial investment, a sound analysis and investigation will significantly reduce the risk involved.
Is the condo complex professionally managed?
You should examine all HOA documents carefully. It is important to establish whether or not the complex is professionally managed. It is a good idea to speak with other owners to get their impressions of the complex management. Also, look at the turnover rate of elected HOA members. If there is a high turnover rate this may indicate that the HOA may be disorganized and ineffective. Analyze the minutes of previous HOA meetings to see what the issues are and if they have been dealt with effectively. This will also reveal any major projects that might be under way. What do the association dues cover? Are owners paying their association dues? If there is a significant amount of unpaid dues, it could be a sign that the HOA is ineffective as well as underfunded. Check the HOA’s accounting records. Is there sufficient money in the reserve account to cover any emergency repairs? If not, the HOA dues could be increased to cover these unforeseen circumstances. Lastly, check that the HOA is not currently involved in any litigation.
What insurance policy is in place?
Ask for a copy of the certificate of insurance to get more information on the association’s insurance policy. You need to know exactly what the policy covers. Is there sufficient cover to rebuild the complex should something happen? Are the replacement costs outlined in the policy an accurate reflection of the cost of rebuilding? Does the policy have a building-ordinance clause?
What are the HOA bylaws?
This is where buying a condo differs significantly from buying a single-family home. The HOA’s bylaws can be a minefield of information. They can be difficult to understand and interpret. It is a good idea to have a real estate attorney look over the bylaws on your behalf. You should know exactly what you will own and what you won’t own.
How many units are owner occupied and how many are rented?
Generally, owner occupied condos are maintained better than rented condos. If there is a high number of rented condos make sure that the HOA has a clear rental policy. Find out exactly what these policies are and if they manage the renting out of condos or not? Do they stipulate that you use their lease agreement? If so, have your real estate attorney look over their lease agreement. Also be aware that the HOA may prohibit the renting out of condo units. You should be aware of all these fine details before you make a final decision to purchase.
How often are units bought and sold in the complex?
A high turnover rate of units bought and sold could be a clear indication that something is not right in the complex. This could affect the value of all units. Talk to other people living in the complex and ask them about the high turnover rate. Current owners will probably be quite willing to reveal any major problems to you.
Buying a condo is a complex process. Make sure that you do your homework thoroughly to avoid disappointment later. As with any financial investment, a sound analysis and investigation will significantly reduce the risk involved.
Vacation Real Estate in Vero Beach
Vacation Real Estate in Vero Beach
We're all aware of the fact that real estate values are falling, yet buying a vacation home now maybe the best investment one can make. Just be sure that when you buy a vacation home, you buy it in Vero Beach. This is a year round vacation investment that pays you every week!
The conventional wisdom is that, now in today's unstable economic times, is the worst of all times to buy vacation real estate. And this may be true, for real estate investments in most areas… Yet, if one considers that a vacation home, in the right area, Vero Beach, is an investment that can almost always shows a positive cash flow. The major side benefits of owning a vacation condo, or even a home, in Vero Beach outweighs most potential downside risks. That side benefit is that when the owner wishes to use it, he can. It's not like owning a parking garage or warehouse.
Investing in Real Estate in Vero Beach, the Whys
Obviously for someone that hates the sun, the tropics or clear blue waters, Vero Beach is not a place to invest. But for those that love water sports, world class fishing and year round sun, there's almost no other place that compares in both physical beauty and a potential continuing source of income. Year round, Vero Beach is a vacation destination. Those from the northern states during the winter, flock to the southeast and especially the Vero Beach area, as a welcome escape from the cold.
Deep sea fishing, sailing, diving, spear fishing, underwater exploration, deep sea fishing, sailing are just a few of the many sports and past times people enjoy during the rest of the year. There's almost no limit to the water sports that are available. While it's possible to do many of these sports year round, the spring, summer and fall have the warmest and calmest coastal waters. Vacationers, a rental property owner's target market will pay high weekly rental rates to stay at a condo or home in the Vero Beach area to enjoy and experience these sports.
High Returns Result from Short Term Vacation Rentals, but there's a catch.
Some communities, townships, homeowner and condo associations in Vero Beach have placed restrictions on short term rentals. If an investor decides to purchase a home or condo, it is imperative that one checks to see if there are any rental limitations concerning weekly rentals. The 'key' to rentals is the owner's ability to rent the property year round on a short term, weekly basis. If that's not the case, look elsewhere where no such restrictions exist.
Depending upon the type, size and location of the unit, weekly rentals and purchase prices can vary tremendously. For instance, there are waterfront area, that offer rentals as low as $300-$400 per week. In contrast, there are homes that may be rented for well over $5000 per week or more. Obviously, the cost of purchasing a condo or luxury home will vary tremendously and one may be an order of magnitude higher in price, than the other.
During the summer, with diving and water sports the big attraction, weekly rentals are easy to line up using only the Internet and perhaps some of the vacation rental Internet sites.
Many of the locals in and around South Florida, as well as other parts of the country will come to Vero Beach, sometimes several times per summer. Even in the fall, while a bit slower, is a time that people might come down for a week or so for a quick vacation. Of course, the onrush of vacationers, typically staying a month or longer occurs during the winter months. Obviously, this season offers the Vero Beach property homeowner the highest rental rates. Although even this has been changing within the last 10-15 years.
Vacation Rental ROI & Rate of Return
The first year or two of actually owning a vacation getaway in the Vero Beach area, typically shows a near break even cash flow (based on the purchase price). If one aggressively pursues the marketing on the Internet travel sites, cash flows may become positive even during the first year of ownership. A positive cash flow in terms of mortgage versus rentals will usually show itself after the third or fourth year. There are many factors determining ROI, most notably are:
. The condition of the rental property
. Number of return renters
. Water view and facilities
. Location and ease of travel from the airport
Locate the Best Areas and Properties
If all of the above are positive, the owner can command the highest rents and the number of returning vacationers. These will be the easiest to rent and command the highest weekly rents.
An excellent place to start to look for properties in Vero Beach is by contacting Harry Saxton at http://www.saxsellsvero.com
With economic conditions being what they are currently, a real estate investment in Vero Beach is compelling. If an investor is looking for an investment that can not only be enjoyed, but can ultimately provide an income in the very short run, the Vero Beach area is a great place to start.
We're all aware of the fact that real estate values are falling, yet buying a vacation home now maybe the best investment one can make. Just be sure that when you buy a vacation home, you buy it in Vero Beach. This is a year round vacation investment that pays you every week!
The conventional wisdom is that, now in today's unstable economic times, is the worst of all times to buy vacation real estate. And this may be true, for real estate investments in most areas… Yet, if one considers that a vacation home, in the right area, Vero Beach, is an investment that can almost always shows a positive cash flow. The major side benefits of owning a vacation condo, or even a home, in Vero Beach outweighs most potential downside risks. That side benefit is that when the owner wishes to use it, he can. It's not like owning a parking garage or warehouse.
Investing in Real Estate in Vero Beach, the Whys
Obviously for someone that hates the sun, the tropics or clear blue waters, Vero Beach is not a place to invest. But for those that love water sports, world class fishing and year round sun, there's almost no other place that compares in both physical beauty and a potential continuing source of income. Year round, Vero Beach is a vacation destination. Those from the northern states during the winter, flock to the southeast and especially the Vero Beach area, as a welcome escape from the cold.
Deep sea fishing, sailing, diving, spear fishing, underwater exploration, deep sea fishing, sailing are just a few of the many sports and past times people enjoy during the rest of the year. There's almost no limit to the water sports that are available. While it's possible to do many of these sports year round, the spring, summer and fall have the warmest and calmest coastal waters. Vacationers, a rental property owner's target market will pay high weekly rental rates to stay at a condo or home in the Vero Beach area to enjoy and experience these sports.
High Returns Result from Short Term Vacation Rentals, but there's a catch.
Some communities, townships, homeowner and condo associations in Vero Beach have placed restrictions on short term rentals. If an investor decides to purchase a home or condo, it is imperative that one checks to see if there are any rental limitations concerning weekly rentals. The 'key' to rentals is the owner's ability to rent the property year round on a short term, weekly basis. If that's not the case, look elsewhere where no such restrictions exist.
Depending upon the type, size and location of the unit, weekly rentals and purchase prices can vary tremendously. For instance, there are waterfront area, that offer rentals as low as $300-$400 per week. In contrast, there are homes that may be rented for well over $5000 per week or more. Obviously, the cost of purchasing a condo or luxury home will vary tremendously and one may be an order of magnitude higher in price, than the other.
During the summer, with diving and water sports the big attraction, weekly rentals are easy to line up using only the Internet and perhaps some of the vacation rental Internet sites.
Many of the locals in and around South Florida, as well as other parts of the country will come to Vero Beach, sometimes several times per summer. Even in the fall, while a bit slower, is a time that people might come down for a week or so for a quick vacation. Of course, the onrush of vacationers, typically staying a month or longer occurs during the winter months. Obviously, this season offers the Vero Beach property homeowner the highest rental rates. Although even this has been changing within the last 10-15 years.
Vacation Rental ROI & Rate of Return
The first year or two of actually owning a vacation getaway in the Vero Beach area, typically shows a near break even cash flow (based on the purchase price). If one aggressively pursues the marketing on the Internet travel sites, cash flows may become positive even during the first year of ownership. A positive cash flow in terms of mortgage versus rentals will usually show itself after the third or fourth year. There are many factors determining ROI, most notably are:
. The condition of the rental property
. Number of return renters
. Water view and facilities
. Location and ease of travel from the airport
Locate the Best Areas and Properties
If all of the above are positive, the owner can command the highest rents and the number of returning vacationers. These will be the easiest to rent and command the highest weekly rents.
An excellent place to start to look for properties in Vero Beach is by contacting Harry Saxton at http://www.saxsellsvero.com
With economic conditions being what they are currently, a real estate investment in Vero Beach is compelling. If an investor is looking for an investment that can not only be enjoyed, but can ultimately provide an income in the very short run, the Vero Beach area is a great place to start.
Vero Beach
Vero Beach is Known as the “Gateway to the Tropics," Vero Beach Florida is located in a climatic transition zone that offers an unusual mix of vegetation found in the coastal Carolinas – ancient oak trees and pine forests – blended with swaying palms and colorful blooms typical of the tropics.
Homey, yet casually elegant, Vero Beach and Indian River County attracts visitors and residents because of the cultural wealth and inherent natural beauty of the area. Vero Beach was rated the “Best Small Town in Florida & 12th in the Nation” and was named one of “The 100 Best Art Towns in America.”
There is no where quite like Vero Beach. As you cross the bridge and over the beautiful Indian River, you see the barrier island with its canopied oaks and the bright blue ocean on the horizon. Living in Vero Beach is a resort lifestyle amidst interesting and energetic people who appreciate the arts, the theatre and their livelihoods. It is a fabulous community.
I love Vero Beach and you will love Vero Beach too
More About Vero Beach, Sebastian and Indian River County
Vero Beach is the county seat for Indian River County which encompasses 617 square miles & includes 5 incorporated towns; Vero Beach, Sebastian, Fellsmere, Orchid, and Indian River Shores. Strict building codes, a watchdog government, and an exceptionally high rate of charitable contributions & individual volunteerism contributes to the peaceful and idyllic lifestyle found in Vero Beach, Sebastian and Indian River County.
Homey, yet casually elegant, Vero Beach and Indian River County attracts visitors and residents because of the cultural wealth and inherent natural beauty of the area. Vero Beach was rated the “Best Small Town in Florida & 12th in the Nation” and was named one of “The 100 Best Art Towns in America.” Known as the “Gateway to the Tropics," Vero Beach is located in a climatic transition zone that offers an unusual mix of vegetation found in the coastal Carolinas – ancient oak trees and pine forests – blended with swaying palms and colorful blooms typical of the tropics. The area is also recognized as the 'Citrus Capital of the World,' producing the finest Indian River citrus for the domestic market and worldwide export.
The Indian River Lagoon, passing through Vero Beach, forms a significant portion of the Intracoastal Waterway, and is a hub for boating & fishing, water skiing, and other small-craft waterborne activities. Sheltered from the open ocean, the Indian River area of Vero has a number of public and private marinas and boat launch facilities.
Vero Beach and Indian River County have some of the best places in the country for surfing and the most unique places for diving and snorkeling as well as Nature Preserves to explore. Whether you prefer to spend your vacation in a setting closer to nature, or if you just want to spend a night or two shedding the trappings of civilization, Indian River County is a great place to visit parks and camping.
Vero Beach holds some of Florida's most exclusive private golf clubs. They include Red Stick, John's Island, Indian River Club, Bent Pine Golf Club, Hawk's Nest, Vero Beach Country Club, Quail Valley and others as well as challenging public courses such as Sandridge Golf Club.
The Vero Beach/Indian River County area offers outstanding health care with two major hospitals with 24-hour emergency service; seven walk-in, emergency clinics that operate generally six days a week; and over 20 pharmacies. Find a medical professional in our Medical Directory.
What to do for a day, a weekend, a week. Check out the Things To Do category and be sure to see what's being launched at the Kennedy Space Center.
One thing is for certain. Once you visit the beautiful Vero Beach/Indian River County area, you won’t want to leave which is why we have created a unique way to help you rent or purchase your next home.
Courtesy of verobeach.com
Homey, yet casually elegant, Vero Beach and Indian River County attracts visitors and residents because of the cultural wealth and inherent natural beauty of the area. Vero Beach was rated the “Best Small Town in Florida & 12th in the Nation” and was named one of “The 100 Best Art Towns in America.”
There is no where quite like Vero Beach. As you cross the bridge and over the beautiful Indian River, you see the barrier island with its canopied oaks and the bright blue ocean on the horizon. Living in Vero Beach is a resort lifestyle amidst interesting and energetic people who appreciate the arts, the theatre and their livelihoods. It is a fabulous community.
I love Vero Beach and you will love Vero Beach too
More About Vero Beach, Sebastian and Indian River County
Vero Beach is the county seat for Indian River County which encompasses 617 square miles & includes 5 incorporated towns; Vero Beach, Sebastian, Fellsmere, Orchid, and Indian River Shores. Strict building codes, a watchdog government, and an exceptionally high rate of charitable contributions & individual volunteerism contributes to the peaceful and idyllic lifestyle found in Vero Beach, Sebastian and Indian River County.
Homey, yet casually elegant, Vero Beach and Indian River County attracts visitors and residents because of the cultural wealth and inherent natural beauty of the area. Vero Beach was rated the “Best Small Town in Florida & 12th in the Nation” and was named one of “The 100 Best Art Towns in America.” Known as the “Gateway to the Tropics," Vero Beach is located in a climatic transition zone that offers an unusual mix of vegetation found in the coastal Carolinas – ancient oak trees and pine forests – blended with swaying palms and colorful blooms typical of the tropics. The area is also recognized as the 'Citrus Capital of the World,' producing the finest Indian River citrus for the domestic market and worldwide export.
The Indian River Lagoon, passing through Vero Beach, forms a significant portion of the Intracoastal Waterway, and is a hub for boating & fishing, water skiing, and other small-craft waterborne activities. Sheltered from the open ocean, the Indian River area of Vero has a number of public and private marinas and boat launch facilities.
Vero Beach and Indian River County have some of the best places in the country for surfing and the most unique places for diving and snorkeling as well as Nature Preserves to explore. Whether you prefer to spend your vacation in a setting closer to nature, or if you just want to spend a night or two shedding the trappings of civilization, Indian River County is a great place to visit parks and camping.
Vero Beach holds some of Florida's most exclusive private golf clubs. They include Red Stick, John's Island, Indian River Club, Bent Pine Golf Club, Hawk's Nest, Vero Beach Country Club, Quail Valley and others as well as challenging public courses such as Sandridge Golf Club.
The Vero Beach/Indian River County area offers outstanding health care with two major hospitals with 24-hour emergency service; seven walk-in, emergency clinics that operate generally six days a week; and over 20 pharmacies. Find a medical professional in our Medical Directory.
What to do for a day, a weekend, a week. Check out the Things To Do category and be sure to see what's being launched at the Kennedy Space Center.
One thing is for certain. Once you visit the beautiful Vero Beach/Indian River County area, you won’t want to leave which is why we have created a unique way to help you rent or purchase your next home.
Courtesy of verobeach.com
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