Rent or buy a condo? Condo complex amenities often include Fitness, Playground, Pool, and Tennis Courts. From tropical hammocks to outdoor dining areas, rooftop terraces, club houses, outdoor movie theaters and much more, you’ll find a lot of value when it comes to condo Homeowners Associations (HOA's).
Should You Rent or Buy a Condo in Boca Grande?
Homeowner association membership is required whenever you purchase a condo, house, or townhouse which is part of a planned development such as leased land or a gated community.
HOA Responsibilities and Rewards
The HOA is responsible for the upkeep of common areas while owners are responsible for paying their HOA fees each month.
Generally speaking, condo HOA and maintenance fees can vary from a several hundred dollars a month up to several thousand. It depends greatly on the location and what amenities the HOA includes.
Make an appointment to speak with experienced Realtor®, Carol Stewart to get details about condo choices in the Boca Grande area. (941) 276.1176
Rent or Buy a Condo - Maintenance Fees
The more amenities and the more upscale a location, the higher the HOA fees. Condominium owners share the costs of maintaining common areas such as parking decks, laundry facilities, fitness centers, hallways, stairwells, and storage rooms, as well as mechanical systems like plumbing, electric, gas, heating, and cooling.
Exterior maintenance is often part of HOA fees as well. Landscaping, window cleaning, pool and gate maintenance are part of the owners’ HOA dues.
Condo HOA fees also generally include things such as security, limited insurance, some utilities, and a reserve fund for things that come up once in a blue moon, like hallway and flooring redesign, replacing water heaters, re-roofing, or repaving.
Location Location Location
“On-island” as locals say, the amenities are unique to Boca Grande. For instance, the Boca Grande Club condos come with a one-time club initiation fee, plus yearly club dues, and quarterly condo maintenance.
Being located on one of the finest stretches of beach in North America is an added bonus!
Knowing if you should rent or purchase a condo is as difficult of a decision as knowing whether to rent or buy a home, but on Boca Grande it comes down to determining how much time you will spend yearly on the island, deciding whether you’ll rent out the condo (and the amount you can make on it), your initial investment, and market trends.
You're investing in real estate, and if all goes well when you decide to sell, you'll get a return on your investment.
Rent or Buy a Condo - Investment Perspective
The opportunity to build equity and get a solid return on your investment is one of the top benefits of owning a condo!
Real estate tends to appreciate over time, and the amount of equity in the property increases when monthly mortgage payments reduce the principal amount of the mortgage.
On the other hand, if you are only going to be in town, or down for a year or two (or a winter season or two), all of the upfront costs associated with purchasing a condo might just not be worth it.
When that is the case, renting a condo might be your best option.
As a tenant, you pay a set amount each month, and when the lease expires, you leave with only the stuff you brought with you. The fact that, as a renter, you are not investing your money makes many people feel as if renting is merely throwing away money.
Condo Owner Responsibility
As a condominium owner, you are financially responsible for anything that goes wrong or needs replacing. A renter simply notifies the owner or the association that something is broken, and it’s taken care of.
On the island, the condo associations have rental programs, maintenance and local companies to handle all of these things, on behalf of the owner.
Renting Before You Buy on the Island
While it is true that renters only walk away with what they brought in, they do not have the same level of responsibility for the property as the owner. In Boca Grande, it can be a great way to determine if the island community is a good fit for your family.
Many of our current condo owners were once renters on the island, though it usually doesn’t take very long to fall in love with Gasparilla Island and the town of Boca Grande.
Realtor Carol Stewart, has had years of experience living on Boca Grande, and is intricately familiar with the ins and outs of each condo association and individual neighborhood community on the island.
She'll be sure you have all the information you need to make an informed decision whether you’re ready to buy or looking to rent for a while first.
When it does come time for you to sell your investment, she has both the experience and the network to get the job done right.
Carol Stewart is your Boca Grande local with global connections!