Destin, Florida, is one of the most coveted vacation destinations in the south. It’s so easy to fall in love with its charm, culture, and beauty. If you have fallen in love with sunny Florida you can enjoy its glory every day of the year by buying a piece of real estate in this paradise. Buying a condo in Destin is one of the best options to realize this dream. Some of the highlights of purchasing a Destin condo are:
You’ll live next to the beach
Is there a better reason to buy a condo in Destin, Florida than the assurance of free accommodation next to the beach? You can take beach vacations as many times as you want without breaking the bank. Since you own the property you can furnish it however you like to include your most treasured amenities. Waking up to unobscured ocean views never gets old no matter how long you have lived next to the beach.
You have options
You can pick a condo overlooking the Gulf of Mexico or in a resort community in Destin. Living at the town center gives you faster access to exciting entertainment centers, shopping complexes, and restaurants. On the other hand, Destin has numerous beach communities with each offering unique experiences and attractions. It’s up to you to decide the environment that suits you best depending on your needs and preferences.
You can use it as an investment property
You don’t have to live in Destin all through the year if your work, school, or other commitments require you to be elsewhere. Thus, you can rent out the condo whenever you are not around to make extra cash. Destin is one of the most sought-after vacation destinations which means renting out the condo won’t be a hassle. You just need to furnish it well, set competitive rates, and market extensively. You can also hire a property manager to oversee the daily operations. Depending on the agreement, the property manager can handle the marketing, maintenance, rent collection, and other responsibilities. This is the best option if you have more important commitments.
High market price
Destin condos are always in demand. Unlike the traditional homes, their price is quite competitive and if you plan to use the condo as a vacation rental whenever you are away it will be a double win for you. Consequently, even if you decide it will only be for personal use, you’ll still get a good return on your investment when you decide to sell. Additionally, it won’t be a struggle to find a buyer for your condo in Destin once you list it.
Tax benefits
It is always a good idea to take advantage of programs that offer tax benefits without breaking any rules. Buying a condo in Destin, FL comes with tax benefits that should be discussed with your accountant prior to making a purchase. If the condo is primarily a second home or if you rent it for less than 15 days annually then you can claim some tax relief. However, remember this is only possible if you are not getting mortgage interest deductions on your primary residence. On the other hand, if you are renting out the condo for the better part of the year you are eligible for tax deductions that other landlords with traditional rental properties enjoy. Nevertheless, you’ll have to declare your rental income in this case.
Value appreciation
The great thing about being a property owner in a robust community is how quickly property values appreciate. Destin communities are highly regulated by HOAs to ensure property value isn’t negatively affected. Thus, you can be sure that by the time you are thinking of selling your condo you will definitely make more than you bought it at. Also, this works in your favor should you want to use the condo as collateral in obtaining a loan.
Beginner-friendly investment
Investing in real estate can be scary for beginners who have no clue where to start. Also, these investments require a lot of money which means one wrong move can land you in financial trouble. Condo prices tend to be manageable for many first-time investors. Thus, it is the best place to start your real estate investment journey. Also, the logistics involved in the purchase are fewer compared to buying traditional real estate properties. Once you successfully purchase your first property you can confidently move on to bigger projects.
It can be a primary residence
If you find yourself spending a lot of time in Destin, Florida then it might be time to make it your primary residence. This is also a good option if you work remotely or you wish to retire at a beachfront location. You will also enjoy paying lower taxes if you decide to sell your primary residence and live at the condo full time. Not only do you get to wake up at a beautiful location daily but you will also ditch the daily hustle and bustle of urban life. Morning or evening walks by the beach and falling asleep to the sound of waves crashing by the sea is one of the best things you can ever get in life.
Investing in a beachfront condo is one of the best ways to create passive income as well as enjoy beachfront accommodation anytime you want. However, you need to consider your personal situation and reasons for making such an investment beforehand. Having a financial adviser to guide you through the process is highly recommended so that you can make an informed decision.