A beachfront condominium probably offers the most affordable way to
get your own piece of the fun-in-the-sun California lifestyle.
Affordable is a relative term when buying a basic condo only steps away
from the sand; it requires a starter budget of over $1 million. This $1
million buys you a condo with under 1,000 square feet, which might not
even have two bedrooms, in a condominium complex with few amenities.
There are two main types of buyers for beach condominiums: those who
want to live at the beach and enjoy the laid-back lifestyle and those
who want to make money from the strong tourist trade while having a
vacation home to visit a couple weeks a year. The friend or enemy of
either residents or investors is the covenants, conditions and restrictions (CC&Rs) of the condominium complex.
Why CC&Rs Are Important
CC&Rs set the rules for the condominium complex. They cover
everything from parking to what color your front door can be painted.
The rules generally apply to common areas and public spaces but can
regulate other aspects of ownership such as operating a home business or
whether the condo can be rented out. Residents and investors are often
on opposite sides of the debate on rental restrictions.
Read full article here: http://www.investopedia.com/articles/personal-finance/012416/beach-property-california-pros-cons.asp
No comments:
Post a Comment