If you have considered buying real estate in the Town of Palm Beach lately, you may have noted that this is a popular market, especially for luxury owners. If you are seeking a return on what you paid, or plan to sell in the foreseeable future, it will be essential to know before you buy: Does a Palm Beach condo or residence make a better investment?
Why are You Buying the Property?
Deciding between buying a condo or residence depends on several factors. For example, if you are retired and prefer to stay close to home and recreation but want privacy and your own yard, a planned active-adult residential community with golfing, restaurants, shopping, and other amenities may be preferable. If you want to live closer to the city center with walkable access to entertainment, trendy eateries, cafes and bars, and the latest in fitness equipment, high-end condominium living might be for you. Being aware of the reasons you want the property can help direct your decision.
Positives of Buying a Palm Beach Condominium
Maintenance
One of the primary benefits of owning a condominium over a residence is not having to maintain the property’s exterior. When an owner pays their fees, these expenses are usually covered. By contrast, homeownership requires a commitment to keeping a lawn, painting the outer areas, and otherwise making sure the property is in good condition. For some, making sure the exterior of their residence is in perfect shape can be a labor of love. However, for another, not having to manage these issues, is the ultimate in luxury. Investors, who may be renting the property to others or only using the home for part of the year, may prefer buying a condo as they would not have to worry about maintenance.
Convenience and Amenities
Being a condo owner usually means being close to work and after-hours events. Additionally, living in this type of dwelling provides owners with opportunities to socialize with one another. Being part of a large condo community can also offer owners access to several amenities such as tennis courts, private running trails, parks, and modern fitness and swimming facilities. For those who are working, living closer to metro areas, and having a short commute to city entertainment is usually a benefit. For the retirement set, the Town of Palm Beach offers several beautiful 55 + condos with everything a retiree could want, without the burden of having to care for the exterior features or amenities. By contrast, a homeowner may have some of the same facilities, but he or she would most likely have to travel to have access to them or go to great lengths to install and maintain them on their property.
Positives of Buying a Palm Beach Residence
The Adaptability and Gratification of Private Space
Owning a private Palm Beach residence allows a buyer the freedom to create his or her space according to their design preferences. For instance, if you want to remodel entire sections of your home or update the entire property with the latest technology, you have the autonomy to decide. Further, outdoors, an owner may choose to add a private stable or swimming area with extensive water features. Additionally, when you have your own residence, you can enjoy its grounds and other features in private. Major interior additions and changes and private yards are not part of condo living.
Individuality
Buying a residence allows owners to make personal decisions regarding issues such as their décor, house paint colors, and guests. Although Palm Beach has many homeowner’s associations, in several neighborhoods, property owners have an array of appealing choices when it comes to making changes to a property’s exterior. Additionally, homeowners tend to have more freedom when it comes to what they are permitted to do inside their homes. Condominium owners ordinarily have more severe limitations on how the outside of their units may appear and acceptable uses of their property.
Marketability
Presently, and in past market conditions, Palm Beach residences have been easier to sell than condominiums. However, the market for both types of properties is strong at this time. Personal homes tend to be more attractive to investors because, if the market slows, there is a better chance of selling a single-family home than a condo. Buyers tend to prefer these properties because they can be adapted according to their individual tastes, while condos can be harder to adjust to meet a buyer’s needs. Further, homes appeal to a broader cross-section of homebuyers. Traditionally, condos don’t move as quickly as homes on the residential market, so those needing more flexibility may want to opt to buy a house over a condo.
At Rabideau Klein, we have extensive experience handling real estate matters in the Town of Palm Beach. Guy Rabideau, Esq. and David E. Klein, Esq. are Florida Board-Certified Real Estate Attorneys with the experience you need to evaluate your Palm Beach County real estate investment purchase. Contact Rabideau Klein today to discuss your real estate legal