Picture yourself living right on the beach, the sand as your backyard and the steady calming blue of ocean as the soundtrack to your morning routine. Boardwalk condominiums have long been the go-to spot for folks looking to get away from the brimming neon of the city as they settle into their golden years of retirement, and for good reason. There’s no denying that they’re attractive.
But is a condo a good investment in the first place?
Think about it this way. You could be searching through dozens and dozens of online sites looking for new condos for sale, waiting to find the perfect spot to spend your commitment-free retirement. The “right” luxury penthouse apartment (or condo) is out there — you just have to be prepared for the hunt. So, why choose a condo in the first place? We’re so glad you asked.
Ditching the maintenance worries.
If promise of retirement dangles one particular trait in front of your face, it’s that you can abandon the day-to-day issues that make up the bulk of your tenure as a homeowner. And moving into a condo seals the deal. There’s no lawn to cut, no walls to paint, no siding to re-up on. All the housing maintenance worries are tackled by the owner — and if you end up being the owner, think of it as a way to keep your investment in good shape.
Spending less and saving more.
What’s the biggest difference between living in a luxury penthouse apartment and in a condo on the beach? Depending on where you’re located, the answer could be what you’re paying. Typically, condos end up costing far less in the long run because you’re not constantly dishing out petty cash (or major funds) for repairs and updated appliances. You may pay a homeowners association fee, but compare that to the cost of an entire roofing job.
Landing the vacation home of your dreams.
Some statistics from 2010 show that single-family homes in urban centers might cost upwards of $1 million, while a condo can be purchased for nearly half that. But what about condos in idyllic settings, like on the beach? Those tend to be even higher because of their vacation draw. But owning a condo — or a luxury penthouse apartment — right on the water is just the same as owning a vacation home to call your home, without having to endure the headache-inducing process of buying a pricey home in an expensive market.
At the end of the day — or more appropriately, at the end of your career — you want somewhere to hang up your hat and kick up your feet. With a beach-side condo as your investment, you get all that, plus a nice view of the ocean. For more information, always talk with a financial planner to ensure you can afford that kind of retirement. Find more.