What are the pros of buying a beachfront condo?
A beachfront condo is a great investment because you can rent it out or use it yourself. But the benefits of owning a beachfront condo do not end there. There are many other benefits.
High Market Price
The traditional property market is volatile. Vacation rentals and beachfront condos are a more stable investment. Real estate investments might not offer the same return on investment as vacation rentals. Even if the condo is not intended to be rented out, it can still be used for personal purposes. You could make a profit by selling the property at a higher price later on.
When vacationers from the colder regions want sunshine, there is a rise in demand for condos on the beach. You can get a great return on your investment by renting out your beachfront condo. It all depends on where it is located. Vacation rentals are expected to grow in popularity faster than the hotel industry. You don’t have to worry about whether the rent for peak season will cover your entire year’s expenses.
You may be eligible for tax write-offs depending on where you live and what your rental service is. You might be eligible for tax benefits if you only use your beachfront condo as a vacation home (not more than 15 days per year) and you do not take mortgage interest deductions from the primary residence.
You can still get the tax deductions if you use the property as a vacation rental. These could include mortgage interest, repairs, and depreciation. However, you must declare rental income as income. This could have a positive or negative impact on your tax situation.
This post was written by a real estate expert from the Dotoli group. Josh Dotoli is Paramount Residences #1 Selling Realtor with nine sales in 2021, 3x more sales than any other Realtor selling in the building. The https://paramountresidences.net/ enjoys a prime beach area location. It is a Ft. Lauderdale oceanfront condo located across from the beach.