Looking at condos on the Oregon Coast can be a great long-term investment. Many baby-boomers that are reaching retirement age are looking into the option of buying a condo rather than a traditional home.
Between 2000 and 2004, about 800,000 condo units were built. Between 2005 and 2006, the National Association of Home Builders fully expected a good 525,000 units to come online. That is a ton of property! Rather than opting for single-family homes, many people are looking at luxury condos.
The trend until recently has been that a home's cost has always been more than a condo. Just recently, that has changed and you may very well pay more for a condo. The good news is that the increase in price is losing momentum and stabilizing.
The demand for condos on the Oregon Coast is out there and builders are scrambling to supply. More and more apartment complex owners are converting their units into condos. One of the best places to invest in a condo on Oregon Coast. Location is always a factor and the beauty and peacefulness of the coastline is a big selling point.
The best part of buying a condo on the Oregon Coast that I can think of is that the upkeep is the owner's responsibility. I've never seriously thought about owning a home simply because I wouldn't like the maintenance. That's why I've always rented.
I would much rather be out enjoying life than be stuck making sure my walls weren't going to crumble around me. Some people love that stuff. I'm not one of them. I do have to admit that I've felt the occasional pang of regret when hearing how low friends' mortgage payments are compared to what I pay in rent, but the remorse never lasted long. I'm paying the extra in rent for upkeep that a homeowner can't enjoy. It's all where your comfort zone lies, I guess. ;)
When searching for a condo on the Oregon Coast, there are things to keep in mind. Always do your research before you think of buying.
1. Buying a condo on the Oregon Coast, especially on the water, is going to drive the value up if you ever decide to sell. Waterfront property anywhere is very popular and in demand.
2. When looking into a condo on the Oregon Coast, talk to neighbors. Find out how long they have lived there, how long they plan to stay and how happy they are with their home. Ask them about any issues they had with their condo association taking care of the units. People tend to look out for one another and they should be happy to share. Another reason to check out your potential neighbors is to see how well they take care of what they are responsible for. If they live like pigs, you're resell value is going to take a dive.
3. Consider any "perks." Anything that makes your investment unique is a good thing. Maybe it's some private outdoor space, wood floors, vaulted ceilings, a garden or a view. Maybe a celebrity lives nearby or may even live in one of the units (there are quite a few stars that call Oregon "home"). These sorts of things will help sell a unit and draw potential buyers.
4. Check into the background of the builders. Back in the 1980s, shoddy workmanship plagued the condo communities. It's a no-brainer to want something that is quality, especially with the harsh weather of winter storms at the Oregon Coast. Sand, salt and sea can be rough on a place. You want to have a solid home that has no problem resisting the elements. Knowing the background of the company who built the condos can help you make your decision whether it's a good place to hang your hat or not. If the condos are conversions from apartments, this is especially important because there is the issue of the condos' age. Investors are known for following well-known developers. Do some sleuthing to make sure your condo is built to last.
5. Get to know the condo association. As a owner, you belong to the association and will be paying homeowner fees. Take a close look at their budget. Make sure they have a good upkeep reserve and that they take pride in the units and grounds. Once again, talk to the residents and find out what they think about the condo association and if they are happy where they are.
A condo on the Oregon Coast can be a terrific investment and a wonderful way to live. Just like anything else, you have to sit down and count the cost. Weigh the pros and the cons and do your research. Make sure that you are going to be happy with where you are living, but always think longer term. Will it be something that is going to reap a solid return down the road?