Are Condos for Sale on Siesta Key Florida a Good Investment?
As you explore various condos for sale on Siesta Key Florida, one of the most important questions you need to answer — or make that THE most important question — is whether it’s likely to be a wise investment.
Naturally, there is no crystal ball that predicts the future. Just like any other investment, condos for sale on Siesta Key Florida can appreciate or depreciate in the future. We point this out because anyone who suggests otherwise — i.e. that you are absolutely 100% guaranteed going to generate a significant ROI — is either woefully ignorant or outright lying. Either way, you should steer clear of such “advice.”
However, this doesn’t mean that investing in condos for sale on Siesta Key Florida is like buying a lottery ticket, or playing a hunch at a casino roulette table. That’s because you can conduct research to get a clearer and more accurate picture of what separates a rewarding condo investment from a regrettable one.
With this in mind, here are three critical questions that you want to answer before you sign on the dotted line — not after:
- Is the condo extremely well maintained?
All Siesta Key condos for sale are maintained. But not all of them are extremely well maintained. What’s the difference between these two categories?
Maintained condos cover the basics. It’s similar to the standards that you’d find in a typical 2 or-3 star motel or inn. For example, you probably won’t find garbage strewn out across the grounds. But you’ll likely come across untidy lawns, weather-beaten (read: unsightly or ugly) paint and concrete, and so on.
On the other end of the spectrum, extremely well maintained condos achieve a standard of cleanliness and esthetics that is similar to what you’d find in 5-star luxury hotels. In other words: the maintenance is part of the up-level experience, not just something that has to be done, or is basically an afterthought.
As you can easily grasp — regardless of whether you’re a new or seasoned investor — all else being equal, extremely well maintained condos are more likely to increase in value, and will also be more desirable to future buyers, than condos that are merely maintained.
- Is the beachfront location over-promising and under-delivering?
You’ve likely had the experience of booking a so-called “airport hotel,” only to find upon your arrival that it’s several miles away. Well, the same kind of over-promising and under-delivering applies to some condos for sale on Siesta Key Florida. That is, some sellers refer to their condos as “beachfront,” when this isn’t the case — i.e. the beach is hundreds of yards or 1+ miles away.
As such, you want to ensure the beachfront condo that you invest in is truly a beachfront condo: i.e. you can walk out your front door, and be on the sand or in the water within seconds. Not only will this delight you, your family and your guests, but it will be a very compelling feature if and when you want to sell your condo in the future. As the old saying goes, the three most important aspects of a listing are: location, location and location!
- Will the property management company help me rent my condo?
If you plan on renting your condo to generate income throughout the year — which is something that most investors want to do — then the last thing you want is to get bogged down with administration. Your time is valuable.
To avoid that pitfall, ensure that your property management company will handle all of the details for renting your condo, including selecting suitable renters, receiving payments, issuing receipts, handling all maintenance issues, and so on. Other than telling your property management company when you want to rent your condo during the year, you shouldn’t have to do anything.
The Gulf and Bay Club Advantage
At Gulf and Bay Club, we’re proud of the fact that our condos are extremely well maintained, and that they’re mere steps away from world-famous Siesta Beach as well as our own private members-only beach. Plus, our property management team has the experience and resources to handle all rental details, from beginning to end.
To learn why investors choose our condos for sale on Siesta Key Florida, contact Marc Turgeon, GRI, Gulf & Bay Club Realty LLC at (941) 349-3000