Before we talking about whether you’ve found the right PCB beach home, let’s recap…
We recently talked about PCB vacation rentals, purchasing a diamond in the rough, and investment property management options.
But it occurs to me that I may have jumped ahead a bit and that we need to roll back to the purchasing steps of a PCB investment property.
Oh, and speaking of “rollback…” I feel like we are on a condo renovation rollback.
As I mentioned last week, we decided to completely gut our condo and finish it out with a top to bottom condo renovation. However, we are now in the “bidding” process with the tradesmen who will help us complete the top to bottom renovation work.
Based on how the condo renovation bids turn out and what we determine we can we do ourselves, we may have to make some adjustments. However, hopefully, work will resume soon on our investment PCB Beach home and we will be closer to our dream investment vacation home on the beach.
Okay, so you have decided you want to a PCB beach home and live the Panama City Beach beach life…
Whether you are a full-time resident of Panama City Beach or a part-time resident, let’s dive into that question.
Let’s chat about the first steps in purchasing a PCB beach home (assuming you are ready to make either a cash offer or have your pre-qualified letter from your financial institution).
Quite a bit of our PCB real estate market is condos, so we will focus on that in this post.
Most of our PCB condominiums are beachfront; the handful of buildings that are not directly beachfront, usually still condos for sale with view of the beautiful Gulf Coast.
Many of the real estate investors we work with have visited our beaches and resorts. Thus giving them an idea of what area, if not what building, in which they would like to own real estate.
Once you have picked out the building or buildings you have interest in, you must have a good understanding of the COA (condo owner association) and what their rules and regulations are. Navigating the nuances of a COA is where your real estate professional is critical.
What can they tell you about the management of the building? Have you received their budget, and how are the reserves? Has your agent provided the condominium documents with rules and regulations required? All of this information is incredibly important when considering a financial investment in your future PCB beach home and you should review before making an offer.
I mentioned earlier in this post that having your pre-qualification letter from a PCB financial institution is important. Some condo buildings present some guideline challenges to financial institutions regarding financing in our current real estate market. Next week, I will address that topic.
It is also essential to have your complete funding lined out for your PCB home purchase.
You do not want to miss out on your beach home in Panama City Beach because you chose the wrong lender!