[wheretobuyfl]

Please keep negativity to self

Background: Born in Florida, since reloacted to other state. White male, 21 years old. Can speak some Spanish, moving alone. Looking to purchase condo with trust money. Looking to resume college, but not important just yet. No job in Florida, will find low-pay to stay busy. I want to live on the coast. I consider anywhere from JAX to Miami, to Tampa Clearwater, etc. etc. I want to live within a couple blocks of the Ocean.

-I'm setting my budget at $400,000
-I want to move by August 1
-Have a car, not too many belongings
-Do you think purchasing a condo is wise at young age if affordable
-I could go way less than $400k and be very happy
-I am astounded by how cheap real estate is in Tampa coast area (?)(?)
-I don't want it to be too unpopulated
-Doesn't need to be huge, but not tiny

Basically, which beaches do you suggest, & where would I be able to find the cheapest beach condos and most expensive in Florida (obviously the large cities are more expensive..)?

[GreggT]

Just a couple of things to keep in mind in the purchase of a condo, you will have HOA fees normally due quarterly, you need to determine what they are and what they include. On a condo, based upon the size, it could vary from $350.00 to $800.00 a month, maybe more. You need to find out if the condo can be homesteaded or not, that can make a big difference in your taxes. You will also need insurance to cover the inside of your property, plan on $900.00 to $1200.00 a year. On determining your expenses, you will need to allow some for upkeep, as in a house things will need to be fixed especially dealing with salt air. The point I want you to realize is the purchase price is just the beginning, be sure you account for the expenses that go along with it.
On purchasing a condo, BE SURE you do your homework and be careful not to over pay. Most listed condos now are way overpriced based upon the comps as the market has somewhat stabilized so much of what is on the market is either left overs or new listings hoping for a miracle. Sorry to say but with you being a young man with cash, you are ripe for being taken advantage of.
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[wheretobuyfl]

Originally Posted by GreggT

[FONT=Verdana]Just a couple of things to keep in mind in the purchase of a condo, you will have HOA fees normally due quarterly, you need to determine what they are and what they include. On a condo, based upon the size, it could vary from $350.00 to $800.00 a month, maybe more. You need to find out if the condo can be homesteaded or not, that can make a big difference in your taxes. You will also need insurance to cover the inside of your property, plan on $900.00 to $1200.00 a year. On determining your expenses, you will need to allow some for upkeep, as in a house things will need to be fixed especially dealing with salt air. The point I want you to realize is the purchase price is just the beginning, be sure you account for the expenses that go along with it.[/FONT]
[FONT=Verdana]On purchasing a condo, BE SURE you do your homework and be careful not to over pay. Most listed condos now are way overpriced based upon the comps as the market has somewhat stabilized so much of what is on the market is either left overs or new listings hoping for a miracle. Sorry to say but with you being a young man with cash, you are ripe for being taken advantage of.[/FONT]
[FONT=Calibri][SIZE=3] [/SIZE][/FONT]

okay, so maybe i need to lower my budget with all the expenses. You're telling me that HOA fees are going to cost more than it would be to rent it out? Then how do landlords even make money? What exactly are they. I can cover the insurance.

[mateo384]

I'd consider Daytona Beach if I were you. It's cheaper than Fort Lauderdale or Miami for sure. There are lots of people your age here. For the amount of $$$ you seem to have, you can for sure get a fantastic place RIGHT ON THE BEACH, and have the Atlantic ocean as your backyard. I'd think about it if I were you.

[wheretobuyfl]

Originally Posted by mateo384

I'd consider Daytona Beach if I were you. It's cheaper than Fort Lauderdale or Miami for sure. There are lots of people your age here. For the amount of $$$ you seem to have, you can for sure get a fantastic place RIGHT ON THE BEACH, and have the Atlantic ocean as your backyard. I'd think about it if I were you.

outside of spring break i don't think it's a big enough town for me. I loved it and have been several times. I just don't think it's for me

[mateo384]

then i'd say either Fort Lauderdale or Tampa/St. Pete, perhaps around Ybor City, as the beachside might be (probably is) too old for you.

[GreggT]

Originally Posted by wheretobuyfl

okay, so maybe i need to lower my budget with all the expenses. You're telling me that HOA fees are going to cost more than it would be to rent it out? Then how do landlords even make money? What exactly are they. I can cover the insurance.

You need to keep in mind that the HOA fees will include some utilities in fact most likely cover basic cable, internet, garbage and water. Other items the HOA fees cover is the structural insurance, the common area maintenance for items such items as the pool, elevators, roof, balconies, fire systems, landscaping, etc. Reserves also has to be funded which is a big item so money will be there to paint the complex, replace the roof, elevators, A/C for the common areas etc. You have legal fees, collections, plus normally an outside management company will be in place as it is not economically feasible for a single complex to do it themselves.
If you think you can rent a nice two bedroom condo on the beach for the HOA fees I mentioned (or even close), you need to take another look, it's not cheap living on the beach.

[mateo384]

money aside, you need to decide what you want more: bigger city, or the beach.

the smaller the city, the cheaper the condo and likely lower the HOA will be to an extent. But you will definitely get more bang for your buck if that's what you want more.

the bigger the city, like FL or Miami, you'll be paying waaaay more for the same-sized condo and most likely a much higher HOA fee to keep it looking pretty on the outside. You'll be paying thru the butt, but then you'll have the "big city" experience if you want that.

[wheretobuyfl]

Okay. I'm thinking St. Pete. In May I will probably fly south and look into them. I don't think I would like Miami...

[wheretobuyfl]

Originally Posted by GreggT

[FONT=Verdana]You need to keep in mind that the HOA fees will include some utilities in fact most likely cover basic cable, internet, garbage and water. Other items the HOA fees cover is the structural insurance, the common area maintenance for items such items as the pool, elevators, roof, balconies, fire systems, landscaping, etc. Reserves also has to be funded which is a big item so money will be there to paint the complex, replace the roof, elevators, A/C for the common areas etc. You have legal fees, collections, plus normally an outside management company will be in place as it is not economically feasible for a single complex to do it themselves.[/FONT]
[FONT=Verdana]If you think you can rent a nice two bedroom condo on the beach for the HOA fees I mentioned (or even close), you need to take another look, it's not cheap living on the beach. [/FONT]

I guess my budget includes all of these together. I think I could rent a condo for $1k or less/mo on the gulf shore. Maybe I should rent around in monthly subleases to get a feel?