How To Plan For The Hidden Costs Of Waterfront Condo Living | Waterfront Condos In Boca Raton
Boca Raton Real Estate is known for its sense of luxury, with much of its reputation centered around its omnipresent waterfront condos, jutting into the skyline from our white sand beaches. Waterfront condos are a popular choice among luxury buyers, offering stunning views and a host of amenities. They are a status symbol for the young upstart entrepreneur, and the ultimate getaway for our many empty nesters. However, along with the immense benefits of waterfront condo living come hidden costs that can add up quickly, tilting your budgetary expectations into potentially uncomfortable territory. Here are some of the most common hidden costs of waterfront condo living and tips on how to plan for them.
Property Insurance
Outside of your mortgage, likely the highest cost associated with waterfront condo living is property insurance. Waterfront properties are at a higher risk for damage from natural disasters such as hurricanes, flooding, and storm surges. As a result, insurance premiums for waterfront properties can be significantly higher than those for properties located beyond the expected evacuation zones. It's important to factor in the cost of property insurance when budgeting for your waterfront condo. In addition, waterfront condos often utilize the sturdiest and often most expensive materials to construct their windows, doors, and siding. These materials, while necessary are another layer of expense these condominiums must account for and insure.
Maintenance and Repairs
Another hidden cost of waterfront condo living is the cost of maintenance and repairs. The saline air and windswept weather conditions can often enhance wear and tear on your condo's exterior, leading to costly repairs. It's important to budget for regular maintenance and repairs to keep your waterfront condo in top condition. Paints, lacquers, and sealants used on waterfront properties are often of the highest quality, lending further to the prestige and presentation of your Boca condo, but more importantly providing added durability against the subtle but still consistent deluge of wind, rain, and seawater.
Flood Insurance
Flood insurance is another hidden cost of waterfront condo living – especially when presented to out of state condo buyers. Few areas in the country require such a vast array of insurance policies. The closer you are to the waterfront, the higher the cost for flood insurance will be. While hurricanes like Andrew and Wilma were immensely destructive through their remarkable gusts and rainfall, the past few years have seen more damage from storm surges and flooding. While it's typically included in your property insurance policy, it is crucial to review your policy to ensure that you have adequate coverage in the event of a flood, and that you’re not overpaying. In some cases, you may need to purchase additional flood insurance to protect your waterfront condo.
Property Taxes
Waterfront properties are often assessed at a higher value than properties located further inland, which means that property taxes can be significantly higher for waterfront condos. It's important to factor in the cost of property taxes when budgeting for your waterfront condo. Over time, waterfront condo residents should consider applying for the Florida Homestead Exemption, which provides significant benefits in the way of tax relief to those who have secured it.
Association Fees
Boca waterfront condos are located within the governance of condo associations, which can come with additional fees for amenities such as pools, gyms, and other shared facilities. In addition, due to its higher degree of upkeep, fees can and often will cost much more than inland or more affordable condos. It's important to review the HOA fees for your waterfront condo and factor them into your budget.
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