I’ve got something you need to know before you buy a home in Jupiter bay Florida.
There are many Jupiter Bay condos for sale, but buying a condominium as a primary residence or as an investment within Jupiter Bay Resort can be a tricky and time consuming process. We created a checklist that will keep your purchasing process streamlined. The best policy is to hire real estate professionals, but this article will eliminate much of the guesswork involved in buying a Jupiter Bay condo.
1. Think About Yourself First
You may have your heart set on a Jupiter Bay condo, but it doesn’t hurt to double check whether you and a condo are really a match made in Floridian heaven. Condominium ownership is best suited for retirees, young professionals, young couples, frequent travelers, and investors.
Condos can be cheaper than traditional property ownership if you do your due diligence. It also requires much less maintenance, which is why it appeals to those demographics listed above. However, Jupiter Bay has a median age of 63, so Jupiter Bay condos are especially attractive to retirees, frequent travelers, and investors.
2. Property Elements
The primary property elements to consider when buying a Jupiter Bay Resort condo are property age, style, and location.
Age: Conventional wisdom sometimes says that condominiums have a lifespan of 50 years. Accordingly, it would make poor sense, in terms of resale value, to buy a 40-year old property. While this does not hold true in every case, it is important to consider the long term health of the property.
Style: The architectural style must also be taken under consideration. That rainbow stucco facade may appeal to that long hippie streak you had, but it will affect the resale value and therefore the overall property value.
Location: You know the real estate mantra, so I’ll spare you. Still, before you google “Jupiter FL Condos For Sale”, you have to research the town of Jupiter Bay itself. As mentioned, the area is especially perfect for retirees. Palm Beach County boasts over 150 golf courses and about 50 miles of beachfront. The average temperature is 78 degrees. The town of Jupiter is home to Florida Atlantic University’s well-renowned Lifelong Learning Society and the state-of-the-art Jupiter Medical Center. It is also located just 30 minutes from Palm Beach International Airport.
3. Amenities and Luxuries for Jupiter Bay Condos
There are many secondary elements to examine when looking at Jupiter Bay condos for sale. Chief among these are the common areas, square footage, and social opportunities, but you should also consider parking, security, appliances, age restrictions, storage space, and opportunities for unit upgrades.
In real estate lingo, professionals call things like parking and storage space “limited common elements” . Everyone contributes to them via monthly HOA dues, but they belong exclusively to individuals.
It will be up to you to decide which secondary elements are essential, but here is a list of amenities that may slip your mind:
- Stainless steel appliances
- Boat docks or marina access
- Gated parking areas
- Video camera security surveillance
- Safe landscaping
- Book clubs
- Card-playing groups
- Covered bike racks
- Luxury bathrooms
4. The Social Element of Jupiter Bay Resort
When it comes to day to day life, the primary difference between buying a condo and a traditional home is social life. Some of Jupiter Bay’s community activities include bowling, water aerobics, tennis, a book-sharing initiative, patio grilling, bridge, golf, yoga, and Mah Jonng.
It is crucial to note, however, that social community is a two-way street. Jupiter Bay offers numerous opportunities for community involvement, but it always important to ensure you are willing to abide by community standards as well.
Here is a list of Rules and Responsibilities for the Jupiter Bay Condominium Association. Naturally, these are community standards, meaning that you can expect these things from your fellow condo-owners in the creation of a safe, enjoyable, and open community.
5. Finding A Deal
Whether you are buying a Jupiter Bay condo for yourself or as a rental investment, you want to ensure you get a good deal. Key aspects to consider are market trends, real estate professionals, and concessions.
Market Trends: The first step is to gauge recent real estate statistics for Jupiter. Here is a comprehensive and up-to-date package of statistical information for the town of Jupiter.
Concessions: There are a number of compromises you can make in order to find the best deal for you. If you’re just as happy a block away from the beach or don’t need a state-of-the-art kitchen, then don’t buy a condo with these luxuries. Make a list of what is personally essential, important, and non-essential, and look for the perfect match. That’s the best way to get optimal value when looking through Jupiter Bay condos for sale.
6. Additional Costs
To be fair, this section can be a doozy. Many prospective condominium buyers don’t realize how many additional costs can accompany the purchase of a condo. Inspect this list to prevent sticker shock. Of course, there is no substitute for a real estate professional, like those at Jupiter Lighthouse Realty, but this list will serve as a reliable introduction.
Property Taxes: Condo owners are responsible only for property taxes on their privately owned parcel, not on common areas.
Unit Owner’s Association Fees: Condo owners must also join a Unit Owner’s Association. Often these associations hire a property manager. A common issue is irresponsible property managers who cause monthly fees to be higher than they should be. Ensure that you inquire about the property manager’s track record to keep your fees low. Additionally, check how many times these periodic fees have been raised in the last five years as a litmus test for future fee raises.
Insurance: Different condo associations have different insurance policies, and different geographies require different types of coverage. Inquire about these with the condo association.
Club Fees: Some condo associations have private clubs, and owners can choose to opt-in. These can carry separate fees as well.
7. Determine What You Can Afford
Buying the right condo means making a smart decision up front that considers the long term. It is wise to ensure that your monthly payments are a sensible portion of your income. A widely-held rule of thumb is to spend up to 30% of your pre-tax income on housing costs, including all the additional costs listed above. If you aim to travel, make large purchases, or engage in expensive hobbies, it will be wise to use less than 30% of your gross income.
If you have other significant debt payments to make, you may want to use a different system. The rule of thumb here is to allot 36% of your monthly income to debt payment. To calculate, take your credit card payments, student loans, auto loans, etc. and determine what percentage these debts take from your monthly income. For example, if they comprise 10% of your income, you can reserve the remaining 26% of your income for housing costs.
8. Getting A Mortgage for Jupiter Bay Condominiums
Even if you have carefully considered all of the above points, you’re still not out of the woods yet! At least that’s true if you want to make a truly shrewd and informed decision.
The final piece of the puzzle is ensuring you can acquire a mortgage. There’s no substitute for a real estate professional, but this final section will give you the need to know information.
Condo loans are more difficult to get approved than other types of loans. The costs involved are also typically higher due to recent economic crises. An excellent candidate will have a high credit score, steady income, and ideally able to make a 25% down payment. In addition to tighter borrower qualifications, there are also qualifications that the condo association must meet, for example no one condo owner can possess more than 10% of the available properties.
We wish you the best of luck in your search for the perfect condominium and slice of Floridian heaven!