Townhouses are multi-story homes that share either one or two walls with neighboring properties, but have separate entrances. Townhouses are frequently uniform dwellings developed in a discrete community with their own association of homeowners in the suburbs.
Newer urban townhouses may have a consistent appearance and a community, but older city townhouses are more typical row homes that might span city blocks and have less restrictive or no HOAs. If you own a townhouse in Destin Florida then it will offer you plenty of opportunities to earn a passive income.
Do you know the difference between townhouses and condos or apartments?
A townhouse is a type of home that can be a condominium if it is part of any condo community with such privileges, a single-family home, or a planned-unit development.
Townhouses, a larger high-rise building having units on each of its floors, or any garden complex of single-story units are all examples of condos. Condominiums are privately owned, but, they can also be rented out to renters.
Apartments, on the other hand, are primarily commercial rental units that are owned by a business, and everyone within the complex pays rent – however, you can always own an apartment and also rent it to renters in some cities.
A vacation rental is defined as “Any unit or a group of a few units within a condominium/cooperative/any individually/collectively owned single/two/four-family dwelling unit or house, which is also a transitory type of public lodging enterprise, but is not any timeshare project” according to Florida state law.
Any short-term rental, which is not a timeshare, resort, hotel, inn, B & B, or any other rental property where a host resides on-site, might be called a vacation rental. You can make an offer for vacation rental on each of your Florida vacation rental homes, if you own one or more.
There are plenty of townhomes for sale in Destin and if you contact any estate dealers then you can get their info. If you are planning to buy them then this is a good opportunity and you can create a source of passive income for you.
What permits/licenses are needed to operate a vacation rental property in Destin Florida?
All vacation rentals in Florida must have a current license from the DBPR (Florida Department of Business and Professional Regulation).
The DBPR provides short-term rental licenses based on the following criteria:
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Vacation rental – Condominium
A license is issued for either a unit or groups of units within a cooperative or condominium.
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Vacation rental – Dwelling
A single-family house/townhouse/unit or groups of units within a duplex/triplex/quadruplex/another dwelling unit with 4 or fewer units collectively will be awarded a license.
Who will hold and maintain the license is determined by the property/unit location, the units number involved, and also who is operating the property/units:
- One single-family house/townhouse/unit/a group of units inside the same building owned and controlled by the same person or company, but not any licensed agent, is covered by a single license.
- A group license is a license that covers all units in a building/group of buildings within the same complex and is awarded to a licensed agent.
- A collective license is given to any licensed agent who will represent a collection of houses/units that are located in different areas. A collective license is restricted to certain counties within a single district and is limited to 75 or fewer units.
Seven tips to buy a townhouse
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Consider your budget
Before you start looking for a townhouse, be sure you can easily afford it, just like any other property purchase. Make sure your budget covers not just the property cost but also your HOA fees.
Remember that townhouses are susceptible to the same ebbs and flow as the rest of the real estate market that means that prices have climbed dramatically in the last year. Because of the scarcity of available inventory, a townhouse, like other properties, will cost more this year.
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Make a list of a few must-haves for the community
You are most likely to have a good idea of what you want from your home in terms of layout, bedroom size, and other features. When buying a townhouse, think about what amenities you world like in the neighborhood, such as a pool, a less restrictive security gate at the entry.
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Perk up your ears
Because of the shared walls, you might be able to hear what is going on in your house of a neighbor, and vice versa. When you are looking at townhouses, pay attention to how much sound goes from the unit next door. If you can get an end unit, you will only have to deal with half the noise, but they usually have more windows and are therefore more expensive.
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Check out a few common areas
If you plan on using a community game room or a gym, go see them before you buy so that you know precisely what you are getting.
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Talk to all your future neighbors
When you are thinking about buying a house, it is always good to talk to possible neighbors. It is especially vital if you are buying a townhouse because you will be in very close proximity to them. Inquire about what they appreciate about the neighborhood and in case there are any issues you should be aware of.
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Read the HOA rules
HOA has the power to impose restrictions on everything from even the color of your front door to whether you can park within your own driveway. Before you buy a home in any neighborhood, be sure you are happy with the HOA rules and the financial commitment.
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Think long-term
Although a townhouse may be right for you right now, multi-level living is not for everyone or at all phases of life. If you are thinking about starting a family or are concerned about your capacity to navigate steps in the future, better you should consider if you can stay in the house.
We hope the information provided in this article will help you to decide whether you should buy any vacation home in Destin Florida.
