Buying a Luxury Home vs Luxury Condo in Panama City Beach

Are you new to Panama City Beach and thinking about buying a luxury home or luxury condo?

The good news is that there are plenty available. It’s mostly a matter of finding the right fit for you and your family in this gorgeous seaside community. You should also decide whether it’s a house or condo you’d prefer, but we can explain the difference.

Home or Condo? What’s the Difference?

Panama City Beach is a great location for either homes or condos that continue to grow in value all the time. The difference between a home and a condo mostly pertains to how much you own.

By purchasing a single-family home, you own everything, including the land. It’s a little different, however, if you own a condo, where you may own the same interior space as a normal home without owning the entire building. It’s like owning part of a commercial building within an entire outlet mall complex.

Owning a Luxury Home in Panama City Beach

These are the pros and cons of owning a home.

PROS

• You get your own piece of land along with all the freedom that goes with it.
• There tend to be fewer neighbors, if you’d prefer to live more remotely.
• You’re less likely to have to ask an HOA for permission to make home alterations.
• There’s generally more privacy, quieter surroundings, and higher resale value.

CONS

• You’re responsible for all the yard work, landscaping, and other home maintenance tasks (as the sole owner of the property).
• The insurance costs are higher.
• You’ll pay higher property taxes if you own the entire land or lot.

Owning a Luxury Condo in Panama City Beach

Then there are the pros and cons of owning a luxury condo.

PROS

• It’s much more laid back and easy-going for single folks, especially for anybody who doesn’t enjoy doing exterior maintenance, but still wants the benefits of home ownership.
• Most condo communities have outstanding security systems.
• It usually offers more opportunities to socialize with other nearby condo residents.
• In many respects, these are more affordable, too.

CONS

• It may be less ideal if you want more space for a larger family. Condos are smaller on average.
• Condos are more likely to have HOAs, with restrictions that not everyone appreciates.
• You’ll have to share most of the amenities and won’t have as much privacy.

That’s the basic gist of choosing between a home or condo in our area. Of course, there’s more to discuss, and we’re happy to explain more about our active listings around the Florida Panhandle.

The Fadden-McKelvie Group is a subsidiary of the Coldwell Banker business, one of the most trusted names in real estate. Our particular focus is on buying and selling homes around places like Panama City Beach, Chipley, and elsewhere in Florida. Call us anytime to find out more at 321-890-5364.