Condo Buying Tips

If you're planning to buy a condo in Orange Beach or Gulf Shores, Alabama, there are certainly many fantastic options to choose from! Each building will have a different combination of recreational amenities and features, its own unique views, and various degrees of waterfront and beach access. If you are downsizing or retiring, or maybe buying a condo as a rental investment property, here are a few important things to know and review as a smart condo buyer! 

1. The most important thing when buying a condo is to read and understand the condo association by-laws, covenants, restrictions, and regulations. You will be provided a copy of the "condo docs" to review as a buyer. These are the be-all and end-all when it comes to life in a condo. Rest assured that you will be able to review these documents as part of your inspection period. 

2. In keeping with the rules of the building's board or association, find out how much the fees are, and how that cost fits into your yearly budget.

3. It's also smart to check if assessments are coming up in the future. Special assessments are fees condo associations occasionally charge for owners to pay for emergency expenses, one-time large repairs, or other community projects. 

4. Many people buy condos to use as investment properties and rent the unit out to vacationers. This is a great way to offset expenses, but be sure you check the rules on rentals before you buy  - especially the length of rentals allowed and the percentage of rentals allowed in the building. Also, read the rules carefully for other policies, such as age restrictions and pet rules.

5. It's always a good idea to double-check if a lawsuit is pending on a building you're interested in. It is also essential to inquire about the condo association's liability insurance and master property insurance.

Owning condominium property at the beach comes with many amazing opportunities, and a smart buyer will understand that learning about the condo owner's association is a big part of making a good choice. Call us today to discuss how we can help you navigate the condo buying process here at the Gulf Coast! 

Posted by Lorraine Gatti on

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