Whoever thought that you’d be able to buy an awesome Gulf Front condo in Orange Beach, Alabama for UNDER $150,000? And I’m not talking about choosing from just a few—there’s a pretty large batch to choose from. Whether you are buying for personal use or as a vacation rental, there’s information that you need to gather and to now all your options and make a wise purchase.
There’s a lot more to it than seeing a white sandy beach and blue water from the window. You may get a slam-dunk-deal on purchasing a condo and then get stuck with big monthly dues and an unexpected assessment. Home Owner’s Association dues, commonly known as condo fees, are a huge deal when you own a condo.
Here are some buying tips:
- Check association fees and make sure there are no assessment fees coming due.
- Check with a mortgage broker and make sure the condo is on the condo approved list.
- Know the difference between Gulf Front and Gulf Access.
- Check on the parking capacity of complex. If you are going to use unit for vacation rental, this is very important and something you might not think about ahead of time.
- Make sure the HOA fee include common area insurance.
- Make sure the HOA is “healthy.”
If you are buying for investment you must know the rental history for that unit. Often a one-bedroom condo will have rental history that is as good as a two-bedroom. “Many of my buyers are amazed that a one-bedroom condo can produce as much rental income as a two-bedroom. The one-bedroom condos are very affordable,” says beach agent Catherine McInnis.
Your real estate agent will be able to find out this pertinent information and guide you in making the best Gulf Front condo purchase for you.