If you’re in the market for condos for sale the Coastal Alabama area has an impressive inventory of available properties. A condo, also known as a condominium, is a single unit within a large building with multiple units. Condo owners share access to a variety of amenities located within the structure such as a pool, a playground, a tennis court, a gym and more. Many condos for sale in Gulf Shores and Orange Beach are located on the beach featuring breathtaking views of sandy white beaches and turquoise waters of the Gulf. Take a look at some of the beachfront properties available for sale in the Coastal Alabama area:
Who Should Consider Condos For Sale
Looking to downsize
Owning a home involves a ton of maintenance inside and out. Many homeowners, especially the ones on the verge of retirement, wish to change their lifestyles and spend more time enjoying themselves, and less time working in the yard. Condo living means less responsibility since any repairs, landscape work and maintenance of the common areas is managed by the Homeowner’s Association (HOA). On the other hand, if you live in a condo complex you become a part of a community which means less privacy but also more security. If you are sociable and enjoy having many neighbors in a close proximity downsizing from a house to a condo may be the right move for you.
Real estate investors
Did you know the pristine beaches of the Alabama Gulf Coast attract over 5 million tourists each year? Gulf Shores area condos for sale attract many experienced and beginner real estate investors. Additionally, many condo owners who don’t want to deal with short-term rentals use their property as a vacation spot and rent their condo long-term during the off-season. Investing in a well located condo has the potential to create a higher return than investing in a single-family home for rental purposes.
First time home buyers
On average, condos for sale are much more affordable than single-family homes for sale. Furthermore, owning a house means a variety of monthly expenses and occasionally dealing with some unexpected costly repairs such as a new roof or a new HVAC unit. Many first time home buyers, especially young professionals, prefer condo living over homeownership because they can avoid the hassle of upkeep and can stay within a low budget.
Avoiding Mistakes When Buying a Condo
If your heart is set on condo living it’s time to do some research. Buying a condo can be a challenge, especially if it’s your first time to buy one or if you have no idea about the property’s current condition. Homeowner’s associations (HOA) are responsible for maintaining the parts of building which are outside your unit. If the HOA of a particular condo complex has low reserves of money saved and the overall condition of the building might be deteriorating your new condo investment may turn into a high risk venture. It’s a good idea to have a professional on your side who will help you review your resale documents and any other documents related to your condo purchase to make sure you’re making the right choice.
Malcolm Bond, THE Buyer’s Agent, is proud to be one of the leading exclusive buyer agents in Alabama serving Orange Beach and the Gulf Shores areas. Malcolm Bond is here to represent you, not the seller, so rest assured that everything he will tell you and do for you is in your best interest.
Here are some of the things we can help you avoid when purchasing a condo:
- Fees that are much higher than those in similar buildings for a unit of comparable size.
- Insufficient reserve funds.
A well run association should have at least 25% of gross income set aside as a reserve fund which is used for emergencies and large repair projects. It is very important to review the financial records of a particular HOA to make sure they haven’t run out of money. If an association is broke they may require special assessment funds from their condo owners which may be as high as several hundreds of dollars on top of the usual fees.
- More renters than owners, leading to a constantly changing neighborhood, excessive wear and tear in corridors due to regular moving and leaving, and a communications barrier between owners.
If you’re looking into condo living for you or your family it’s better to find a condo complex with a high owner-occupancy rate. Aim for communities where over 50% of occupants are condo owners. On average, renters don’t have a high appreciation for properties they don’t own which can affect the value of your investment.
- Close proximity to party rooms and other amenities that can create noise concerns.
If you’re interested in a particular condo complex it’s always a good idea to visit it at different times of the day and night to get the idea of how noisy and busy it can get. It’s always a good idea to talk to other owners in the development to get some inside information about living in the area.
Our specialists at THE Buyer’s Agent will be with you every step of the way to ensure that the condo unit you buy best suits your lifestyle and meets your residential needs. We put ourselves in your shoes when helping you make decisions and giving you advice related to your purchase.
Why not start your search for condos for sale by viewing real estate listed on our website? Our Advanced Search tools allow you to search for all types of properties and filter your results depending on a certain subdivision or a condo complex you’re interested in, amenities you’d like to have and the exact walking distance to the nearest beach or other body of water.
Buying a Condo with an Exclusive Buyer Agent
Almost every condo for sale in Gulf Shores and Orange Beach are being sold through an agent. While checking out a unit, a traditional real estate agent will follow behind and discuss the good features of the unit trying to influence your buying decision. The job of a seller’s agent is to get the seller the best price possible for their condo. So as a buyer, without proper representation, you’re on your own.
Here are some of the reasons you should hire an exclusive buyer agent instead:
- An exclusive buyer agent will diligently evaluate your chosen property. Meaning, he won’t think twice about telling you the cons of the purchase.
- An exclusive buyer will always negotiate on your behalf helping to save you money on your purchase.
If you are interested in Malcolm Bond THE Buyer’s Agent’s services, Contact us now, or give us a call toll-free at 1-866-981-4378.