Gulf Shores Condos, Orange Beach Real Estate, FSBO

Buy a Condo, Gulf Shores & Orange Beach Resort Property

Factors to Consider When Buying a Condo


Gulf Shores - Orange Beach - Perdido Key


Investing in real estate, Gulf Shores-Orange Beach-Perdido Key condominium homes

Homeowner Association Issues

Membership in the condominium Homeowner Association (HOA) is mandatory for condominium owners; members of a HOA own an undivided interest in the common property, including any liabilities. A poorly managed community can expose HOA members to significant financial liability.

Are the common areas properly maintained?
Common components such as the roof, building envelope and elevators a few big-ticket items that, if not property cared for, could result in a special assessment of $1000's for a new condo owner.

Are there any existing financial concerns, or pending legal matters with the HOA?
Legal issues (lawsuits, foreclosures) and unpaid assessments or a the lack of a reserve fund (for the projected repair/replacement of common elements) could mean the new HOA member will be responsible for an inequitable, financial liability.

Physical Condition of the Property

While a typical Home Inspection will usually suffice in determining the physical condition of the individual unit, a new condo owner should also be concerned with the current condition of the common property, since they will own an undivided interest in these components - including any liabilities (see HOA above).  It's important to determine the condition of the major common elements, and to verify the existence of a Reserve Fund to pay for the periodic repair/replacement of the major components - such as the roof, elevators, building envelope, etc.

Advocate or Salesperson?

"Caveat Emptor" - Let the Buyer Beware."
Both Florida and Alabama are caveat emptor states, and while a seller is obligated to disclose any "known" adverse conditions, there is no requirement to disclose adverse conditions that may not be know to the seller, or their agent.  When investing in real estate, the last thing you need is to be "sold" on a deal by a salesperson that is more concerned with a commission check than protecting your best interest - always insist on a signed buyer agency agreement with a real estate agent, establishing a fiduciary responsibility to protect your best interest.
 
Buying resort  real estate has become increasingly complicated, especially when homeowner association is involved, always use a PreferredPartner™ when investing in Real Estate. Visit -

Buying a condo in Orange Beach and Gulf Shores Alabama
  
Wayne Moore
Lic. Real Estate Broker
Licensed Home Inspector
Lic. Community Assoc. Manager
Click: About

BeachRealty.net
Orange Beach, AL 36561
Tel. (251) 223-9694

Buying a Condominium Home, Alabama-Florida Real Estate
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