Buying a Condo 101

Alabama Gulf Coast Real Estate

Investing in a Gulf Shores-Orange Beach Condo

Caveat Emptor, “Let the Buyer Beware”

Gulf Shores-Orange Beach Alabama Resort Real Estate Investing, Condos

Alabama Property Owners and their agents are
not required to discover & disclose adverse conditions.
Important factors…

- Homeowner Associations

Membership in the condominium Homeowner Association (HOA) is mandatory – HOA members are subject to special assessments by the Board of Directors (BOD).

- Lifestyle Restrictions

The Covenants, Conditions, Restrictions (CC&Rs) and Rules may not fit your lifestyle – a variety of restrictions can control the use of your condo, and may include restrictions on decorating, renting the unit, pets, visitors, use of common areas, etc.

- Common Property

Poorly maintained components such as the roof, building-envelope, elevators, etc. can cost HOA members $1000’s.

- Legal Issues

Legal issues such as lawsuits & foreclosures can expose condo owners to significant financial liability.

- Financial Planning

Poor planning by the BOD can lead to a depleted Reserve Fund, requiring HOA members to fund the repair & replacement of common property via special-assessments.

- Property Defects

A Home Inspection can save you money by identifying defects, while also documenting the age and expected useful life of the major components and systems.

- Peace of Mind

A Home Warranty provides peace of mind, it makes sense for everyone – no one knows when a component will fail.
It’s important to work with someone that has experience with the various issues of owning a condominium. If you’re interested in buying resort real estate, I’m a consumer advocate with a lifetime of real estate experience – contact me.
Lic. Real Estate Broker, Home Inspector, HOA Manager
· Wayne Moore
· Licensed Real Estate Broker
· Licensed Community Assoc. Manager
· Reg. Environmental Property Assessor, NREP
· State Cert. PCO – Termites-WDO-Household
· Commercial Real Estate Inspector, FREA
· Florida Wind Mitigation Cert.
· Licensed Home Inspector