Deciding to own property in the Gulf Shores/Fort Morgan area is a huge decision. In many instances, a home or condo is the biggest purchase buyers will make in their entire life — and not one to take lightly. Real estate is more than just a place to live — it’s an investment to be passed down for generations.
We take care of our clients by helping them make informed decisions, as we have roots here in Gulf Shores, and want you to start laying down yours!
Consider these pros and cons of owning a condo when weighing your options.
— Condos are lower maintenance. In most situations (and especially if you’re buying one on a beach!) you don’t have a yard to tend to. Also, if something malfunctions inside your building or unit, costs could be covered. If you’re a retiree, after all those years working, let someone else do it!
— Condos are generally cheaper than homes, as you share your space with other owners at a close proximity. This can be a good or bad thing, as a bit of your privacy may be compromised in sharing elements of your home with others.
— For empty nesters, a condo can be an excellent de facto community where you meet people who go at the same speed as you. And in Alabama, that means lots of leisure!
— If your condo has a landlord, you must oblige to their laws. Not that you’d be doing anything detrimental to your property, but it’s a matter of principle. Following someone else’s rules can be hassle. In contrast, owning a home means you get to make the rules.
— Sometimes restrictions are placed on whether or not you are allowed to use your unit as a rental. Make sure to do your research before purchasing a unit. For example, if you buy a condo with the intentions of renting it out seven months of the year, research the fine print before making a purchase. Condo owners don’t want their building to turn into hotels, so it makes sense as to why they place limits on rentals. Just make sure you know where you stand before you buy!
— The market isn’t as steady for condos, making them a riskier investment than a home. Values can plummet if certain specifications aren’t met, and many scenarios exist to accelerate a downturn. Be cautious of your surroundings.
If you have any real estate questions, big or small, give us a call today, as we love hearing from you!
Thanks for reading and Happy Holidays.