Investing in Real Estate
Buying a Condo 101
Gulf Shores · Orange Beach · Perdido Key
Condo owners are members of the Homeowner Association (HOA), and are subject to special assessments by the Board of Directors (BOD).
The Covenants, Conditions & Restrictions, and any rules implemented by the BOD, restrict the use of a condo, e.g. decorating, rentals, pets, visitors, use of common areas, etc.
Inadequate maintenance of the roof, building-envelope, elevators, etc. can cost HOA members $1000’s.
Lawsuits involving the HOA, or the Board of Directors, can expose condo owners to significant financial liability.
Poor planning by the BOD can result in HOA members funding the repair & replacement of common property via “special assessments.”
A Home Inspection can save you money by identifying defects, while documenting the age and expected life-span of the major systems.
Peace of Mind
A Home Warranty offers peace of mind, it just makes sense for everyone – no one knows when a component will fail.
Always work with someone that has experience with the various issues of owning resort property.
If you’re interested in investing in beach resort property, or just have a real estate question, contact me anytime.
Wayne Moore, Broker
About. . .
PreferredPartner™ · Smart Choice
- Protects your interest.
- Continuous Real Estate Support.
- Provides a Home Warranty.