Buying a condo in Gulf Shores can be an exciting and rewarding experience, but it also requires careful planning and consideration. With this complete guide, you will learn the ins and outs of buying a condo in Gulf Shores, including finding the right property, securing financing, and navigating the closing process. Whether you’re a first-time buyer or an experienced real estate investor, this guide will help you make an informed and confident decision about purchasing a condo in Gulf Shores.
Why Do People Move to Gulf Shores?
Gulf Shores is one of the only beaches in the state of Alabama. And because of that, there’s a tremendous amount to do there. The state has invested heavily in the Gulf Shores. The list goes on and on and on. There are super brand-new and state-of-the-art zoos. There are music venues. There are outdoor shopping centers. They’ve really made it a destination for not only tourists but also locals. And if you have time on your hands and like getting out and about going to great restaurants or great entertainment, Gulf Shores is an incredible place to live.
Do They Also Have White Beaches?
Correct. Yes, they have incredible beaches there.
Obviously, a really big benefit of living in Gulf Shores would be having access to that beach and then all the infrastructure that’s been put into making it a good time there. But are there any other benefits to living in Gulf Shores and, even more so, buying a condo in Gulf Shores?
So because Gulf Shores is one of two main beaches in the state of Alabama, there’s a tremendous number of people that come to rent in Gulf Shores. And so the rental rates in Gulf Shores are really, really good if you’re buying a condo as income-producing. As well as and because of all of that and the demand for that area, there’s been a lot of variety of products there.
Condos in Gulf Shores Vs. Other Markets
So other markets may only have one-, two-, three-, and four-bedroom condos, a lot fewer – four-bedroom condos. There are condos in Gulf Shores that are 3,500-4,000 square feet plus and have five bedrooms, which almost become homes in the sky. So Gulf Shores really does have every type of condo that you can imagine, which opens it up and allows a big variety of buyers.
Then, We Get Back Into Tips, So Tips to Buying a Condo in Gulf Shores.
Realtor is a Must
Every market is different. It’s really important to get with a micro market expert, somebody who has many years of experience and many transactions on the belt to know what to look for.
Don’t Neglect the HOA Health
Just generally speaking, in Gulf Shores, the condo market in general, you want to really look at the health of the HOA.
- So how financially solvent is the HOA that you’re buying into?
- What are the age and the state of the building that you’re buying into?
- So if it’s stucco, how many times a year or how many times in the last five years have they re-coated the building to make sure that water is not getting behind the stucco?
- Is it built out of concrete exterior walls, or is it light steel studs, gypsum board, foam, and wooden exterior walls?
So essentially, what I’m saying just in layman’s terms is, “What’s the quality of construction? How has it been maintained? And understanding the solvency and really the health of the organization, the condominium association you’re buying into.” So those are some tips.
What Determines the Value of a Condo?
View and Height
Also, a lot of condominiums have repetitive floor plans throughout the building. And then, the value comes really mostly from the view of the unit, the height of the unit. Typically, there’s a correlation between how high you go up: the better the views they open up, the more money it costs to purchase that unit, and the more value people put on it.
And then, I would say the view and the height and all of that comes with the interior finishes. Have they been remodeled? Is it a timeless kind of architecture inside and finishes, interior design? So those are the things I watch out for.
Any Final Thoughts on Buying a Condo in Gulf Shores?
Gulf Shores has an incredible lifestyle. There are tons of things to do there. There are incredible opportunities for building a portfolio of investment properties or rental income-producing properties. And the people and the culture of Gulf Shores are top-notch.