Find solution
Good condos down at Gulf shores?

Im thinking about buying a condo in Gulf Shores to live in. Any advice?

  • I live in West Tennessee right now, me and my wife own our own house and have no kids, we are both under 30. We are by no means rich or even middle of the middle class, but my dream has been always been to live close to the beach, and we have vacationed in Gulf Shores many times throughout the last few years and loved it. Here lately I have been looking at condos in Gulf Shores to buy, and have found a quite nice one that has been foreclosed on for 85,000 dollars and that is close to what we paid for our house here in Tennessee, but i know cost of living is mory in Gulf Shores than it is down here but what I was bassically wanting to know is the advantages or disadvantages of buying a condo in Gulf Shores, more of a vacationing place than living place, but that has been my dream and I just wanted something I can take back to my wife and kind of show her the different aspects of living in a condo rather than living in our own house, by the way this condo is a two story i think two bedroom condo.

  • Answer:

    second homes require 20% down payment. Now you can buy it and rent it out when you are not there. You would need some one to manage the unit for you thus taking some of the rents for up keep and cleaning etc. It could generate some income but don't expect huge profits on this. The management company will want you to block out the dates you will be there months in advance if you do this so it does not give you the long week end get away you may think. Also know this insurance rates are through the roof. So if not paying cash you must check out these cost before jumping head long into such a deal.

Chris at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

Any place you purchase, you would have to apply for a mortgage loan and be approved. Your approval would be based on your credit score as well as your ability to make the monthly mortgage payments, while paying your current debts on your credit report. This monthly mortgage payment would be for a minimum of 10 years to a maximum of 50 years depending on the terms of your mortgage approval. You would have to take into consideration your ability to make the monthly mortgage payments, insurance, taxes and home owner's association dues of the condo. You would also have your current monthly debt obligations each month. You might not be able to rent the condo out during the time you are not there as HUD has determined that a condo complex can not rent out more than 10% of the units at any one time, thus if more than 10% of the condos are rented while you are not there you would not have anyone to assist you in the payment of your monthly mortgage payment. If your financial condition would allow you to purchase this property, continue living the life you are living now, then you have to decide to take on this new debt. Some individuals take calculated financial risk in the purchase of real estate that they know they can handle. You might be one of these type individuals. I hope this has been of some benefit to you, good luck. "FIGHT ON"

I'm not sure I understand. You want to move permanently? If so you must have a job before you move. I have a niece who owns a house on the beach which she rents out but she and her husband both live and work in Atlanta because they consider Gulf Shores a vacation spot, not a place to make a living.

Think of your dream before doing this. Do you always want to feel like you are forced to spend 2 weeks out of the year in the same location? What if your kids want to spend 2 weeks at disney every year, or what if they want to see the grand canyon someday? No, your kids will not know many other places than gulf shores. That is the down side of having a vacation home. Now, from a cost analyst side. Put it on a spreadsheet. How much will that 2 week vacation cost you over the next 15 or 30 years. Include, maintenance, property taxes, upkeep. It is NEVER cheaper to buy a place. You will always be better off renting a GORGEOUS condo for 2 weeks each year for the rest of your life. Without any worries of being a property owner. Let your family explore the world. Don't trap them into seeing one place at least once a year. /

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.