The cost of owning a condo is not as complicated as most people think. Once the condo is purchased, the mortgage is one of only a few monthly fees. Each condo has an association that regulates the finances of the building as a whole. The association charges each owner a monthly fee, usually based on the square footage or number of bed rooms in the unit. These monthly dues include insurance on the unit, waste management, cable (most of the time), sewer, landscaping, maintenance and basic careof the property.
If the property is a rental unit, the owner will want to contract an agency to advertise the property and maintain the unit during the times the owner is not using it. The fees for this service usually range from 15-30% of the gross rental income, depending on the needs of the owner. There are ways to minimize these fees and supplement the income by renting the unit yourself. We provide solutions for rental supplementation in our marketing efforts. We are currently working diligently to launch a network of local real estate web sites in order to promote the area. This network will be on line by the end of January 2012 and fully functional for the upcoming summer. Please check back for details on www.gulf-condo-rentals.com.
Other than the afformentioned fees, the electricity and contents insurance, if desired, are 2 other fees that will be involved. With the prices where they are now, the "out-of-pocket" expense of owning a condo in Gulf Shores or Orange Beach is as low as it may ever be again. The cost is around $300 per square foot. Please email aaron@condoinvestment.com or call 251-978-3718 with any questions.
