With beautiful beaches and plenty of sunshine, it’s no surprise that Gulf Shores is one of the most sought-after destinations. Many who visit our serene shores dream of one day owning an investment property here. The real estate market is hot right now, and there are many benefits to owning a rental property in Gulf Shores. However, before you commit, there are some important things to keep in mind. Here are 10 questions to ask yourself before purchasing a Gulf Shores investment property.
If you’re trying to decide if a Gulf Shores investment property is right for you, contact Harris Realty Group. Our expert team of agents would love to help answer any questions you may have about the real estate process. We are happy to share our local knowledge about area neighborhoods, communities, and current market conditions. Call us today at 251-948-3018. We look forward to assisting you with your home search!
10 Questions to Consider Before Buying a Gulf Shores Investment Property
1. Where in Gulf Shores would you like to invest?
“Location, location, location!” We’ve all heard the phrase before, but it truly is the most significant thing to keep in mind when purchasing any home. Gulf Shores is huge and there are many different areas to consider. Are you looking for a beachfront condo, a single-family home in a quiet neighborhood, or a property near all the main attractions? Have you weighed the pros and cons of Gulf Shores vs. a condo investment Orange Beach or Fort Morgan?
Different opportunities present themselves in each location. If you’re unsure of the best place to buy in Gulf Shores, start by familiarizing yourself with the different neighborhoods and communities. Narrow it down until you’ve found the location that aligns with your personal goals. And if you have questions about a specific area, feel free to ask us!
2. What amenities are included?
If you plan to rent your property to future vacationers, you should also consider what amenities might be important to them. For example, guests visiting Gulf Shores may be interested in amenities such as beach access, Gulf views, pools, hot tubs, a fitness room, or pet-friendly accommodations. Write down which, if any, amenities are must-haves and keep this in mind during your search.
3. Are there any Association Fees?
Make sure to ask your Realtor if your property requires Association Fees. Sometimes neighborhoods and condominiums charge these fees, which typically include maintenance and use of common areas, amenities, lawn care, and more.
4. How would you like to invest?
It’s important to identify your exact goals with this investment. Are you planning to make income by renting the property? You’ll need to choose whether to rent it long-term or short-term. Perhaps your goal is to flip a home and resell it in the future. Determine what will earn the biggest return on your investment.
5. When would you like to invest?
You should have a realistic timeline in mind. Whether you’re ready to invest now, in 3 months, or a year from now, knowing when you want to buy is crucial to the planning process. If we know your timeline, our team at Harris Realty Group can help you plan your future investment.
6. Have you done all of your research?
Whether you’re a first-time homebuyer or a seasoned pro, you must do your research. Search the web for current housing prices, taxes, school districts, and other statistics. If you’re not local, it’s a good idea to visit Gulf Shores and personally get a feel for the different neighborhoods. You can easily book a Gulf Shores vacation rental and stay as long as you need to scope out the area.
7. What is a comfortable initial investment for you?
Everyone has a different budget when it comes to buying an investment property. Determine the minimum and maximum amount you are willing to spend. Then, decide if the rewards outweigh the risks. Be realistic about your financial goals. After all, you are in this to make a profit!
8. Have you been pre-approved?
Consulting a lendor helps you narrow your search to homes that accurately fit your budget. It’s also important to obtain lender pre-approval because it shows sellers that you are a serious, qualified buyer. Sometimes sellers will not even allow showings to buyers who are not pre-approved. Do you need recommendations about experienced, reputable lenders? We can help!
9. How much of a profit do you expect to earn?
As mentioned earlier, you must determine your financial goals. Gulf Shores is a huge vacation destination that attracts millions of visitors each year. If you want to capitalize on our booming tourism market, find out the rental history of each property you are considering. This will give you an idea of the average rental income in Gulf Shores, AL.
10. Are you working with a Realtor?
Your most valuable tool in your Gulf Shores investment property search is hiring a licensed Realtor. It’s important to find a qualified agent who is knowledgeable about the local area and will listen to your needs. At the end of the day, it will save you plenty of time, money, and frustration!
At Harris Realty Group, it is our goal to help you find the property that best meets your unique needs. From the beginning of your home search to the closing table and beyond, we will work with you every step of the way. We’re here to help you make the best short and long-term financial decisions.
Begin Your Gulf Shores Investment Property Search With Harris Realty Group
Now that you know the right questions to ask, it’s time to begin your home search! Harris Realty Group is ready to help you turn your investment dreams into a reality. Our expert team of agents knows the area better than anyone, and we can assist you with finding the perfect property for your needs and your budget. Feel free to browse homes for sale in Gulf Shores. Our detailed Property Search tool allows you to find homes by the criteria that matters most to you, like price, area, subdivision, or school district. When you’re ready to speak with an agent, give us a call at 251-948-3018. We’d love to help you find your place in the sand!
