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re: Anyone purchased a condo in Tuscaloosa?
Posted on 11/11/25 at 6:53 pm to imjustafatkid
Posted on 11/11/25 at 6:53 pm to imjustafatkid
quote:
It's closer to University Mall, but nearly the entire complex is filled with college students. Going this weekend to take a look at the property before pulling the trigger. We had considered going the house route, which definitely seems like a good investment, just got kind of "lucky" with this opportunity. Hadn't even looked at condos and was not considering them.
Is this the one behind Aldi? Some of those places are more like student dorms than traditional condos. Not a biggie but you might have annoying neigbors
2
Posted on 11/11/25 at 7:21 pm to scottydoesntknow
Yeah, I would not recommend those. Every summer they just put big dumpsters and toss furniture and mattresses out of the apartments. Seems like rager parties would be happening all over the place.
The Traditions condos down Veterans Memorial past University Mall is more mixed between undergrads, graduates, and non-students by my memory.
The Traditions condos down Veterans Memorial past University Mall is more mixed between undergrads, graduates, and non-students by my memory.
Posted on 11/11/25 at 8:25 pm to scottydoesntknow
quote:
Is this the one behind Aldi? Some of those places are more like student dorms than traditional condos. Not a biggie but you might have annoying neigbors
No. These are a little further east than the mall.
Posted on 11/12/25 at 6:17 am to imjustafatkid
Friends of mine are doing small homes and then you dont have the monthly/yearly condo association dues. I would assume maintenance on a small home would be more as they are usually older and you have the cost of grass cutting etc.
Posted on 11/12/25 at 7:10 am to mrbroker
quote:
Friends of mine are doing small homes and then you dont have the monthly/yearly condo association dues. I would assume maintenance on a small home would be more as they are usually older and you have the cost of grass cutting etc.
This is actually part of what I like about the condo idea. We are only responsible for the interior of the property.
Posted on 11/12/25 at 3:14 pm to imjustafatkid
I have never owned a condo but work with HOAs some. I would want to know what kind of capital maintenance is on the horizon (roof/parking lot, structure, etc.) or any potential special assessments. Those can be some serious costs in addition to mortgage pmts.
Obviously, Tuscaloosa is different than Miami, but after that condo collapsed a few years ago, other condos in that area hit owners with some serious deferred maintenance assessments - so expensive some people had to straight up sell the condos due to not being able to afford the assessments. I wouldn't anticipate anything that serious, but something to consider.
Obviously, Tuscaloosa is different than Miami, but after that condo collapsed a few years ago, other condos in that area hit owners with some serious deferred maintenance assessments - so expensive some people had to straight up sell the condos due to not being able to afford the assessments. I wouldn't anticipate anything that serious, but something to consider.
This post was edited on 11/12/25 at 3:17 pm
Posted on 11/12/25 at 4:40 pm to imjustafatkid
quote:
If you've done this in the past, could you please let me know the hidden negatives you didn't consider/know before moving forward?
We bought a 2/2 Houndstooth when our two were in school. Terrific investment for us. When they left UA we turned it over to the Houndstooth rental program. What we get (not including tax breaks) more than covers our 15 year mortgage. But we're at 3.0. The rate now might make it less appealing but rent goes up every year.
The downside is the maintenance I have to pay for things I coukd easily fix. And having a condo that I can never use for myself. But the ROI is so much better through the rental program vs VRBO.
I just wish we would have done it a year earlier.
Posted on 11/12/25 at 8:49 pm to UBamaJelly
quote:
I have never owned a condo but work with HOAs some. I would want to know what kind of capital maintenance is on the horizon (roof/parking lot, structure, etc.) or any potential special assessments. Those can be some serious costs in addition to mortgage pmts.
Good thought. I'll ask about this.
Posted on 11/12/25 at 8:50 pm to auisssa
quote:
We bought a 2/2 Houndstooth when our two were in school. Terrific investment for us. When they left UA we turned it over to the Houndstooth rental program. What we get (not including tax breaks) more than covers our 15 year mortgage. But we're at 3.0. The rate now might make it less appealing but rent goes up every year.
The downside is the maintenance I have to pay for things I coukd easily fix. And having a condo that I can never use for myself. But the ROI is so much better through the rental program vs VRBO.
I just wish we would have done it a year earlier.
Right on. Thanks for this information.
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