Buying a Condo Being an Investment Property5992368

If you're like most people, you need your financial future to be better than your present, or at least not worse. So, you set money aside and consider ways to ensure it is grow. The choices seem endless, but you have decided real estate since your investment arena, and you are considering condos.

Condos have a lot of advantages over single family houses or 2-4 unit buildings. And lots of disadvantages. During my conversations with people who've dedicated to condos, few were mindful of all of them. Here they are.

Benefits of buying a Peak Residence being an investment property

Maintenance needs to be done on all properties. Condos, especially condos which can be professionally managed, offer relief for a time to condo investors.

It's not necessary to worry about roof, stairs, landscaping etc. The association manages them. For any price, it's correct, but you do not have to do them. A number of the problems in the unit can be taken care of through the complex maintenance crew. That differs from condo association to condo association. Plus they charge you for this, but you don't have to drop everything else and go to your condo since the sink's leaking. Price

Some condos are very expensive. However, houses of comparable size in the same neighborhood are more expensive. So, you should buy an investment property in the better neighborhood. Also, in many areas, there is no such thing as a 1-bedroom house, but you will find 1-bedroom, or even no bedroom, condo units. And, usually, there are people willing to rent them.

Amenities change from condo association to condo association. But it is possible to buy condo situated in a complex that has swimming pool, 24-hour security, etc things.

The disadvantages of purchasing a condo being an investment You have to follow rules that aren't yours. Each association features its own rules. As well as the rules can transform. One of the rules that can change is whether or not tenants are permitted or otherwise. If you own a condo and the association votes forget about tenants, whenever your lease comes to an end, you either move around in or sell. Your association might decide to go with the 'no more tenants' rule at a time when selling is not an great option.

Or, worse, they choose to allow way too many rentals. Too many tenants will make getting a mortgage difficult (FHA and others do not like condo associations where greater than 10% of the units are rented.) which makes reselling ignore the difficult, not forgetting refinancing it.

Yes, you may earn sure you've got something to say on decisions and get yourself elected around the board of directors; still, you are not the only decision maker.

You spend the same amount whether your unit is rented or vacant. In other words, you get to spend the money for same amount regardless of whether you use or otherwise the services (for instance, the water bill part of your assessment).