Buying a Condo As a possible Investment Property5616064

If you're like most people, you would like your financial future being better than your current, or at least not worse. So, you determine money aside and think of ways to allow it to be grow. Your options seem endless, but you have decided real estate since your investment arena, and you're considering condos.

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

Features of buying a Peak Residence Showflat as an investment property

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

It's not necessary to worry about roof, stairs, landscaping and such. The association manages them. For any price, the simple truth is, but you don't have to do them. Some of the problems within the unit can be taken care of through the complex maintenance crew. That is different from condo association to condo association. Plus they charge you because of it, but you don't need to drop anything else and go to your condo as the sink's leaking. Price

Some condos are very expensive. However, houses of similar size within the same neighborhood be more expensive. So, you can purchase an investment property in the better neighborhood. Also, in many areas, there isn't any such thing like a 1-bedroom house, but there are 1-bedroom, or even no bedroom, condo units. And, usually, you can find people willing to rent them.

Amenities vary from condo association to condo association. But it's possible to invest in a condo located in a complex which has swimming pool, 24-hour security, and such things.

The disadvantages of buying a condo as an investment You need to follow rules that are not yours. Each association possesses its own rules. And the rules can alter. One of the rules that can change is whether tenants are permitted or otherwise. If you possess a condo as well as the association votes no more tenants, when your lease comes to an end, you either relocate or sell. Your association might opt to go with the 'no more tenants' rule at the same time when selling is not a great option.

Or, worse, they decide to allow too many rentals. A lot of tenants can make getting a mortgage difficult (FHA yet others do not like condo associations where more than 10% of the units are rented.) which makes reselling your investment difficult, not to mention refinancing it.

Yes, you may earn sure you've something to say on decisions and get yourself elected around the board of directors; still, you aren't 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 whether you use or otherwise not the services (for instance, the water bill part of your assessment).