Buying a Condo Being an Investment Property7167298

In case you are like most people, you want your financial future to become better than your current, or at least not worse. So, you place money aside and think of ways to ensure it is grow. The options seem endless, but you've selected 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 several disadvantages. Within my conversations with people who've dedicated to condos, few were mindful of all of them. So here they are.

Features of buying a Peak Residence Showflat as an investment property

Maintenance needs to be done on all properties. Condos, especially condos that are professionally managed, offer some respite to condo investors.

You don't have to worry about roof, stairs, landscaping and such. The association takes care of them. For a price, it's correct, but you do not have to do them. A few of the problems inside the unit can also be taken care of by the complex maintenance crew. That differs from condo association to condo association. And they charge you for this, but you do not have to drop anything else and set you back your condo because the sink's leaking. Price

Some condos are incredibly expensive. However, houses of similar size within the same neighborhood be more expensive. So, you can purchase an investment property in a better neighborhood. Also, in most areas, there isn't any such thing like a 1-bedroom house, but you can find 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. However it is possible to buy condo located in a complex which includes swimming pool, 24-hour security, and the like things.

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

Or, worse, they choose to allow a lot of rentals. Way too many tenants will make getting a mortgage difficult (FHA yet others do not like condo associations where more than 10% of the units are rented.) making reselling neglect the difficult, not to mention refinancing it.

Yes, you could make sure you've something to say on decisions and acquire yourself elected around the board of directors; still, you are not the only decision maker.

You have to pay the same amount whether your unit is rented or vacant. In other words, you get to pay the same amount whether you use or not the services (as an example, the water bill portion of your assessment).