Buying a Condo Being an Investment Property9559914

If you're like most people, you would like your financial future being better than your present, or at least not worse. So, you determine money aside and think of ways to ensure it is grow. Your options seem endless, but you've selected real estate as the investment arena, and you're considering condos.

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

Advantages of buying a Peak Residence being an investment property

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

It's not necessary to worry about roof, stairs, landscaping and such. The association protects them. For a price, the simple truth is, but you do not have to do them. A few of the problems within the unit can also be taken care of from the complex maintenance crew. That differs from condo association to condo association. Plus they charge you for this, but you don't need to drop anything else and set you back your condo since the sink's leaking. Price

Some condos are incredibly expensive. However, houses of comparable size within the same neighborhood be more expensive. So, you can purchase an investment property inside a better neighborhood. Also, in many areas, there's no such thing like a 1-bedroom house, but there are 1-bedroom, or even no bedroom, condo units. And, usually, there are people willing to rent them.

Amenities vary from condo association to condo association. But it is possible to buy condo situated in a complex which has swimming pool, 24-hour security, and the like things.

The disadvantages of buying a condo as a possible investment You must follow rules that 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 tenants are permitted or otherwise not. If you own a condo as well as the association votes you can forget tenants, whenever your lease comes to an end, you either move around in or sell. Your association might opt to go with the 'no more tenants' rule at a time when selling isn't a great option.

Or, worse, they choose to allow too many rentals. A lot of tenants can 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 your investment difficult, not to mention refinancing it.

Yes, you could make sure you have something to say of decisions and acquire yourself elected about the board of directors; still, you aren't the only decision maker.

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