Buying a Condo Being an Investment Property2654454

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

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

Advantages 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 some relief to condo investors.

You don't have to worry about roof, stairs, landscaping and such. The association takes care of them. For any price, the simple truth is, but you don't have to do them. A few of the problems within the unit can be taken care of by 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 everything else and set you back your condo since 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 buy an investment property in the better neighborhood. Also, in most areas, there is no such thing like a 1-bedroom house, but you will find 1-bedroom, or even no bedroom, condo units. And, usually, there are people prepared to rent them.

Amenities change from condo association to condo association. But it's possible to buy condo located 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 have to follow rules that are not yours. Each association features its own rules. And also the rules can alter. One of the rules that may change is if tenants are permitted or not. If you possess a condo as well as the association votes no more tenants, when your lease is up, you either relocate or sell. Your association might decide to go with the 'no more tenants' rule at a time when selling is not a great option.

Or, worse, they choose to allow too many rentals. A lot of tenants will make getting a mortgage difficult (FHA among others do not like condo associations where more than 10% of the units are rented.) helping to make reselling neglect the difficult, not to mention 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 make payment for the same amount whether your unit is rented or vacant. In other words, you get to pay the same amount whether you use or otherwise the services (as an example, the water bill portion of your assessment).