Buying a Condo As an Investment Property8241041

In case you are like most people, you would like your financial future to become better than your present, or at least not worse. So, you set money aside and think about ways to ensure it is grow. The options seem endless, but you have decided real estate as 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. In my conversations with individuals who've committed to condos, few were conscious of all of them. So now they are.

Benefits of buying a Peak Residence being an investment property

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

You don't need to worry about roof, stairs, landscaping and the like. The association protects them. For a price, the simple truth is, but you don't need to do them. Some of the problems in 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 for it, but you don't need to drop the rest and go to your condo because the sink's leaking. Price

Some condos are incredibly expensive. However, houses of similar size inside the same neighborhood cost more. So, you can purchase an investment property inside a better neighborhood. Also, generally in most areas, there is no such thing as a 1-bedroom house, but you can find 1-bedroom, or even no bedroom, condo units. And, usually, there are people prepared to rent them.

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

The disadvantages of purchasing 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 can change is whether tenants are permitted or otherwise. If you own a condo and also 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 with the 'no more tenants' rule at a time when selling isn't a great option.

Or, worse, they decide to allow too many rentals. Way too many tenants can make getting a mortgage difficult (FHA among others do not like condo associations where greater than 10% of the units are rented.) helping to make reselling ignore the difficult, as well as refinancing it.

Yes, you may earn sure you've got something to say about decisions and get yourself elected on 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. Quite simply, you get to pay the same amount regardless of whether you use or not the services (for instance, the water bill part of your assessment).