Buying a Condo Being an Investment Property8838517

If you're like most people, you need your financial future to be better than your present, or at least not worse. So, you place money aside and consider ways to make it grow. Your options seem endless, but you've selected 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 several disadvantages. In 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 being an investment property

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

You don't need to worry about roof, stairs, landscaping and such. The association protects 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 also 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 do not have to drop everything else and go to your condo because the sink's leaking. Price

Some condos are incredibly expensive. However, houses of comparable size inside the same neighborhood are more expensive. So, you can purchase an investment property in the better neighborhood. Also, generally 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 prepared to rent them.

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

The disadvantages of purchasing a condo as an investment You need to follow rules that aren't yours. Each association possesses its own rules. As well as the rules can alter. One of the rules that can change is if tenants are permitted or otherwise. If you possess a condo as well as the association votes forget about tenants, once your lease is up, you either move in or sell. Your association might opt to go with the 'no more tenants' rule at a time when selling is not a great option.

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

Yes, you could make 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 spend the money for same amount whether you use or otherwise not the services (for instance, the water bill percentage of your assessment).