Buying a Condo As a possible Investment Property244235

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

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

Features of buying a Peak Residence Showflat being an investment property

Maintenance must 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 protects them. For a price, the simple truth is, but you do not have to do them. Some of the problems within the unit can be taken care of through the complex maintenance crew. That differs from condo association to condo association. And they charge you because of it, but you do not have to drop anything else and set you back your condo since the sink's leaking. Price

Some condos are extremely expensive. However, houses of similar size in the same neighborhood are more expensive. So, you should buy an investment property in a better neighborhood. Also, in many areas, there is no such thing like a 1-bedroom house, but you can find 1-bedroom, or even no bedroom, condo units. And, usually, you will find people willing to rent them.

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

The disadvantages of purchasing a condo as a possible investment You need to follow rules which are not yours. Each association features its own rules. And the rules can change. One of the rules that can change is if tenants are permitted or otherwise not. If you possess a condo and the association votes forget about tenants, whenever your lease expires, you either move 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. Way too many tenants could make getting a mortgage difficult (FHA yet others do not like condo associations where more than 10% of the units are rented.) making reselling ignore the difficult, as well as refinancing it.

Yes, you can also make sure you've something to say on decisions and get yourself elected on 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 give the same amount regardless of whether you use or otherwise not the services (as an example, the water bill part of your assessment).