Buying a Condo As a possible Investment Property2707677

If you are like most people, you want your financial future to be better than your present, or at least not worse. So, you set money aside and consider ways to make it grow. Your options seem endless, but you have decided real estate as your investment arena, and you're simply considering condos.

Condos have several advantages over single family houses or 2-4 unit buildings. And many disadvantages. During my conversations with folks who've dedicated to condos, few were aware of all of them. So now they are.

Advantages of buying a Peak Residence Showflat as a possible investment property

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

You don't need to worry about roof, stairs, landscaping etc. The association manages them. For any price, the simple truth is, but you don't have to do them. A number 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. And they charge you for it, but you do not have to drop the rest and go to your condo as the sink's leaking. Price

Some condos are very expensive. However, houses of comparable size in the same neighborhood are more expensive. So, you can purchase an investment property in a better neighborhood. Also, generally in most areas, there isn't any such thing being a 1-bedroom house, but you can find 1-bedroom, or even no bedroom, condo units. And, usually, there are people willing to rent them.

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

The disadvantages of shopping for a condo being an investment You need to follow rules that are not yours. Each association has its own rules. And the rules can alter. One of the rules that may change is whether tenants are permitted or not. If you possess a condo as well as the association votes forget about tenants, whenever your lease expires, you either move around in or sell. Your association might opt to go with the 'no more tenants' rule at any given time when selling isn't a great option.

Or, worse, they opt to allow too many rentals. A lot of tenants could make getting a mortgage difficult (FHA yet others do not like condo associations where a lot more than 10% of the units are rented.) making reselling neglect the difficult, as well as refinancing it.

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

You make payment for the same amount whether your unit is rented or vacant. Put simply, you get to spend the money for same amount regardless of whether you use or otherwise not the services (as an example, the water bill percentage of your assessment).