Buying a Condo As a possible Investment Property2762838

If you are like most people, you would like your financial future to be better than your existing, 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 as the investment arena, and you're considering condos.

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

Features 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.

It's not necessary to worry about roof, stairs, landscaping and such. The association takes care of them. To get a price, the simple truth is, but you don't need to do them. Some of the problems in the unit may also be taken care of from the complex maintenance crew. That varies from condo association to condo association. And so they charge you for it, but you don't have to drop the rest and set you back your condo since the sink's leaking. Price

Some condos are incredibly expensive. However, houses of comparable size within the same neighborhood cost more. 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 there are 1-bedroom, or even no bedroom, condo units. And, usually, there are people ready to rent them.

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

The disadvantages of buying a condo being an investment You must follow rules that are not yours. Each association possesses its own rules. And 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, once your lease is up, you either relocate 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 opt to allow too many rentals. A lot of tenants can make getting a mortgage difficult (FHA and others do not like condo associations where more than 10% of the units are rented.) making reselling ignore the difficult, not forgetting refinancing it.

Yes, you can also make sure you've got something to say on decisions and obtain yourself elected around 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. Quite simply, you get to give the same amount regardless of whether you use or not the services (for instance, the water bill part of your assessment).