Buying a Condo As a possible Investment Property3450540

If you are like most people, you need your financial future to be better than your current, or at least not worse. So, you determine money aside and think about ways to allow it to be grow. Your options seem endless, but you've selected real estate since your investment arena, and you are considering condos.

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

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

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

It's not necessary to worry about roof, stairs, landscaping and such. The association takes care of them. For any price, it's true, but you don't need to do them. A number 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 because of it, but you don't need to drop everything else and go to your condo as the sink's leaking. Price

Some condos are incredibly expensive. However, houses of comparable size within the same neighborhood be more expensive. So, you can purchase an investment property in the better neighborhood. Also, in most areas, there's no such thing as a 1-bedroom house, but you will find 1-bedroom, or even no bedroom, condo units. And, usually, there are people ready to rent them.

Amenities vary 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 such things.

The disadvantages of purchasing a condo being an investment You have to follow rules that are not yours. Each association has its own rules. And also the rules can change. One of the rules that may change is whether or not tenants are permitted or not. If you possess a condo and the association votes you can forget tenants, once your lease comes to an end, you either relocate or sell. Your association might decide to go with the 'no more tenants' rule at any given time when selling is not an great option.

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

Yes, you may earn sure you have something to say of decisions and get yourself elected about the board of directors; still, you aren't the only decision maker.

You spend 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 the services (for instance, the water bill percentage of your assessment).