Buying a Condo As a possible Investment Property6868163

If you're like most people, you would like your financial future to become better than your present, or at least not worse. So, you determine money aside and think about ways to make it grow. The choices seem endless, but you have decided real estate as your investment arena, and you're simply considering condos.

Condos have a lot of advantages over single family houses or 2-4 unit buildings. And many disadvantages. In my conversations with people who've invested in condos, few were conscious of all of them. Here 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 that are professionally managed, offer relief for a time to condo investors.

You don't have to worry about roof, stairs, landscaping and the like. The association manages them. For a price, it's correct, but you don't have to do them. A number of the problems inside the unit may also be taken care of by the complex maintenance crew. That varies from condo association to condo association. And they charge you because of it, but you do not have to drop anything else and run to your condo because the sink's leaking. Price

Some condos are very expensive. However, houses of similar size inside the same neighborhood are more expensive. So, you can purchase an investment property inside a better neighborhood. Also, in many 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, you can find people willing to rent them.

Amenities vary from condo association to condo association. But 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 being an investment You have to follow rules that are not yours. Each association possesses its own rules. And the rules can transform. One of the rules that will change is whether tenants are permitted or not. If you possess a condo as well as the association votes no more tenants, when your lease expires, you either relocate or sell. Your association might opt with the 'no more tenants' rule at the same time when selling isn't a great option.

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

Yes, you may earn sure you've got something to say on decisions and acquire yourself elected around the board of directors; still, you are not the only decision maker.

You have to pay the same amount whether your unit is rented or vacant. Quite simply, you get to give the same amount whether you use or otherwise the services (for example, the water bill percentage of your assessment).