Buying a Condo As a possible Investment Property785107

If you are like most people, you would like your financial future being better than your present, or at least not worse. So, you determine money aside and consider ways to ensure it is grow. The options 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 lots of disadvantages. Within my conversations with individuals who've invested in condos, few were conscious of all of them. Here they are.

Features of buying a Peak Residence Showflat being an investment property

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

You don't have to worry about roof, stairs, landscaping and such. The association manages them. To get a price, it's correct, but you don't need to do them. Some of the problems inside the unit may also be taken care of from the complex maintenance crew. That varies from condo association to condo association. And they charge you for it, but you do not have to drop the rest and run to your condo since the sink's leaking. Price

Some condos are very expensive. However, houses of similar size within the same neighborhood be more expensive. So, you can buy an investment property in a better neighborhood. Also, generally 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 prepared to rent them.

Amenities differ from condo association to condo association. But it's possible to purchase a condo located in a complex which has swimming pool, 24-hour security, etc things.

The disadvantages of purchasing a condo as an investment You have to follow rules that aren't yours. Each association features its own rules. And also the rules can alter. One of the rules that may change is if tenants are permitted or otherwise. If you possess a condo and the association votes no more tenants, when your lease comes to an end, you either move in or sell. Your association might decide to go with the 'no more tenants' rule at the same time when selling is not a great option.

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

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

You have to pay 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 the services (as an example, the water bill portion of your assessment).