Buying a Condo As a possible Investment Property8158793

If you are like most people, you want your financial future to become better than your present, or at least not worse. So, you set money aside and consider ways to ensure it is grow. The options seem endless, but you've selected real estate since your investment arena, and you're considering condos.

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

Benefits of buying a Peak Residence Showflat as an investment property

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

It's not necessary to worry about roof, stairs, landscaping and the like. The association protects them. For a price, it's true, but you don't need to do them. A few of the problems inside the unit can be taken care of through the complex maintenance crew. That is different from condo association to condo association. Plus they charge you for this, but you do not have to drop the rest and run to your condo because the sink's leaking. Price

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

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

The disadvantages of shopping for a condo as a possible investment You must follow rules that are not yours. Each association has its own rules. As well as the rules can change. One of the rules that can change is if tenants are permitted or not. If you possess a condo and also the association votes forget about tenants, once your lease expires, 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 opt to allow way too many rentals. A lot of tenants could 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 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. In other words, you get to pay the same amount regardless of whether you use or otherwise the services (as an example, the water bill percentage of your assessment).