Buying a Condo As a possible Investment Property8279572

If you're like most people, you need your financial future to become better than your present, or at least not worse. So, you place money aside and think of ways to ensure it is grow. The options seem endless, but you have selected real estate as the 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 folks who've committed to condos, few were aware of all of them. So now they are.

Features of buying a Peak Residence Showflat being an investment property

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

You don't have to worry about roof, stairs, landscaping and the like. The association takes care of them. For a price, the simple truth is, but you do not have to do them. Some of the problems inside the unit can be taken care of from the complex maintenance crew. That is different from condo association to condo association. And they charge you for it, but you don't have to drop the rest and go to your condo since the sink's leaking. Price

Some condos are extremely expensive. However, houses of comparable size in the same neighborhood cost more. So, you can purchase an investment property inside a better neighborhood. Also, generally 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 can find people ready to rent them.

Amenities change from condo association to condo association. But it is possible to invest in a condo situated in a complex which includes swimming pool, 24-hour security, and the like things.

The disadvantages of shopping for a condo being an investment You have to follow rules that aren't yours. Each association possesses its own rules. And also the rules can transform. One of the rules that can change is whether tenants are permitted or otherwise not. If you own a condo and the association votes forget about tenants, once your lease comes to an end, you either move in or sell. Your association might opt to go with the 'no more tenants' rule at the same time when selling is not an great option.

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

Yes, you may earn sure you've something to say on decisions and acquire yourself elected around 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 pay the same amount whether you use or otherwise the services (for example, the water bill part of your assessment).