Buying a Condo As an Investment Property1981805

If you are like most people, you want your financial future to be better than your current, or at least not worse. So, you place money aside and consider ways to ensure it is grow. The options seem endless, but you've selected real estate as your investment arena, and you're 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 as a possible investment property

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

It's not necessary to worry about roof, stairs, landscaping etc. The association protects them. For any price, it's true, but you don't have to do them. A few of the problems within 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 this, but you don't need to drop the rest and set you back your condo as the sink's leaking. Price

Some condos are very expensive. However, houses of comparable size in the same neighborhood cost more. So, you can purchase an investment property in the better neighborhood. Also, in most areas, there isn't any such thing as a 1-bedroom house, but there are 1-bedroom, or even no bedroom, condo units. And, usually, there are people willing to rent them.

Amenities vary from condo association to condo association. But it is possible to invest in a condo situated 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 which are not yours. Each association possesses its own rules. And also the rules can change. One of the rules that may change is whether or not tenants are permitted or otherwise. If you possess a condo as well as the association votes forget about tenants, once your lease is up, you either move in or sell. Your association might opt to go with the 'no more tenants' rule at a time when selling is not an great option.

Or, worse, they decide to allow too many rentals. Way too many 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 your investment difficult, as well as refinancing it.

Yes, you may earn sure you have something to say about 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. In other words, you get to give the same amount whether you use or otherwise not the services (for example, the water bill percentage of your assessment).