Buying a Condo As an Investment Property9901984

If you're like most people, you would like your financial future being better than your existing, or at least not worse. So, you determine money aside and think of ways to ensure it is grow. The choices seem endless, but you have decided real estate since your investment arena, and you are considering condos.

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

Features of buying a Peak Residence as an investment property

Maintenance has to be done on all properties. Condos, especially condos which 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 protects them. For any price, it's true, but you don't need to do them. Some of the problems inside the unit can also be taken care of by the complex maintenance crew. That is different from condo association to condo association. Plus they charge you for this, but you don't have to drop everything else and run to your condo since the sink's leaking. Price

Some condos are extremely expensive. However, houses of similar size in the same neighborhood are more expensive. So, you can buy an investment property in a 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, you can find people willing to rent them.

Amenities differ from condo association to condo association. But it's possible to buy condo located in a complex which includes swimming pool, 24-hour security, and the like things.

The disadvantages of shopping for a condo as an investment You have to follow rules which are not yours. Each association has its own rules. And also the rules can alter. One of the rules that can change is whether tenants are permitted or not. If you own a condo as well as the association votes you can forget tenants, whenever your lease comes to an end, you either move around in or sell. Your association might opt with the 'no more tenants' rule at any given time when selling isn't a great option.

Or, worse, they choose to allow way too many rentals. 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.) making reselling neglect the difficult, not forgetting refinancing it.

Yes, you could make sure you have something to say about decisions and get yourself elected around the board of directors; still, you aren't the only decision maker.

You spend the same amount whether your unit is rented or vacant. In other words, you get to spend the money for same amount regardless of whether you use or otherwise not the services (as an example, the water bill portion of your assessment).