Buying a Condo Being an Investment Property5211216

If you're like most people, you want your financial future being better than your current, or at least not worse. So, you set money aside and consider ways to ensure it is grow. The options seem endless, but you have 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 many disadvantages. In my conversations with individuals who've committed to condos, few were mindful of all of them. So here they are.

Features of buying a Peak Residence being an investment property

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

You don't need to worry about roof, stairs, landscaping etc. The association takes care of them. For any price, it's correct, but you do not have to do them. A number of the problems within the unit can also be taken care of from the complex maintenance crew. That differs from condo association to condo association. And they charge you for it, but you don't have to drop the rest and set you back 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 is no such thing being a 1-bedroom house, but you will find 1-bedroom, or even no bedroom, condo units. And, usually, you will find people ready to rent them.

Amenities change from condo association to condo association. However it is possible to buy condo located in a complex that has swimming pool, 24-hour security, and such things.

The disadvantages of shopping for a condo as a possible investment You must follow rules which are not yours. Each association features its own rules. And the rules can alter. One of the rules that may change is whether or not tenants are permitted or not. If you own a condo and also the association votes you can forget tenants, once your lease is up, you either relocate or sell. Your association might decide to go with the 'no more tenants' rule at the same time when selling isn't a great option.

Or, worse, they opt to allow way too many rentals. Way too many tenants will 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 neglect the difficult, not forgetting refinancing it.

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

You have to pay the same amount whether your unit is rented or vacant. Put simply, you get to give the same amount whether you use or otherwise not the services (as an example, the water bill portion of your assessment).