If you want likely most people, mostly you want your future financial be better than present condition, or at least not worse. So put money aside and think of ways to make it grow. The options are endless, but you have selected as their field of real estate investment, and goes to condominiums. Fort Lauderdale Real Estate is such a good option for buying condo by Castellihomes.com
Condo has several points of advantages over single-family home or 2-4 unit buildings. And several points of disadvantages. In my conversations with people who have invested for in condominiums, was to become familiar with them all, so here they are.
Some Advantages for Buying Condo as an Investment in Property
Maintenance: Maintenance must be performed on all properties. Condos, especially condominiums, which are professionally managed, offer some relief to investor’s condo.
* You do not have to worry about the roof, stairs, gardens and others. The association takes care of them. For a price, yes, but you have to do.
* Some of the problems within the device can also perform complex maintenance crew. It varies from Condo Association Condo Association. And they charge you for this, but there is no need to drop everything and run to your condo, it loses the sink.
Price: Some apartments are very expensive. But the houses of similar size in the same area cost more. So you can buy an investment property in a better neighborhood. Moreover, in most areas, there is no such thing as a house of one room, but there is a bedroom or other room condo units. And usually there are people willing to rent them.
Amenities:Services range from Condo Association Condo Association. But you can invest in residential complex is located, has a swimming pool, 24 hour security, and things like that.
Disadvantages for Buying Condo as an Investment in Property
Rules: You must respect the rules that are not yours. Each association has its rules. And the rules can change. One of the rules that may change if the tenants are allowed or not. If you own a condo and do not vote more than the association of tenants when the lease is up to you to move or sell one. Your association could decide to go with "no tenants in good standing when the sale is not a good option.
Or worse, they decide to allow rentals too. Too many renters can get a mortgage difficult (FHA, and others do not like condo associations where more than 10% of the units are rented.) What makes the resale of your investment difficult, not to mention refinancing.
Shared decision making: Yes, you can ensure that you have something to say about the decisions and be elected to the board, and again, you are not the only decision maker.
Association fees: You must pay the same sum, if the unit is rented or vacant. In other words, you get paid the same amount if you use the services or not (for example, invoice water section, evaluation).
Special assessments: When you bought your condo unit, there was no specific evaluation, and none were considered. Six months later, the association decided it was time for a new face, and there is not enough money in reserves. They decide to go ahead with lifting and pay special assessments. Your roles will double your profits for the next 20 months. Could happen.
Yes, things can go wrong with a single family, condo investment, or investment. But you have more control. Since there can be a home inspector to check the entire structure. Since there is no member of the Board of Directors, whose boyfriend owns a construction company that could use a few thousand dollars.
So all in all, buying a condo as an investment is not the road. So, if you can afford single-family house. Single family is not the best way to go if you can afford a 2-building unit. 2-unit property is not the best way to go if you can afford a 3-unit property, and so on. Since two reasons: the apartment is vacant (or single-family house), the source of income is all gone, but the costs are still there.
In any case, if you buy a condo as an investment property, you should know what you are getting.
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