A Few Pros of Buying Condos
A Few Pros of Buying Condos
A condominium is similar to an apartment with the real difference being that the tenants own their units. There is certainly usually a condo association of some sort that is accountable for the common areas such as walkways, roofs, and exterior structures and landscaping. The individuals the association in many cases are other owners from within the complex. The expense of caring for such things are covered by all of the individual owners from association dues and assessments.
The greatest pro of living in such a dwelling is in not having the responsibility of taking care of things such as lawn care and other forms of maintenance which can be an inherent part of home ownership. A Irwell Hill Residences is truly a carefree life and quite often has expensive amenities you can not inexpensively discover in a single family dwelling, such as swimming pools, gyms and clubhouses.
There are numerous cons to living in condominiums. All condos have rules about how you may behave. Some don't let pets, exterior decorations and old junk cars. Another condo IS an apartment, and therefore you must be conscious of any behavior from you that may disturb your neighbors.
If you are looking to purchase a condo for investment purposes, there are also a few benefits and drawbacks you should be aware of beforehand. This article will inform you of some of them so you can make an informed decision about rather condo investing fits your needs.
1) Resell Value
One of the greatest pros to running a condominium will be the resell value. Condos are very popular plus a home in the right area brings a premium in both resale values or rental rates.
2) Lower Price
Even if the condo is at an area with higher than normal property values it'll be much less harmful for purchase then the typical single family house. This is due simply to the shared expenses of property maintenance. However, being a rental unit a condo will bring in the same or not far from the same amount in rent as houses will.
The restrictions on pets as well as other things that are inherent to some condo and strictly enforced assist to maintain the property value of the home. There will be no junk cars, divided washing machines, or overgrown yards to concern yourself with when it is time and energy to resell the machine.
4) Cost sharing
This one is both a professional and a con, sharing the expense of any major repairs can be a good thing. If you happen to find a great deal for a condo that really needs a few major repairs sharing the price with others helps a whole lot.
Most condominiums offer excellent amenities you can not find in just one family dwelling. Things like fully equipped gyms, pools, golf courses, and tennis courts that you do not need to perform maintenance on are wonderful perks when it comes to renting or reselling the home.
6) Maintenance Man
logged pipes, blown fuses and other such things can be quite a nightmare for a landlord to manage, but with a condominium a maintenance man is often included and covered beneath your condo association.
Using a condo the landscaping and yard work are cared for for you. You should not lug out a whopping mower or trim bushes and branches for your tenants. The fees because of this service is included in the condo association dues and so are much less you would pay when you hire someone to do it for you.
A clear house could be a target for vandals and theft, not with a condo. Most condos involve some form of home security system in place, key codes on doors, guards on driveways or even guards that walk around regularly. Having a condo you never have to worry there's always someone around to maintain an eye on things. That can even be said for emergencies within the home, like fire or even a broken pipe. With a condo someone will often notice a problem and takes steps to regulate it.
9) Retirement home with an income!
A typical condo that's fully furnished can rent for between $2000 and $5000.00 weekly in the right areas. You can rent your condo out when you are not utilizing it and still have a good place to go on vacation.
10) Help finding renters
Most condos can assist you find qualified renters to your unit. They are doing all the work you're making the money. A victory, win situation.
Running a condo just isn't all sunshine and rainbows, however. While there are numerous wonderful top reasons to invest in a condo additionally, there are some that aren't so wonderful. Consider the pros as well as the cons carefully before investing.