If you're like most people, you'd like to have a better future. And you've come to the conclusion that buying a condo and renting it is the easiest way for you to start. Condos have several advantages over single family houses or 2-4 unit buildings. And several disadvantages. I noticed that many people who consider investing in condos only look at the bright side and, alas, there's a not so bright side. If you keep both in mind, you fare better.
Advantages of buying a condo as an investment property
1. Maintenance
You don't have to deal, unless you want to, with roof, landscaping and other common area maintenance issues. Yes, you pay for that, but you do, indeed, not have to deal with them.
2. Price
Condos sell for less than similar size houses. That means you can afford to invest in better neighborhoods than you would if you invested in houses. Besides, how often do you see a 1-bedroom house for sale? Not to mention that there are more people willing to rent an apartment/condo than a house.
3. Amenities
Though amenities vary a lot between condo associations, there are some that have good ones, amenities that you'd not be able to afford if you had to pay for them all by yourself. Not to mention that tenants are willing to pay extra to have them.
The disadvantages of buying a condo as an investment
1. Rules
You may have to respect rules you don't agree with. Each association has its own rules. And the rules can change. From allowing tenants in the association to not allowing them, for instance. The new, 'no tenants allowed' rule would force you to sell your unit or move into it. The rule might be timed badly, when values are low.
2. Shared decision making
Not only shared decision making but decision making shared with people who have other goals than you.
3. Association fees
You have to pay the same amount whether your unit is rented or vacant. In other words, you get to pay the same amount whether you use or not the services (for instance, the water bill portion of your assessment).
4. Special assessments
You might find yourself having to pay special assessments shortly after purchasing your unit though none were even considered when you purchased.
Things can go badly for people who invest in apartment buildings and houses. But with those only if you don't get a good home inspector. With those you have more control, as your home inspector has access to the whole structure and there's no board of director member with hidden agendas.
So condos can be good investments. If you know what you're getting yourself into.
Author Resource:
Has the time come to Google something like Oak Park condos for sale ?" A lot of people who're looking to buy a condo don't even know what to look out for. www.CondosForSaleInChicago.net has the answers to 11 questions condo buyers need to have in order to avoid buying problems
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