A CONDO IS TYPICALLY A SHARED PIECE OF PROPERTY WITH INDIVIDUAL OWNERS OF EACH UNIT OR CONDO. BUYING A CONDO FOR INVESTMENT IS ONE REAL ESTATE INVESTMENT STRATEGY WHICH IS CONSIDERED A SMART MOVE. REAL ESTATE INVESTORS LIKE TO CALL A CONDO A HOME WITHOUT A YARD. A CONDO INVESTMENT IS A PRIVATE RESIDENCE SPLIT UP INTO A NUMBER OF DIFFERENT UNITS. ALL THESE UNITS SHARE COMMON AREAS LIKE GYMS, POOLS. YOU CAN MAKE A SMART MOVE BY INVESTING IN A CONDO. IN ORDER TO DO SO THERE ARE SOME FEATURES AND STRATEGIES THAT YOU NEED TO CONSIDER AND CHECK INTO. WE HAVE COMPILED FOR YOU A ‘TO-KNOW’ LIST AS YOU CONSIDER GETTING A CONDO.
(Image Source: Pixabay)
Location is the key
The main advantage of a condo over house is the location. You basically invest in a Condo because of its location. It may be near your place of work or located in a prime location where you can cater to a lot of potential tenants. Since Condos are mostly located near commercial areas, go there during rush hour traffic. Time is of the essence and you should consider the time taken for travel, to and fro, from your condo during rush hour. Thus, checking out the location should be one among the many in your checklist when you are investing in a Condo.
Safety and Security
Everybody wishes to feel safe and secure in the community that they are a part of. You would like to have gated parking areas, 24/7 security guards, camera and video surveillance, locked exterior doors, and exclusive locked community facility access. All of these aspects play a role in proper home security you and your family will love. A safe community will instantly draw both condo investors like you and renters. When you are buying a condo consider just how safe is the Condo community.
(Image Source: Pixabay)
Condo Assessment and Association Fees
Condos come with association fees and assessments that you need to pay Assessments are expenses incurred to cover the common areas of the Condominium property. Assessments could include landscaping, parking lot and parking garage repair and maintenance. It could also include improvements to the exterior of the building, and expenses associated with any common areas such as the main lobby or entrance way. These expenses should be factored into your expense estimate before you calculate the estimated return on your condo investment. Check and assess how realistic your assumptions are before making real estate investment in a condo. Many people are opting to live in condo communities because of the amenities it offers. The condo communities continue to go throughout the world. From Wellington House Condos in Toronto that you can check on Precondo to Brisbane Freehold in Australia. Condo communities are definitely attracting a lot of investment activity throughout the world.
Check the Rules
A condominium is a shared property of sorts and it is covered or governed by a deed of restrictions. It is important to understand the rules of your prospective condominium to ensure your lifestyle fits in nicely with the community. This means knowing if pets are allowed and being aware of the policy regarding visitors among other things. Make sure you find out about these rules ahead of time so that you are not caught off guard. It is important to review all of the association’s guidelines before you invest in a condo to find out if you can live by their rules.
When buying a Condo for Investment, Age is not just a Number
Some of the condos are age-restricted communities and often carter to the older population. They are marketed as either retirement communities or active adult communities. You may find yourself in a condominium community that has age restrictions. These condos will be ideal to invest If you have the elderly in mind as your tenants However you should not go for age-restricted neighbourhoods if you are not having elderly tenants or occupants in mind. Therefore, the age of the occupants should be kept in the forefront before and after investing in a Condo.
Buying a Condo for investment makes for a profitable strategy. This is because condominiums are generally more affordable than other rental properties. Condo investing is truly a good source of passive income. However, before you plunge your hard-earned money into it, make sure you are armed with a good strategy. It will help you to become a good investor in a condo.