There are different types, shapes and sizes of investment properties and all types, shapes and sizes of providing numerous opportunities of making money for the investors in the real estate market. If you have been investing in real estate residential property and have come across condominium, you may be wondering if they are a good investment. The condominium is, in fact, a form of hybrid investment which comes in between an apartment and a house which an investor can straightaway buy and own. Contact Louis 14 to buy and own a condominium and get the best return of your investment.
In fact, buying condominium has been always a debatable topic in the entire real estate industry due to the practical fact that some investors prefer buying condominium whereas some prefer investing in single-family residential properties. It is happening because there are significant pros and cons of condominiums through an investment perspective.
Real estate investors prefer buying condominiums because they are affordable in comparison to single-family residential properties including detached houses. In general, the single-family residential property and detached houses are larger in size than the condos and eventually the single-family residential properties and detached houses are more expensive in comparison to condos. The single-family residential properties as well as the detached houses have larger and more numbers of bedrooms and bathrooms and other rooms and are larger in terms of square feet. On the other hand, the condominiums generally have smaller and few numbers of rooms and are smaller in terms of square feet.
There are other reasons why some investors prefer condos are the HOA fees and other expenses which are less in condos in comparison to single-family residential properties anddetached houses. You can also rent your condo and make a rental profit which is a plus point for buying a condominium. Above all, the maintenance of a condo is not your responsibility whereas you have to bear the cost of maintenance and do them yourself if you have bought a single-family residential property or a detached house. However, you will have to pay your share of maintenance in a condo but the headaches of fixing the roof, mowing the yard, shovelling the snow are no more there for you in a condominium.
Some of the things in buying the condo may irritate you such as the strict rules of HOA like using the common places, whether you can keep the pets, your car parking etc. In some condos renting your unit is also regulated and you cannot rent your unit to anybody you like. It has to be approved by the HOA.