A condominium is comparable to an apartment using the real difference since the tenants own their units. There is certainly usually a condo association of some type that is accountable for the common areas including walkways, roofs, and exterior structures and landscaping. The individuals the association are often other owners from within the complex. The expense of caring for such things are taken care of by every one of the individual owners from association dues and assessments.
The largest pro of life in such a dwelling is based on not having down to taking care of things like lawn care as well as other forms of maintenance that are an inherent section of home ownership. A Irwell Hill Residences is truly a carefree life and frequently has expensive amenities you can not inexpensively get in a single family dwelling, including swimming pools, gyms and clubhouses.
There are many cons to surviving in condominiums. All condos have rules on how you may behave. Some do not allow pets, exterior decorations and old junk cars. Additionally a condo Is surely an apartment, and as such you must be aware of any behavior from you that may disturb other people.
If you are looking to get a condo for investment purposes, there are also a few pros and cons you should be aware of in advance. This article will let you know about some of them to help you make the best decision about rather condo investing meets your needs.
1) Resell Value
One of the biggest pros to owning a condominium is the resell value. Condos are very popular and a home in the right area can bring a premium in either resale values or rental rates.
2) Lower Purchase Price
Even if the condo is in an area with extremely high property values it will be much less expensive to purchase then a typical single family home. This is due in part to the shared expenses of property maintenance. However, as a rental unit a condo will bring in the same or very close to the same amount in rent as houses will.
The restrictions on pets and other things that are inherent to a condo and strictly enforced help to maintain the property price of the home. Gone will be the junk cars, separated washing machines, or overgrown yards to bother with when it is time for you to resell the system.
4) Cost sharing
This one is both an expert and a con, sharing the expense of any major repairs could be a good thing. If you happen to find a great deal for a condo that really needs a few major repairs sharing the cost with others helps a lot.
Most condominiums offer excellent amenities you cannot find in just one family dwelling. Such things as fully equipped gyms, swimming pools, golf courses, and tennis courts you don't need to perform maintenance on are wonderful perks when it comes to renting or reselling the house.
6) Maintenance Man
logged pipes, blown fuses and other such things can be quite a nightmare for any landlord to deal with, but with a condominium a maintenance man is frequently included and covered under your condo association.
Using a condo the landscaping and yard work are looked after for you. You should not lug out huge mower or trim bushes and branches to your tenants. The fees with this service is included as part of your condo association dues and therefore are much less then you would pay when you hire someone to do it for you.
A clear house can be quite a target for vandals and theft, not too with a condo. Most condos involve some form of security system in place, key codes on doors, guards on driveways as well as guards that walk around regularly. Using a condo you don't ever have to worry there is always someone around to keep an eye on things. That will even be said for emergencies inside the home, like fire or even a broken pipe. Using a condo someone will often notice a problem and takes steps to control it.
9) Vacation home with an income!
A typical condo which is fully furnished can rent for between $2000 and $5000.00 per week in the right areas. You can rent your condo out when you are not utilizing it and still have a nice place to continue vacation.
10) Help finding renters
Most condos will help you find qualified renters for the unit. They are doing all the work you are making the money. Victory, win situation.
Having a condo just isn't all sunshine and rainbows, however. While there are lots of wonderful top reasons to invest in a condo there's also some which are not so wonderful. Consider the pros as well as the cons carefully before investing.