Its kind of tricky question for almost everyone who wants to invest in property whether single family home or a condo so that is why we are here to reduce some stress and get you the right answer. there will be pros and cons just like other properties, lets dig into it. Some people thinks that condos are the best real estate choice for independent investors, while others does not agree. So if you are buying a property which is not gonna worth selling then why would you consider. So its very hard to understand what is the right option when you are buying properties along benefits and risks associated with. lets understand,
1. single family home can be more expensive then a condo so its AFFORDABLE.
2. condos have some amenities like pool, gym, convenient store, and common space could be GREAT BENEFICES
3. single family homes have high maintenance and repair Cost , so LOWER COST in condos.
4. RENTING out Condo will be an easy process then a house
5. 24 hrs SECURITY you can get in condos, but you have to buy it in house.
6. Pre-constructed condos get you some time to ARRANGE PAYMENT.
7. typically Condos are located in the heart of city so VERY CONVENIENT and easy ACCESSIBLE
8. Condominiums are in high DEMAND so great for building EQUITY and less TAX in current market
9. Attract young generations who loves to rent Condominiums due to amenities and payment structure.
10. No need to worry about Snow removal and Grass Cuttings in Condos.
Condo markets are very high in demand so More condos are being developed in our cities and as the condo market continues to rise , there is a steady increase in tenant occupancy versus owner occupancy. So whether you’re looking towards a resale condos or pre-construction condos rental, there’s strong demand for both in the current market.
Some questions are there needs to look at before you make your mind for condominiums
When you choose to buy condos the first thing you need to pay attention is LOCATION , right location can fill your bucket with profit margin so what kind of location should be right and perfect for investors ?? if you gonna rent it out then you have to make sure with neighborhood ,should be convenient with grocery stores , medical facilities, high rated schools, transit system, community centers , high way access and so on . these are the things can make your property investment popular and you can demand desired annual rent out of it.
when it comes to condominium investment the answer could be YES or NO. If the market is on the upswing which currently is, then it is definitely something to consider. With a condo, you need to know exactly what you are getting before you jumped in. Ask your real estate agent for a copy of the condo resale package. This will include all rules and regulations that you need to know. When you get all the information about your property ,you will be more confident on your decision and there wont be any regret.
The condo investment process is quite different from investing in single-family house. First Research on every aspect like rewards and challenges about the market you want to invest in. Second Pay close attention to its current situations and near future demands. The idea is to invest in a market with potential. Third Figure out your financing ways before you make a decision of investing in condos, make the Arrangement to get the necessary funds for your property. Now the time comes to choose right REALTOR because a good agent knows the market a lot better than you and will be wise investment which can save your time and money.