When looking for the right building to invest in, you might be overwhelmed by the types of building which are available for investment. Likely, you did not think it would be this difficult to pick a real estate investment but here you are, struggling to find the perfect one for yourself.
If after all deliberation and deep analysis, you pick the condo as your point of investment, then I can assure you that you are on the right track. However, like all other activities in life, before investing, it is advisable that you have a deep knowledge of the product or property which you are investing in. what really do you need to know about condos. Here are some quick facts you need to need when planning to invest in condos;
1. CONDO DEFINED
The first thing you would need to do is what exactly a condo is. A condo can be referred to as units which form a bigger building but can be sold individually. In other words, condos can be referred to as apartments which can be sold. The sold condo will then belong to the new owner even if it belongs to a larger building. However, other common areas in the building are owned by every resident which lives in the property.
There are many types of condos which would interest you when you have plans to invest in condos. They include;
• Sugar Wharf condos
• Transit city condos
• The Keeley condos
• Express condos
• Prestige condos
• The Well condo
• Playground condos
2. LOCATIONS OF CONDOS
When at loss on where to find a condo, it would be advisable to look for condos in areas of the city where the price of properties is pretty high. These places could include big cities in major countries around the world today or places which are popular with tourists and attracts a lot of visitors.
Playground condos can be purchased or can be on a rental basis. This is especially beneficial for persons who would like to live in condos but do not have the means to afford it.
One of the good things about condos is the number of amenities which comes from buying or renting a condo. A condo is usually collected in a larger building and as such contains other people who live there. Therefore, there are usually common areas which would most likely include a swimming pool and a tennis court.
Also, the benefits are not just limited to having access to these amenities, it is also not your responsibility to maintain them. This, therefore, means, that the amenities come with the condo and costs you close to nothing. This is quite amazing if you think of the costs of having a swimming pool at home and maintaining it to a reasonable standard
4. CONDO BREEDS CLOSE TIES WITH NEIGHBOURS
Due to the fact that condos are located in a larger building, there are others who live closest to you or even next door. It is important therefore to remember that condos, therefore, will only interest people who are interested in living with neighbors close by. This will ensure you know the set of people who will be interested in living in a condo.
5. IT APPRECIATES BUT NOT SO FAST
“Slow and steady wins the race” is the honest descriptions of condos in matters relating to appreciation. If you are looking for an investment which will give you large quick appreciation in a short period of time, then investing in condos would not the right investment for you.
Condos have a slower appreciation rate than other real estate business and can take some time to really get going. So if you are not a fan of the adage that says “the patient dog hits the fattest bone”, you may encounter serious problems with investing in condos
6. ASSOCIATION FEES AND RULES
Because buying and selling of condos are trendy, it has its own association and this association requires every owner of a condo to pay a certain amount at a particular period of time. These fees might be high and really frustrating to bear. Therefore, when investing in condos, it is important to make provisions for the payment of such fees since there are a mandatory part or obligation as regards to investing in condos.
This association might have some rules which might not be comfortable to your potential buyer. Some associations may have rules pertaining to the time in which all members of the condos are expected to be back to their apartments or rules pertaining to having pets stay in the condo. So while investing in condos, it is important to know of those rules and make sure that your buyer or tenant is aware of them too. This will ensure that there is no misunderstanding after the deal has been struck between you and the buyer or tenant
7. REDUCED PRIVACY
While the Keeley condos are great for the amenities which it provides its user or occupancy, condos usually come at a price which would most times involves a loss of privacy. Because condos are parts of larger buildings and this means having neighbors which may be very interested in your activities for no apparent reason, you may not have a lot of privacy with a condo.
This is one thing you should know before you invest in a condo. This is to ensure that you lay out all the terms carefully before the tenant or buyers so that he is aware of all that he is getting.
Investing in a condo can be quite thrilling but it also has some of its problems. Before making a decision on whether to invest in condos or not, it may be reasonable to consider all the pros and cons so as to get an objective view on whether it would be beneficial for you or not. However, you can be sure that investing in condos would be one choice of action which may just be the best decision you have made.