According to many investors, one of the best things about condo investing is you never have to worry about continuous repairs after purchasing. This is primarily because of the association that maintains the building including the unoccupied units. The association has funding allotted for the continuous maintenance of the building and for emergency repairs as well.
Despite not having to worry about subsequent repairs after purchasing a condo unit, there are still things that you need to consider before you actually buy a unit. And if you’re looking to have a successful investment, it is imperative that you spend time studying other aspects of your investment.
Other aspects to consider before condo investing
1. Your primary purpose of buying a condo as an investment.
How successful your investment will become greatly depends on your primary purpose for making the purchase. If you want to rent it out or live in it independently as well as how long you plan to stay in the condo unit will help you decide whether or it is really a good form of investment.
2. Homeowners’ association dues are paid on top of your monthly condo unit payments.
The benefits you get from the homeowner’s association are indeed appealing and are often enough for some investors to sign the contract and buy a unit. On the other hand, you need to look at how much association dues you will be required to pay and add that to your monthly payments to have a general idea of how much money you pay for your condo investment every month. This way, you’ll be able to determine whether or not it is indeed a good and financially beneficial investment.
3. Homeowners’ association rules have restrictions and limitations.
The association operating and overseeing the entire condo building will likely have rules, limitations, and restrictions that you need to be aware of. You need to learn and study these rules before you make a purchase decision. This will help you avoid any misunderstanding that could happen between you and your landlord.
4. Advertising can become expensive easily.
If you don’t do your homework and conduct a thorough research about advertising in condo investing, you will surely end up spending more money than what you have planned for. There are lots of contractors and service providers who will offer their services to you. Spend time looking through their offers and confirming their legitimacy. If possible, work with someone recommended by your friends, relatives, and colleagues so you can be sure in hiring them and that you’ll get the service you are expecting.
Contact Jerry Pinkas Real Estate Experts for more information on condo investing.
Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
Your condo investing partners!