Foreclosures are a great form of investments both in real estate and condo investing. This is especially true if you are targeting property buyers who have a busy lifestyle and choose not to maintain a house. These individuals will choose to spend their money on something that they will own rather than throwing money into rent.
Condos basically have a smaller area than houses so maintenance is relatively easy and more affordable. Tenants are not required to maintain other parts of the condo building since that is the responsibility of the condo association. This is the main reason it is considered a suitable form of investment for people with active lifestyle.
Reasons why foreclosures are suitable for condo investing
Similarly with home foreclosures, a condo foreclosure is cheaper than buying a new condo unit or house. And because it has a relatively smaller area than other real estate properties, you wouldn’t have to spend all of your savings on repairs and renovations; that may accompany purchasing home foreclosures.
If there are needed repairs, they tend to be basic and affordable, leaving you with money to spend on your home accessories. Additionally, these repairs would be more attractive to your target market because they would not want to spare the time for lengthy and tedious repairs.
Looking for a condo foreclosure can be simple and fast when you subscribe to foreclosure listings. These list condo foreclosures in major cities and towns, including those that are situated near commercial districts. Through the listings, you can easily find condo foreclosures near shopping malls, tourist spots, and popular night spots, which would further entice your target market to buy. Being near their workplace and within miles of popular clubs and restaurants will enhance their market value considerations.
Make sure you inspect the unit before offering it to your target market. This way, you’ll know what repairs or upgrading, if any, it may need and the potential cost. Considering the unit you are offering is a foreclosure, your target market would expect it will require some repairs; be ready to explain to them this aspect of the unit.
Condo investing is not an easy career to build. But if you equip yourself with sufficient information and learn the tricks of the trade, you will achieve success without much difficulty.
For more information on condo investing, call the JP Real Estate Experts now.
The Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
Your partners in successful condo investing!