A condominium is similar to an apartment using the real difference being that the tenants own their units. There is usually a condo association of some kind that is responsible for the common areas including walkways, roofs, and exterior structures and landscaping. The members of the association are often other owners from inside the complex. The costs of looking after such things are taken care of by all the individual owners from association dues and assessments.

The biggest pro of living in such a dwelling lies in not having the responsibility of taking care of things like lawn care and other forms of maintenance which are an inherent section of home ownership. A Irwell Hill Residences Showroom is truly a carefree life and often has expensive amenities you cannot inexpensively get in a single family dwelling, for example swimming pools, gyms and clubhouses.

There are many cons to living in condominiums. All condos have rules how you may behave. Some do not allow pets, exterior decorations and old junk cars. Additionally a condo Is definitely an apartment, and therefore you must be conscious of any behavior by you that may disturb your neighbors.

If you are looking to buy a condo for investment purposes, there’s also a few pros and cons you should be aware of ahead of time. This article will let you know about some of them to help you make an informed decision about rather condo investing fits your needs.

PROS

1) Resell Value

One of the greatest pros to owning a condominium will be the resell value. Condos are very popular and a home inside the right area can bring a premium in both resale values or rental rates.

2) Lower Price

Even if the condo is at an area with very high property values it will be much less expensive to purchase a typical single family home. This is due partly to the shared expenses of property maintenance. However, being a rental unit a flat will bring in exactly the same or very close to the same amount in rent as houses will.

3) Restrictions

The restrictions on pets as well as other things that are inherent with a condo and strictly enforced help to maintain the property price of the home. There won’t be any junk cars, broken down washing machines, or overgrown yards to concern yourself with when it is time and energy to resell the machine.

4) Cost sharing

This one is both a pro and a con, sharing the price of any major repairs can be quite a good thing. If you find a great deal for a condo that needs a few major repairs sharing the cost with others helps a great deal.

5) Amenities

Most condominiums offer excellent amenities you can not find in a single family dwelling. Things like fully equipped gyms, swimming pools, golf courses, and tennis courts that you don’t need to perform maintenance on are great perks when it comes to renting or reselling the house.

6) Maintenance Man

logged pipes, blown fuses along with other such things could be a nightmare for a landlord to cope with, but with a condominium a maintenance man is usually included and covered beneath your condo association.

7) Landscaping

Having a condo the landscaping and yard work are looked after for you. You don’t need to lug out a whopping mower or trim bushes and branches for the tenants. The fees because of this service is included in the condo association dues and so are much less then you would pay if you had to hire someone to do it for you.

8) Security

A clear house can be a target for vandals and theft, not with a condo. Most condos possess some form of security system in place, key codes on doors, guards on driveways as well as guards that walk around regularly. With a condo you never have to worry often there is someone around to help keep an eye on things. That may even be said for emergencies inside of the home, like fire or perhaps a broken pipe. Using a condo someone will usually notice a problem and takes steps to regulate it.

9) Second home with an income!

A normal condo that’s fully furnished can rent for between $2000 and $5000.00 each week in the right areas. You can rent your condo out when you’re not making use of it and still have a pleasant place to go on vacation.

10) Help finding renters

Most condos can assist you find qualified renters to your unit. They actually do all the work you’re making the money. A victory, win situation.

Having a condo isn’t all sunshine and rainbows, however. While there are lots of wonderful top reasons to invest in a condo there are also some that are not so wonderful. Consider the pros and also the cons carefully before investing.