The greatest pro of living in such a dwelling lies in not having the responsibility of taking care of such things as lawn care along with other forms of maintenance which can be an inherent part of home ownership. A Irwell Hill Residences Showroom is truly a carefree life and often has expensive amenities you can't inexpensively discover in a single family dwelling, such as swimming pools, gyms and clubhouses.
There are several cons to residing in condominiums. All condos have rules about how you may behave. Some don't let pets, exterior decorations and old junk cars. Also a condo Is definitely an apartment, and therefore you must be mindful of any behavior on your part that may disturb your neighbors.
If you are looking to buy a condo for investment purposes, there's also a few advantages and disadvantages you should be aware of ahead of time. This article will let you know about some of them so that you can make an educated decision about rather condo investing meets your needs.
PROS
1) Resell Value
One of the primary pros to owning a condominium is the resell value. Condos are very popular and a home in the right area can bring a premium in either resale values or rental rates.
2) Lower Purchase Price
Even if the condo is in an area with extremely high property values it will be much less expensive to purchase then a typical single family home. This is due in part to the shared expenses of property maintenance. However, as a rental unit a condo will bring in the same or near 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 assistance to maintain the property worth of the home. There won't be any junk cars, broken down washing machines, or overgrown yards to worry about when it is time to resell the machine.
4) Cost sharing
This is both a professional and a con, sharing the cost of any major repairs can be a good thing. If however you find a good deal for a condo that requires a few major repairs sharing the expense with others helps a whole lot.
5) Amenities
Most condominiums offer excellent amenities you can't find in a single family dwelling. Things like fully equipped gyms, private pools, golf courses, and tennis courts that you don't need to perform maintenance on are great perks in terms of renting or reselling the home.
6) Maintenance Man
logged pipes, blown fuses as well as other such things could be a nightmare for a landlord to manage, but with a condominium a maintenance man is usually included and covered below your condo association.
7) Landscaping
Having a condo the landscaping and yard work are taken care of for you. You should not lug out a heavy mower or trim bushes and branches to your tenants. The fees for this service is included in the condo association dues and are much less you would pay if you had to hire someone to make it happen for you.
8) Security
An empty house could be a target for vandals and theft, not so with a condo. Most condos possess some form of security system in place, key codes on doors, guards on driveways or perhaps guards that walk around regularly. Using a condo you never have to worry there's always someone around to keep an eye on things. That may even be said for emergencies inside the home, like fire or a broken pipe. Having a condo someone will most likely notice a problem and takes steps to control it.
9) Vacation home with an income!
A normal condo which is fully furnished can rent for between $2000 and $5000.00 per week in the right areas. You are able to rent your condo out if you are not using it and still have a pleasant place to continue vacation.
10) Help finding renters
Most condos can assist you find qualified renters for your unit. They do all the work you are making the money. A victory, win situation.
Running a condo is not all sunshine and rainbows, however. While there are many wonderful good reasons to invest in a condo additionally, there are some which are not so wonderful. Consider both the pros and the cons carefully before investing.