The Pros of Condo Investing
If you are looking to invest in condos but want to know more about the process and results, look no further. Condos offer multiple advantages for investors compared to standard single-family properties. Keep reading to find out more about the pros of condo investing in 2022.
On average condos will cost less compared to single-family homes. In some cases, such as fixer-uppers in the countryside, a small home will be cheaper. But this will require you to sink more money into repairs and additions which will even out the price comparison. Additionally, if you are looking at a condominium that is in a high-income area there is a good chance it will be more expensive than a rural home. Finding condos in an area currently under development is a great way of getting a good deal on a condo that will be worth more in the future as property prices begin to rise over time. What’s more, you will typically have a lower down payment when purchasing a condo because of the lower purchase price.
One of the biggest advantages of buying a condo is the relatively low amount of maintenance compared to homes. As the owner, you are only responsible for maintaining the interiors. Compare this to a home, where you have to worry about the interior, exterior, and any additions and the advantages are clear. Most condos come with their own homeowner's association, and they are responsible for repairs and maintenance in all common areas, amenities, walkways, garages, etc. They will also repair the exterior of the condo if need be. Although anyone who moves into the condo will have to pay monthly HOA fees, most families are happy to pay this in order to avoid the hassle of maintaining more than the interior of their domicile.
The relatively low amount of maintenance required for condos also makes them ideal for vacation homes, second homes, and investment opportunities for you. With the HOA taking care of much of the upgrades and repairs, this leaves more capital for personalizing the inside of the condo itself. For example, instead of having to pay to repair the gutters on a home you can take that money and buy a luxury rug for the interior of the condo. The possibilities are pretty much endless.
The amenities that come attached to a condo are often much more extensive than what you can find in a single-family home. Pools, patios, barbeques, gyms, concierge service, and community spaces are just some of the amenities you can find in condominium facilities. You may be able to find similar amenities in gated communities or individual homes, but in both of these cases, the fees and price tag will be much more than the HOA fee on a condo.
At Equity Mortgage, we work with a variety of clients with varying degrees of mortgage needs. We offer our clients alternative options to their current loan programs with our wide range of mortgage products and flexible lending practices.
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* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.