Top Secrets Of The Marketing Gurus
If you are thinking of purchasing your first property, consider the expert tips of the top marketing gurus of real estate. While buying real estate in general can be a good investment, there are many pros and cons you must weigh when you are thinking about investing in any property. Below are several specific questions to ask yourself when considering if investing in a condominium is a good investment for you.
How Much Can You Afford?
In general, condos are priced much lower than traditional single family homes. This means a lower mortgage and lower association fees. If you are ready to own your own home but don’t have a large budget to work with, a condo could be a good first investment. Especially if you purchase a condo in an up and coming neighborhood, you might be able to buy low and sell for a higher amount later, getting a higher return on your investment.
Are You Ready To Do Your Own Maintenance?
Different condominium complexes offer different amenities when you move in. Some may offer maintenance of the grounds and buildings included in your fees. Don’t like cutting the grass? Gardeners may be hired by the association. Need roof or furnace repairs? Contractors may be hired by the complex. But other associations leave renovations up to the homeowner, so be sure you know what type of place it is, and compare that to your level of skill. Tackling smaller projects like painting or minor plumbing fixes might be something you can handle, but larger projects like replacing the roof are best to leave to the professionals like Johnson Construction Company.
What Amenities Do You Want?
Many condo complexes come equipped with pools, fitness centers, clubhouses, patios, and more. These are great additions that most people could not afford to add to the average single family home. Be sure to find out how much additional money you will have to pay for these amenities, and whether or not the complex provides people to maintain these extras for you.
How strict of policies does the neighborhood enforce?
Most condominium complexes are run by associations who decide on a set of rules and policies that all owners must follow. The association is in charge of enforcing the regulations as well as handling any disputes that may arise between owners. If you like the idea of all of your neighbors being held to the same standards, condos definitely have the advantage here over single-family home ownership. If the complex has regular meetings or forums for neighbor input, or maybe has a committee that you can volunteer for, consider having your voice heard.
How Soon Are You Looking To Sell?
It is no secret that condos do not appreciate in value as quickly as traditional single family homes. However, this should not stop you from seriously considering investing in a condominium. If you plan to live in the property for some time, or plan to keep it as a long-term investment and use it as a rental property, you could easily see gains in the value of your property. Keep this in mind when doing any major renovations, because the value of your space is definitely affected by the surrounding units.
Buying a condo is a pretty big decision, but it could possibly be one of the best you will make. Like all large investments, it’s important to weigh the pros and cons and see how condo ownership fits with your lifestyle and needs before making any final decisions.