According to recent historical accounts, the first condo is said to have been built in New York City in 1881. A condo is a single unit with one owner within an apartment-style building, townhomes, or freestanding homes.
However, a condo differs from apartment buildings in many ways. In short, the main difference between a condominium and an apartment is ownership.
Investing in a condo means you would own the space and share responsibility for the common areas of the building with the other condominium owners.
With an apartment building, you can own your apartment. However, unlike a condominium, you will still be under the building owner’s rule along with the other renters.
The notion of investing in a condo is on the rise. However, there are many things to consider if you’re a first-time investor. Read on for four tips on investing in condos.
- Examine Your Lifestyle
Are you ready to throw your lawnmower, hedger, and pressure washer out the window? Can’t stand the idea of paying out $20,000 for a new roof on your home? If yes is the answer to either question, then investing in condos might be right for you.
On the other hand, if you love your backyard space or sharing the walls with neighbors on all sides isn’t appealing, you may not want to invest in a condo.Condo living is similar to apartment living with people being close. Should you want to live in an apartment unit, you can check the average rent in Oklahoma to see if it fits within your budget.
- Find an Experienced Realtor
If you’ve decided to invest in something like these condos, begin searching for a realtor.
You’ll want to find someone who keeps your preferences in mind and doesn’t mind spending the time helping you find what you need.
In addition, your real estate agent should have experience with condominium sales for the best results.
- Determine Your Amenities
When you are buying a condo for investment purposes such as Airbnb, you’ll want to check into what amenities are popular for renters.
When investing in a condo, you buy access to amenities such as a pool, a gym, or a security-protected gated community. These are all high on the list of desires from renters wanting a nice weekend getaway.
- Assess the Fees and Management
Condominiums come with ownership obligations such as association fees. Those fees pay for a management company to go and do the upkeep of the common areas.
With that in mind, it’s crucial to find out how well the building is maintained. On the other hand, it’s equally important to determine the community rules for noise control and guidelines for the common areas.
Enjoy Investing in a Condo
Buying a condo can save you time, money and provide socialization.
It’s essential to do your research before deciding about investing in a condo, as there are many things to consider. However, we are confident you’ll be well on your way if you utilize the list above.
If you are still asking if you should invest in a condo, keep returning to our blog. We update it often for your investment needs in mind.
