The biggest pro of just living in such a dwelling is based on not having down to taking care of such things as lawn care along with other forms of maintenance which are an inherent part of home ownership. A Irwell Hill Residences Floor Plan is truly a carefree life and often has expensive amenities you can not inexpensively find in a single family dwelling, for example swimming pools, gyms and clubhouses.
There are several cons to surviving in condominiums. All condos have rules about how you may behave. Some do not allow pets, exterior decorations and old junk cars. Also a condo Is surely an apartment, and thus you must be mindful of any behavior on your part that may disturb your neighbors.
If you are looking to get a condo for investment purposes, additionally, there are a few benefits and drawbacks you should be aware of ahead of time. This article will inform you of some of them to help you make an informed decision about rather condo investing fits your needs.
PROS
1) Resell Value
One of the biggest pros to having a condominium is the resell value. Condos are incredibly popular and a home inside the right area can bring a premium either in resale values or rental rates.
2) Lower Purchase Price
Even if the condo is within an area with extremely high property values it will likely be much less harmful for purchase then the typical single family home. This is due partly to the shared expenses of property maintenance. However, being a rental unit a condo will bring in exactly the same or near the same amount in rent as houses will.
3) Restrictions
The restrictions on pets and other things that are inherent to some condo and strictly enforced assist to maintain the property price of the home. There will be no junk cars, divided washing machines, or overgrown yards to bother with when it is time and energy to resell the system.
4) Cost sharing
That one is both a pro and a con, sharing the price of any major repairs could be a good thing. If you find a good deal for a condo that requires 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, private pools, golf courses, and tennis courts you don't need to perform maintenance on are excellent perks with regards to renting or reselling the property.
6) Maintenance Man
logged pipes, blown fuses as well as other such things can be quite 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 huge mower or trim bushes and branches for your tenants. The fees because of this service is included as part of your condo association dues and so are much less you would then pay if you had to hire someone to do it for you.
8) Security
A clear house can be quite a target for vandals and theft, not too with a condo. Most condos possess some form of home alarm system in place, key codes on doors, guards on driveways or perhaps guards that walk around regularly. Using a condo you won't ever have to worry often there is 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 regulate it.
9) Second home with an income!
An average condo that 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 good place to continue vacation.
10) Help finding renters
Most condos can assist you find qualified renters for your unit. They are doing all the work you are making the money. A victory, win situation.
Running a condo isn't all sunshine and rainbows, however. While there are lots of wonderful good reasons to invest in a condo there's also some that aren't so wonderful. Consider both pros and also the cons carefully before investing.