The greatest pro of just living in such a dwelling is in not having down to taking care of things like lawn care and other forms of maintenance which are an inherent section of home ownership. A Irwell Hill Residences Floor Plan is truly a carefree life and often has expensive amenities you cannot inexpensively get in a single family dwelling, including swimming pools, gyms and clubhouses.
There are many cons to residing in condominiums. All condos have rules on how you may behave. Some don't let pets, exterior decorations and old junk cars. Additionally a condo Is definitely 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, there are also a few benefits and drawbacks you should be aware of beforehand. This article will let you know about some of them so you can make an informed decision about rather condo investing fits your needs.
PROS
1) Resell Value
One of the biggest pros to owning a condominium will be the resell value. Condos are extremely popular plus a home in the right area brings a premium either in resale values or rental rates.
2) Lower Price
Even if the condo is within an area with very high property values it will likely be much less harmful for purchase then a typical single family home. This is due simply to the shared expenses of property maintenance. However, being a rental unit a flat will bring in the same or very close to the same amount in rent as houses will.
3) Restrictions
The restrictions on pets along with other things that are inherent to some condo and strictly enforced assistance to maintain the property value of the home. There won't be any junk cars, separated washing machines, or overgrown yards to concern yourself with when it is time and energy to resell the machine.
4) Cost sharing
This is both a professional and a con, sharing the price 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 not 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 along with other such things can be quite a nightmare for any landlord to deal with, but with a condominium a maintenance man is frequently included and covered beneath your condo association.
7) Landscaping
With a condo the landscaping and yard work are cared for for you. You don't need to lug out huge mower or trim bushes and branches for the tenants. The fees for this service is included in your condo association dues and therefore are much less you would pay when you hire someone to make it happen for you.
8) Security
An empty house could be 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 as well as guards that walk around regularly. With a condo you don't ever have to worry there's always someone around to help keep an eye on things. That may even be said for emergencies within the home, like fire or a broken pipe. Having a condo someone will usually notice a problem and takes steps to manage it.
9) Second home with an income!
A typical condo that is fully furnished can rent for between $2000 and $5000.00 per week in the right areas. You can rent your condo out when you are not making use of it and still have a good place to carry on vacation.
10) Help finding renters
Most condos will help you find qualified renters for the unit. They are doing all the work you are making the money. Victory, win situation.
Owning a condo just isn't all sunshine and rainbows, however. While there are many wonderful good reasons to invest in a condo there's also some that are not so wonderful. Consider the pros and also the cons carefully before investing.