The condominium market in the UnitedStates is on an upward trend, with market gains concentrated in the South,which is home to more than 40 percent of the total condo market. However, gains were also seen in theWest, Northeast and Midwest.
What this means is that now is a great time to invest in condos. While there is still some risk involved (as with any investment) condos represent a growing sector of the real estate market that doesn’t show signs of slowing down anytime soon.
If you are still hesitant to “take the plunge,” consider the many benefits of investing in condos here.
A High Resale Value
When you decide to purchase anything as an investment, you have to consider what’s going to happen when it is time to sell. While you may want to earn money from it now, at some point you may not need or want it anymore.
If you take a look at some of the condos currently on the market, you will notice the prices appreciate quickly. With the investment you make, you could easy make millions when you decide to sell a few years after the purchase.
In fact, investing in a condo is a great way to multiply your money, without having to put too much work or effort into it.
A Lower Purchase Price
Another advantage offered by investing in a condo is the purchase price. This is going to (virtually) always be lower than buying a single-family home in the same, local area where you are looking.
While condo prices vary based on amenities and the geographical area, you can expect to pay significantly less (usually $10,000 or more) than the typical single-family home. What’s even better, condo insurance is more affordable than homeowner’s insurance – this is a double benefit.
When condominiums are being designed, the developers often provide access to amenities that would not be affordable or practical for the typical, single-family homeowner. This includes things such as fitness facilities, tennis courts, swimming pools, golf courses, clubhouses, and even the location of the property itself. For example, living beachfront is much more affordable when shared by an entire group of owners, rather than a single property owner.
A Passive Source of Income
Just as the name implies, a passive income is just that – passive. You can invest in a condo and then sit back and collect the monthly rent checks.
Keep in mind, from time to time, the property may need maintenance and repairs, but this can be easily mitigated by hiring a reputable, third-party property management company. The truth is, this is well-worth the investment and will keep the money coming in, while keeping your condo tenants happy.
Condos are Fast to Rent Out
Once you have invested in a condo, and put it on the rental market, you will probably be surprised as to the number of inquiries you receive. Condos are a popular option because those who live there can be near social amenities, schools, hospitals and other facilities. In fact, most people who live in a major city prefer this because of the great locale it offers.
Investing in Condos: Is it Right for You?
If you are on the fence about investingin a condo, as you can see, it makes sense. You can earn a great passiveincome, and condos are a popular rental option. Making your money back will bea breeze.