There are many decisions to make when deciding on the type of investment property to buy. What kind of tenants do you want to attract? How much time do you want to invest in regular maintenance and handling issues? What locations will be better suited to your ideal tenant but also convenient for you to manage?
If you’re in the market for a condo as an investment property, you may be wondering how to find the right one to fit your needs. Attracting the right kind of tenant can be the difference between a successful investment and one that ends up costing you more than you bargained for, so finding the right condo is imperative. Here are a few things to look for as you decide on your investment property.
There are so many great reasons to purchase a condo as an investment property: it will generally attract the highest volume of potential tenants, it’s likely to be in a very desirable location, and as the owner, you’re less likely to need to take care of maintenance yourself if the building has these services in place already.
Finding the right type of condo to purchase as an investment property means two key things: successfully finding good quality tenants and ensuring a return on that investment. There are a variety of condo styles to choose from, each with its own unique set of merits; all of which suit certain types of renters.
Shopping for and buying a condo is an exciting process – choosing a new home that fits your lifestyle, your design style, and your functional needs. But finding that perfect home is also about ensuring a financially successful investment, and how the property’s condo board operates is an important factor to whether your money - and your new home - will be properly managed.