As more real estate buyers gravitate towards upscale urban living, condominiums are making a comeback. Condo life offers easier upkeep and chic amenities, and buying a condo can also be a smart investment. Here are a few perks and special features to consider if you’re thinking of adding a condo to your property portfolio.
Community and Association
One of the defining features of a condo is the sense of community and structure provided by the condo association. In exchange for paying regular fees that cover shared property maintenance, you won’t have to worry about maintaining your own yard. You’ll also probably encounter rules that address things like noise curfews and pets, so choose a place that aligns with your lifestyle.
Condos can make excellent passive income generators. Start by doing some research, as local features like a nearby university or large employer will dictate the kind of renters you attract. If owning an investment property puts you in the position of being a landlord, just make sure you have the time and desire to address your tenants’ needs.
If you’re searching for a second home to serve as a city getaway or a useful annex for family members, take the time to review your options carefully. For example, if feng shui is important to you, consider the building location, condo level and floor plan. Before making your final selection, tour the space to make sure you approve of the view and the amount of natural light available.
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