The greatest pro of living in such a dwelling is in not having the responsibility of taking care of things such as lawn care along with other forms of maintenance which can be an inherent a part of home ownership. A Irwell Hill Residences is truly a carefree life and often has expensive amenities you can't inexpensively find in a single family dwelling, for example swimming pools, gyms and clubhouses.
There are many cons to surviving in condominiums. All condos have rules on how you may behave. Some do not let pets, exterior decorations and old junk cars. Additionally a condo Is surely an apartment, and as such you must be conscious of any behavior from you that may disturb your friends.
If you are looking to purchase a condo for investment purposes, there are also a few benefits and drawbacks you should be aware of beforehand. This article will inform you of some of them so you can make an informed decision about rather condo investing is right for you.
PROS
1) Resell Value
One of the greatest pros to having a condominium is the resell value. Condos are very popular and a home in the right area can bring a premium in either resale values or rental rates.
2) Lower Purchase Price
Even if the condo is in an area with extremely high property values it will likely be much less expensive to purchase then a typical single family home. This is due in part to the shared expenses of property maintenance. However, as a rental unit a condo will bring in the identical or near the same amount in rent as houses will.
3) Restrictions
The restrictions on pets as well as other things that are inherent with a condo and strictly enforced assistance to maintain the property worth of the home. There won't be any junk cars, divided washing machines, or overgrown yards to bother with when it is time and energy to resell the unit.
4) Cost sharing
This is both a pro and a con, sharing the cost of any major repairs could be a good thing. If you find a whole lot for a condo that really needs a few major repairs sharing the price with others helps a great deal.
5) Amenities
Most condominiums offer excellent amenities you cannot find in just one family dwelling. Things like fully equipped gyms, private pools, golf courses, and tennis courts that you don't need to perform maintenance on are wonderful perks in terms of renting or reselling the property.
6) Maintenance Man
logged pipes, blown fuses as well as other such things could be a nightmare for a landlord to cope with, but with a condominium a maintenance man is often included and covered below your condo association.
7) Landscaping
Using a condo the landscaping and yard work are looked after for you. No need to lug out a whopping mower or trim bushes and branches to your tenants. The fees for this service is included in your condo association dues and are much less then you would pay when you hire someone to make it happen for you.
8) Security
A clear house can be quite a target for vandals and theft, not with a condo. Most condos involve some form of security system in place, key codes on doors, guards on driveways as well as guards that walk around regularly. With 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 control it.
9) Vacation home with an income!
A normal condo which 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 pleasant place to continue vacation.
10) Help finding renters
Most condos will help you find qualified renters to your unit. They actually do all the work you make the money. Victory, win situation.
Having a condo just isn't all sunshine and rainbows, however. While there are numerous wonderful reasons to invest in a condo there are also some that aren't so wonderful. Consider both pros and also the cons carefully before investing.