A condominium, or condo, is a type of housing or other property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece.
Condominiums have become popular in recent years both as residences and investment opportunities. Are Condos a good option for investment?
There have been several reasons for the popularity of condos. The first is the changing dynamics of social life in the modern era. The time consuming need to maintain a detached home and its surrounding property is removed from the condo experience. The big thing seems to be the accommodation of today’s fast paced and busy lifestyle.
Are condos a good investment? The answer is a resounding yes. There are some general guidelines and a few pitfalls, but this is true of any investment. What makes the condos a good choice, especially for the beginner in Real Estate Investment is their popularity and HOA’s. The Homeowner Associations usually maintain strict standards within the condominium. While this may annoy some residents, it certainly aids the owners. One of the biggest problems facing the investor in rental property is insuring that the property is properly maintained to protect the investment. This is usually not a serious problem in condos.
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