Is It Smart To Buy A Condo And Rent It Out?

There are well-defined rewards and drawbacks connected with buying a condo and a single family home. The way of life a condo provides is not for everyone. Taking that final plunge into condominium land means you should look thoroughly at all the advantages and disadvantages connected to condos for sale in Phoenix, AZ.

A unit on the first level can be noisy and should be avoided if you are a person with such sensitivities. Living in a first level unit, there will always be a great deal of traffic above you.

To determine how noisy a unit is, drive by it at different times of the day and on the weekends.

Be aware too, that community living means shared walls and common areas, and if you are a loner, it might be hard to keep away from neighbors as you go about your everyday routine. When it comes to decisions involving parking and common areas, you will have to deal with your neighbors via a homeowner’s association.

Apartments

In downtown areas where the cost of a property is very high, there is usually a proliferation of condominiums for those who seek to live in the city. The purchase of a condo means you have purchased the space between the walls and you share ownership of the common areas with other condo owners.

The land beneath the building is not part of your ownership in a condo, which includes only the area between the walls; you share an interest in it.

Before you buy, know which questions you have to ask. For example, are there any current or pending assessments on the condo? Common charges that are tacked onto your monthly bill can be grounds for negotiating for a lower selling price if you are well informed that they are present.

Real estate

Ask the local police if there have been reports of incidents of crime in the condominium complex. You will need to know what facilities are being offered and how many children reside in the complex.

You must make your own choice when it comes to considering the pros and cons of condominium living. Insured safety, little maintenance, affordability and facilities are all positive factors offered to those who live in condominiums. These very points can be negatives as well. Shared walls and common areas may bring you more contact with your neighbors than you would like; maintenance fees may be billed for services you don’t use.