Quick Tips For Condo Investment Properties
Are you thinking about purchasing a condo as an investment property? Here are a few things you should know before committing to that purchase.
Before doing anything else, find out what the condo fee is. This is the most important thing. Similar to taxes, that fee is not decreasing, it will continue rising. Condo fees are typically more expensive in older style buildings to offset maintenance costs.
High condo fees are often seen in buildings with high delinquency rates. A high delinquency rate means there are a lot of unoccupied units, so condo fees for empty units are not being paid. The burden of that is typically brought to the community to make up for the gap.
In high-end expensive buildings, there are factors like elevators, and other expensive amenities and condo fees can be high from that.
Check the condo fees, special assessments, delinquency rates, taxes, and make sure you really know what you’re doing and that your purchase is worth it.