If you’re considering the purchase of investment property – or, even if you have rental units now and you are thinking of adding to your portfolio – you may be running into the question of whether a single family home or a condominium will be your better option. In this case, while there are some who may suggest staying away from condos – due primarily to potential issues with the home owners’ associations (HOAs) – there can be some nice benefits to owning these types of properties.
For example, even though your monthly payment with a condo will typically include an HOA fee – in addition to your mortgage principal and interest – these fees will oftentimes cover a long list of items that you would otherwise have to take care of yourself. Here, you may find that the condo association will take care of a myriad of maintenance and other needs, such as landscaping and exterior painting, as well as additional items like siding and roof replacement.
Prior to moving forward with the purchase of a condominium, though, it is important to be sure that the development is on stable financial footing, and that you will be able to command the amount of rental income that you need to cover your monthly outgo – especially given the additional payment of homeowner’s association dues.
Regardless of the type of property that is right for you, being a landlord can be time consuming in terms of maintaining your investments, as well as managing tenants. If you’re seeking a way to still profit from your properties, but without having to spend a great deal of time on your units, then it may be beneficial to partner with a professional property manager.
Doing so can provide you with a long list of advantages, which include rent collection, property repairs, and even keeping track of your income and outgo for each unit. For more information on how you can benefit with a property manager on your side, give us a call today.