Homebuyers: The Pros and Cons of Investing in Condos
Homebuyers: The Pros and Cons of Investing in Condos
Abstract
More affordable than single-family homes Condos generally have a lower price tag than single-family homes, though obviously there are exceptions. Amenities galore Every condo community is different, but many condos come with amenities. Some often mirror the amenities condos have had for decades, but those HOA fees can be very high. As long as your HOA allows it, you're free to rent your condo out on either a short- or long-term basis. Buying a condo does come with the prerequisite of an HOA and HOA fees. HOA certificate Lenders require you to purchase an HOA Certification that provides information on the development when you buy a condo. If you have an FHA or VA loan, these organizations must approve the condo's development and HOA. You can contact APM anytime to find out if your development is approved by the FHA or VA, or even request to get them approved if they're not already.