Are Condominiums a Good Investment or a Bad One?

For anyone who is considering purchasing there own home you probably have been trying to decide which home is best for you and your family. Many people have found that condominiums are a lot cheaper to purchase no matter where you live. What many people are not sure of is whether or not condominiums are really worth the money.

A condominium is basically an apartment. The only difference is that you own it. The good thing sis that you will still be able to get the tax deductions that you want. You will also not have to worry about the maintenance with condominiums because you will usually have to pay an additional monthly society fee that covers this part. One downside that many people don’t think of is that there are a lot of rules and restrictions when it comes to owning a condominium. For some condominiums the society will not permit pets, and even have restrictions on how many visitors you can have an outside barbecues. You also could not make any changes to the outside of your condominium or repairs if needed. You will usually have to contact someone to have this done and it will be to there specifications not yours. Many have also found that condominiums are not well suited for people with families or who plan on having one. For one thing the rooms in condominiums tend to be much smaller than those of houses, and you will have to share the hallways and outside areas with other people.

Still a condominium can be a good investment if you plan on using it as a rental unit to make yourself a little profit. Many people buy condominiums and then rent them out. They then use the money from the condominium to cover their rent or mortgage. Owning a condominium is really a good way to help you save for your dream home. You can use the rent money from the condo to pay a portion of your bills, if you are still renting, and then you will be able to put more money in the bank. Obviously if you are planning on using the condominium solely for renting that it would be a good investment. As far as living in a condo you may want to read all of the association rules and regulations before your purchase, as well as decide on how large or how small your family will be. Of course there is nothing wrong with buying a condo in order to save money if that is whets best for you and your family.

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