The real estate market can be extremely competitive, but if you know how to steer yourself right and secure a nice condo investment, then you could be pretty much set for life. In looking for a condo unit to invest in though, consider some important details, including those discussed below.
Tagging the location of your investment condo draws on a number of factors you must prepare for, especially if the seller’s not budging much on the final price of the unit. Get a market analysis of the area. If the condo is in an underdeveloped neighborhood, any future developments will affect its value, like a commercial project about to be built close by.
Investing in a condo to be rented out does require some finesse and a lot of research. You and your agent will have to figure out the estimated rental fees for the unit, plus your own expenses for it, such as the costs for marketing, insurance, property taxes, remodeling needs, and maintenance work. The latter holds true even if you require potential renters to take care of the place like it was their own. In that respect, you should also be prepared to pay for eviction proceedings should you come across tenants that are out of line.