In case you have not been paying a lot of attention to the real estate market lately, there are some changes afoot. The huge press on homes that has dominated the industry for several years has definitely cooled off and as a result there is a dramatic turn happening from seller's to buyer's market. However one thing that has not changed is this country's love affair with condos. New developments are still going up everywhere and most developments are selling out in the pre-construction phase. Now, many of these purchases are simply real estate prospecting and will be immediately listed upon completion of the building but those that are doing this know that there is great money to made in the condo sector.
Many are also getting their hands on condos before completion with the idea of renting the units once they are finished. This is a great way to build equity and assure yourself of a nice income once the project is done. One thing that any investor should keep in mind are the proposed regulations and rules for the new condo building. Some buildings will have restrictions on whether or not rentals are permitted and some will have a certain percentage of units that are available for rentals. If you are an owner that gets in on the ground level then you should be at the front of the line when the HOA is formed and should be able to have a say in how the rules are laid out.
One real security in this vein of investing is the fact that in most major cities there is a real need and growth market for clean, quality residences. If the complex is centrally located then all the better. Condos really lend themselves well to the rental market as many have great assets that come as additional bonuses to owners/renters. There is also the fact that typically, condo will be directed towards a higher class of renter as a new condo will fetch a fairly high monthly rate. You can easily target your property to young professionals and families that are looking for a real quality home and are not hesitant to pay an increased rent for the higher quality homes. Condos are just a fantastic investment whether you are looking for a home for yourself or for a rental property. with the reduced maintenance that condos require they are simply ideal.
Michael Peterson is a representative of NationalRentalProperties.com. The one-stop site for locating rental properties across the nation. Contact us anytime or visit us online at www.nationalrentalproperties.com
