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As an entrepreneur, you’ve probably thought about getting into the rental business at some point. With the growing population of big cities, the demand for housing has increased, resulting in greater profitability for property owners.
When it comes to real estate in the rental property business, you have several investment options such as houses, apartments and condominiums. While there are pros and cons to owning each, the latter is one of the best choices.
One of your biggest challenges in the rental property business will be the high investment costs. And if you’re new to the business, it’s a good idea to lower your risk until you gain more experience. Condos tend to be less expensive than houses and therefore offer a lower barrier to entry. You can also diversify your income by buying multiple condos.
They are also an attractive investment because of their lower maintenance costs. As a rental property owner, you may be responsible for regular maintenance, repairs and seasonal upkeep. The cost of this can be significantly higher for a home, especially if it is in an area with extreme weather conditions. For example, if a storm damages your roof, you’re left with a huge bill that eats away at your revenue.
On the other hand, your condominium will have fewer seasonal maintenance costs. A condominium is also usually more resilient to extreme weather conditions. Additionally, your condo fees should cover many common expenses. Investing in condominiums not only saves you money but also time. This additional resource can be used to improve your rental property business.
Finding a housing management company that you can trust will only help you save more time and money in the rental business. A good housing management company will improve your efficiency in the following ways:
- They will maximize your market reach by promoting your rental property on multiple channels after noting details of your listing and taking quality photos
- Through extensive research, they can help you find the ideal rental price so you don’t lose out on income
- They manage property viewings
- With their expertise and resources, they match you with a reliable renter who has passed credit and reference checks
- They will offer digital signing of leases for the convenience of all parties
Condominiums are also an attractive investment because they are in demand. Because many modern homes are located in busy neighborhoods near schools, parks, public transportation, restaurants, and other businesses, they rank higher on the walkability scale than suburban homes.
Renters also like living in condos because they offer many amenities. Aside from a washer, dryer, dishwasher, and central air conditioning and heating, many condos have gyms, swimming pools, and other recreational amenities.
Newer condos are also being built using the latest design language. They feature modern architecture and stylish amenities that make them appealing to their largest demographic: millennial renters. These are some of the reasons why condos are a great investment in the rental property business. They are cheaper to buy, less hassle to maintain and in demand.
