If you are looking for a lucrative way to invest money that will yield an undeniable return, real estate investment in a condo is one excellent choice, especially if you plan to rent out the property. While investing in rental property can be great, as a new real estate investor, the feat of investing in a condo can be trying to say the least. There are so many possibilities for error peppered into the process that you truly have to be careful when choosing the right place. The last thing you want is to end up with a condo that no one wants or sees as a desirable place to live. Here are a few of the top features you should be looking for in a profitable rental condo.
The condominium is well kept on the outside.
One of the reasons investing in a condo is ideal for new real estate investors is because you have a property that is maintained by a condo association around the exterior of the property. This means that while you may be responsible for upgrades and changes inside, the exterior of the property will not be of any concern. However, not all condominium associations are created equal. Some do a better job of exterior property maintenance than others. If you plan to buy a condo for rental purposes, you should make sure the exterior of the property is obviously well maintained, as this will be an attraction for potential tenants.
The condo is reasonably priced.
If you invest in a condo for rental purposes, pricing is a huge thing to be conscious of right from the start. You can't pay such a steep amount for a condo that you would have to ask for a rental price much higher than the rest of the condos in the area just to cover your costs. If the condo is expensive in comparison to surrounding units, potential tenants will likely go a different route unless there is something particularly impressive about the condo you have for rent, such as extra amenities or more space.
The condo is in a desirable location.
In real estate, there is a major reason why you hear about location more than anything else. You cannot pick up a luxury condo in the middle of a desolate area and expect it to be desirable for potential renters. Stick with condos that are in close proximity to logical local attractions, whether it is a university or downtown district, and you will have a much easier time keeping the unit rented.