Buying a condominium or a townhome can be a great way to start investing in real estate. The cost is relatively low compared to purchasing a single family home, and many of the neighborhoods where condos and townhomes are located have a variety of amenities, from pools and spas to fitness centers and tennis courts.
Amenities will often enhance a property’s appeal to potential renters. Of course they can also increase a property’s resale value, but what gave me pause as I spoke with a client recently was the idea that amenities can also reduce a property’s value if they are in bad condition.
This leads to a larger idea – that many issues are specific to purchasing a condominium or townhome. To help others achieve their goals, whether buying a condo as an investment or a primary residence, I wanted to share five things to consider before making a purchase:
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