5 ways to help first time condo buyers

Investing in a condominium can be the first step in a successful career as a property investor. A condo can easily be used as a source of income by renting the property out in a residential setting or as a vacation property. Buying a condominium property can provide a steady stream of income, especially if you invest in multiple condos. But how do you get started? Below are a few key tips to purchasing your first condo and how to be successful as a new landlord.

Budgeting
The first aspect to consider is budget. You have to determine how much you can afford to spend. Consider your current income and how much of a payment you could afford without renters. You must consider the initial purchase price of a condo, how much money you may need as a down payment as well as how much and when the first mortgage payments will begin. Be sure you have enough money to cover your initial investment as you will have to find renters before you start seeing the rental income coming in.

Once you know the amount in which you wish to spend, consider properties at that level and below. Consult with a real estate company to find properties that meet your price point. Learn how much you could charge in monthly rent or weekly/daily as a vacation property. You may find that you can easily afford a higher priced condo based on the amount you could charge in rental fees.

Location
The location of a condo is very important to your bottom line. If you are looking to invest in a residential property, you want to appeal to families or young couples. Find a property near schools or shopping areas for convenience. Also be sure to be located in a friendly neighborhood that is up and coming or sought out by renters. For vacation properties, you need to be located in the heart of the action, near vacation hot spots, restaurants and shopping.

Know Your Credit
It is also important to know your credit score. You want to be able to secure quality financing for your property investment. If you have a good credit score, then you can secure a quality loan, which means more of your monthly mortgage payment will go towards paying off the loan. If you are able to earn a higher monthly rent payment than your mortgage, then you can pay off your loan much quicker than anticipated, which only helps you to be more successful with your investment.

Experienced Real Estate Companies
When you search for property, consult only experienced real estate companies. Work with individuals who know the area and can help you find the right residential property for your investment needs. Waste no time finding the perfect property for your next investment.

Real Estate Management Companies
To ensure your new investment is a success, it is recommended that you work with residential property management companies. Management services will ensure that your property will be well taken care of as well as any tenant problems or concerns handled. A team of individuals will be in charge of handling the day to day operations of your property which provides you with more time to focus on your business.

At Latitude Properties, we can provide you with quality property management service options. We work hard for you so that your properties will be successful, earning you a profit each and every month. Contact our office today to learn more about our property management service options.

Speak Your Mind

*