This is a great choice, providing investment owners with a passive income and renters with peace of mind because practically everything is taken care of for them.
Most Desirable Features in a Condo Community
Regardless of which category you fall into, you’ll want to look for these features, as they are the most important. Should any of these be lacking or nonexistent, that poses a huge problem to be able to market the unit out to rent and a negative connotation in the minds of renters.
●Furniture in the unit. Furniture is just a necessary creature comfort. Without it, property investors will have a tough go of finding renters as said potential renters won’t relish the prospect of having to buy furnishings. What’s more, having to accommodate the delivery service.
●Comprehensive, professional management. Third-party management services are generally preferable to both owners and renters, because they are typically more responsive, compared to owner-managed properties. This is because third-party management services will be on-call all the time and not gone on lengthy vacations or extended weekends.
●Plenty of resident and guest amenities. One thing, which condos have over single-family properties, is the presence of resort style amenities. Typically, there are on-site recreational facilities such as a swimming pool, tennis courts, barbecue grills, lounge chairs, and much more.
●Competent and active security. Condos, which have a security detail and monitor the grounds 24 hours a day, seven days a week are priceless. It provides a safe living environment and helps to keep insurance rates down.
Another thing to consider is public transportation and access to nearby destinations. For instance, a condo community that’s near but not on or next-to the beach will be a bit less desirable.
Fred Mullins has more than 16 years of cross functional experience in real estate, international asset management and construction management. He has been a part of the management team for several Fortune 100 companies, including AT&T, Visa, FPL and C. B. Richard Ellis. His responsibilities have included real estate / property management portfolios of more than 9 million square ft. and international responsibilities in more than 10 countries.
Fred holds an MBA, B.S., real estate license, mortgage broker’s license, USCG Master Captains license and commercial pilot’s license and is the owner of www.lowerkeys-