Home Buying in Chicago>Question Details

Jan, Home Buyer in Kansas

House or Condo for investment?

Asked by Jan, Kansas Sat Apr 18, 2009

Hi,

I am a foreign investor and I am going to purchase an investment property. Since I will spend most of the time in Europe, I will use some Rental agent to do all the renting and maintenance for me.
However still, I am thinking if it would be better and cheaper for me to choose Condo for investment or rather single family house.

Thanks for your opinions

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BEST ANSWER
Hi Jan,
I own several Townhouses and 1 home as rental properties. The advantage of the condos or townhouses is that everything is taken care of for you on the outside. With a home you will need to do all the outside upkeep.

My preference has been townhouses beacuse of this reason. The down part is that you have to pay the association fees and possibly any special assessments that may or may not pop up.

Careful with rental agents, they tend to hire companies that give them kick back referal fees and sometimes don't have your best interest as an absentee property owner. Check aorund the area that you plan on buying in and interview 2-3 management companies. Ask them for referances and call them.

Good LUck!
0 votes Thank Flag Link Sat Apr 18, 2009
Jan,
A townhouse is pretty much like a condo other than it will have an attached garage to it. Other than that it's for the most part like a condo where the association covers everthing outside including the roof.

Carl
0 votes Thank Flag Link Sun Apr 19, 2009
Hi Carl,

thanks for the quick answer. I understand your point and it makes sense. The only thing I am not sure about is the "Townhouse".
I thought when you own the whole townhouse with few appartments, you still need to take care of the outside and whole house (like roofs, fences, garden,..). Am I wrong?

Thanks for the tip about Rental agents as well. I will check their references for sure.
0 votes Thank Flag Link Sun Apr 19, 2009
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