If you’ve been contemplating the purchase of a (or another) rental property in Orlando, you might be wondering whether a single family house or condo will be your better money-maker. The good news is that either answer could be right – depending on what you’re looking for in an investment.
For instance, condominiums are typically considered low maintenance. In most cases, the exterior work – such as yard care, deck and patio work, and tree trimming – is typically taken care of by the homeowner’s association. So, that alone can alleviate you from having to do (or hire someone else to do) these tasks.
But there is a tradeoff here, because most condos will also require a monthly (or yearly) association fee. Plus, if any costly work needs to be done (such as replacing the roof), you could get dinged with an additional assessment fee.
With that in mind, if you are leaning towards the purchase of a condo, larger, well-managed complexes will typically be your best option, as assessment costs can oftentimes be lower for each individual unit owner.
On the other hand, a single family house can also have advantages and drawbacks. While this type of property will typically offer more appreciation potential, any of the work that needs to be done – along with the associated costs – are up to the owner.
There are also fewer rules that need to be followed with single family homes. As an example, some condominium complexes require that residents use specific storm doors, garage doors, and windows, so that all of the units match one another. So, single family residences can provide much more freedom in terms of décor.
Regardless of the type of rental property you own, house or condo, investment real estate can be a time consuming endeavor. But it doesn’t have to be. In fact, by working with an experienced property manager, you can take back control of your time, while continuing to receive monthly rent checks from tenants.
Want to learn more about how partnering with a property management team can benefit you? Just give us a call and let’s talk!