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I've thought so but I just want to make sure if anyone here think the same. I figured a condo is for convenience and can be put for rent easier than a house and can also be put on airbnb for temporary stays. Is it also easy to put it as a timeshare as well (if timeshares are still selling)?
We have townhouses in HOAs, We have no issues renting them over my SFH. They seem to rent just as fast. And in fact they are easier to deal with as the HOA rules are worked into the lease agreement. Exterior maintenance is taken care of so my interior stuff is usually plumbing maybe some electrical
I owned a condo that I briefly rented out. Had no problems filling it. The HOA allowed 1yr leases, and that's what I did.
As an owner of a condo and SFH......condos are MUCH easier to maintain as well. I didn't have to do a thing to the place, and rented it to people who took better care of it than I did when I lived there.
Typically one does not have to pay much attention to a condo when it is vacant as the association does all exterior upkeep whereas in a standalone home it must be maintained even when vacant.
If condos are the "norm" {say a beach front area}, then you should have no trouble renting it, IF, as pointed out, the HOA or Condo Association allow it.
If, however, houses are the norm and there's only a few condos, people might not want to rent what to them may just be "another apartment" if they are looking for a house.
It's really up to the market you are in.
The difference, as pointed out, is that a condo will have less maintenance for you to deal with, depending on how the condo's rules are structured. Keep in mind, that just like a house, though, if the exterior needs painting, a new elevator needs to go in or the overall roof needs redoing, there may be a sudden "Condo association mandated fee" demand that you will have to pay, just like on a house. Be aware and be sure any current or recent upcoming mandated fees are paid by the seller if there is one coming up, sometimes people offload the condo instead of paying a high maintenance/improvement fee. Those fees, especially for things like elevators can run several thousand dollars.
If condos are the "norm" {say a beach front area}, then you should have no trouble renting it, IF, as pointed out, the HOA or Condo Association allow it.
Exactly. Our first condo was at the beach, and it was easy to get renters. The challenge was the HOA only allowed 10% of the units to have renters, and the people who were lucky enough to score a rental in our complex never wanted to move out. So a new homeowner would have no chance of ever being allowed to rent his out.
One difference between SFH's and condo's when it comes to rentals is location. One can buy and rent-out a beachfront condo -- for significantly less than a comparably sized SFH.
Many talk about high HOA fees, but, there typically isn't that much difference between condo HOA fees and SFH expenses. This is particularly true if one must additionally pay a property management company to deal with SFH problems, maintenance and issues ... (or otherwise, personally deal with these things!)
Overall, I've generally found condo-rentals much easier to deal with than SFH rentals.
I've read of some that bought condos meant to be rented out and are now selling it off with a steady tenant living in it. So it's more of an ownership change/landlord change for the tenant.
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