What are the advantages and disadvantages of owning a condo unit as investment property vs. a single family house? …Specifically if your goal is to rent it and eventually sell it…
These are the main (very generalized) points I’ve found, in terms of pros and cons:
Pros to House:
– It’s what everyone wants, which means:
– 25% higher rents
– better chance of appreciation
Pros to Condo:
– less maintenance worry
– better locations for lower price
– less crime worry
(the following cons are implied in the pros)
Cons to House:
– more maintenance
– less desirable locations for same money
Cons to Condo:
– they’re apartments, not houses, which means:
– shared walls
– shared backyard, pools, common area
– less than aesthetically pleasing high rises
– dealing with housing association (which can sometimes mean fewer issues to worry about personally)
In conclusion, if your goal is to flip in ten years, a house might be your best bet. If you want a cash-producing property now with little hassle, condos are safer if you know the rents.