Buying a property on a single income is something that can work out well, but one change in your income or job can cause financial instability. If you are determined to buy a condo, you can still do so with confidence when you set yourself up to minimize your financial risk. This means that you will want to prioritize condos with qualities that make them affordable to own.
An important detail to analyze is how much you will have to pay for condo insurance. For instance, one condo community may have exceptional prices on their units, but they may be in a flood zone, which means your insurance premiums will be higher than other properties. You should be able to get basic insurance quotes for individual units by researching providers online.
The great thing about analyzing condo insurance is that you can do most of it online, which means you can get an estimate on your premiums before showing further interest in any property.
Although you may not intend on moving out of the condo, you may find yourself in a situation where renting out the condo and moving into a smaller place is a viable option. This may allow you to reduce your monthly expenses and cover all the condo costs from the rent alone. After repairing your financial situation, you can stop renting it out and move back in again.
A one-bedroom condo can bring in a decent rental rate, but you will have more profit potential by prioritizing two or three-bedroom condos because they can house more people.
Going for a studio or one-bedroom condo means that you will not have a spare bedroom. But, buying a two-bedroom or three-bedroom condo makes it possible to get a roommate. This kind of supplemental income may be all that you need to get ahead on your mortgage payments.
If you want to maximize affordability, you should look for condos with minimal HOA fees. Even though you may love the idea of living in a condo with a pool, hot tub, gym, and tennis courts, you should prioritize condo communities with low HOA fees to avoid financial stress. You always have the option to sell the condo and buy in a community with more to offer after building equity.
When you are working with a single income and are looking for real estate for sale, you should not hesitate to look for ways to maximize affordability with buying a condo to have a positive shopping, buying, and ownership experience.Share
26 April 2018
I have always been someone who is passionate about making the world around me more beautiful, which is probably why I was drawn to real estate initially. I really wanted to create a place where me and my family could spend a lot of time together in a peaceful, relaxing place, so I started looking for places in my area that were fit for the job. Within a few months, I was able to find an incredible property that was within my price range, so I purchased it as soon as possible. This blog is all about choosing beautiful real estate.