There are plenty of options for you to consider when choosing your next investment. Some investment vehicles are riskier than others, some have a higher rate of return, and some cost more or require more money upfront.
It’s important that you choose an investment that fits your needs, time horizon, risk level, and budget. You may want to strongly consider an Ormond Beach, Florida, vacation rental for your next investment.
Investing in an Ormond Beach Condo
Condos are popular to live in, but that isn’t the only reason to invest in them. Several factors make them especially attractive to real estate investment beginners.
When it’s done right, investing in an Ormond Beach condo can yield incredible returns with relatively few management complications. As is the case with any investment, the specific outcome will depend on a variety of factors.
The Benefits of Investing in a Condo
Investing in an Ormond Beach condo has much potential as a lucrative investment vehicle. Some of the top reasons why you should consider a condo for your next investment include:
- Condos are consistently in high demand
- Buying new means there are fewer repairs than with single-family homes
- Smaller living spaces are particularly popular
- Resale demand for condos is high
- They are typically less expensive than single-family homes
- Condo owners pay condo fees for maintenance or upkeep
- Condos offer several attractive features and amenities that attract renters
The lower cost of condos compared to single-family homes lowers the barrier to entry, while the high resale demand gives you an excellent exit strategy if you decide to sell later.
The fees paid by condo owners can significantly reduce your own expenses and simplify the process of paying for repairs and maintenance. Furthermore, the interests of condo investors are looked after by an elected condo board or HOA, which also helps with the day-to-day management of your investment.
In addition, if you are considering investing in a new development condo, you should know that these typically have low mortgage deposit requirements and a generous deposit nature. This means you likely won’t have to put 20-40% down to complete the sale.
Add all of these reasons to the fact that the value of most condos appreciates over time, and you have a strong argument in favor of your next investment being a condo in Ormond Beach.