by John Imamura

Created on: November 07, 2009   Last Updated: November 18, 2009

Condos are great investments, but they are not for everyone. Just like any investment you make in real estate, it all depends on three major factors; location, price, and condition. Consider these factors before buying real estate. Every property you purchase is virtually an investment. Condos offer convenience, There are no outside maintenance, and they usually located near major commuting routes or public transportation, these type of condos are the best investments.Other condos may be in the heart of a city and offer the experience of being right in the middle of things.The only drawback in owning a condo is the condo fee, which can typically run from $200 to $500+ a month. When buying a condo, know the costs, study the market history, and look for bargains, like foreclosures and short sales especially if you are an investor because you can find deals in desirable locations which can bring you positive rental income.

Also, there are many types of condos. There are high-rise type condos, mid-rise condos,garden style condos ,and even townhouse styles condos.Each type of condo offers a different type of living experience. Some people like the comfort's of no maintenance, and condos offer a form of real estate ownership with the comfort of different amenities paid for in a condo fee. Some condo fees include trash removal, snow removal, water, master insurance policies, lawn maintenance, pool and community center access,even cable and basic telephone service to name a few. It is important to find a condo that offers the most amenities for the best price. The more it can appeal to people the better the investment will be. For example, having underground parking, a exercise center,and a washer and dryer in the unit with the condo located in a city will appeal to a lot more people then a condo that has unassigned parking, no exercise center, and a community laundry room.

Another factor in determining how good an investment a condo will be in the actual condo floor-plan itself. Two bedrooms and two full bath condos will have great advantage in appealing to renters. The number of assigned parking spaces are important as well. Just like any real estate investment, the more upgraded the property is, the more desirable it will be to prospective buyers or renters. Generally condos are smaller then single houses so the cost are going to be lower to upgrade. Upgrades like granite counter tops, stainless steel appliances and hardwood floors go a long way in making for a good investment. Even simple things like upgraded light fixtures and crown molding will enhance your investment.

First, it's important to find a condo in a location where you know your market, your costs, and amenities. If you balance these three things to appeal to the most people then you should have no problem selling your condo or renting it out. The easiest way to find a condo that has great potential for investments to contact a real estate professional that has experience in selling condos to investors.

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