There are a few factors that I have seen which are overlooked when condos are purchased. These points will help any condo investor make an informed decision about a property to purchase and will help you to maximize revenue from your condo purchase.
- Ask for a copy of the sublease application and look at the fees that will need to be paid. Some condos can be as low as $300, while others can be over $2000. With really high fees, it is very likely the owner will have to pick up some of the fees to find a new tenant.
- Some management companies can be more difficult than others. A real estate professional can inform you about the reputation of the management company.
- Some buildings can take a few weeks to a month to issue a waiver of first refusal while other buildings will waive this right away. A building that makes a decision faster will save you money in the long run.
- Pay close attention to attributes that renters place as a priority. Closet space, dishwasher, washer/dryer in unit.
- When deciding between neighborhoods place a priority on better neighborhoods. For example, a two bedroom condo to purchase maybe similarly priced between Upper East Side and Midtown but the Upper East Side will feature more demand than a similar listing in Midtown.