There are a number of great ways you can build or start a real estate portfolio in Houston, Texas. Buying a condo or townhouse in Texas is one of them. And today, we will be offering you a couple of reasons why, what investing in these properties mean, and more importantly, what to look for.
Compared to a typical family Houston home, you can pick up a townhouse or condo in Texas for a much lower price. This is definitely an affordable and easy way to start a real estate portfolio or build an existing one. Over the years, We have seen several first-time property buyers invest in townhouses and condos as a way to build equity, while avoiding the demands of a typical family residence.
The demand is high. As a matter of fact, if you talk to someone who already has a townhouse or condo in Houston, Texas, they’ll tell you such properties are often desired by buyers and renters alike. The demand for a single-family Houston home will be lower than that of a condo or townhouse due to the fact that the latter is considered more affordable and has many amenities. The spas, the kids’ playing area, tennis court, pools, and maintenance-free landscaping are examples of the wonderful amenities that usually attract investors and renters to the property.
You won’t have to struggle much or keep worrying about the maintenance if you have a townhouse or condo in Houston, Texas. They normally require less maintenance from the owner compared to a single-family home. Also, if you won a condominium in Houston, Texas, the maintenance and landscaping of all shared areas are often included in the HOA fees. The association will always be responsible for issues dealing with the exterior, and hence letting you off the hook for problems such as damage to the roof, painting, etc.
Some of the things that you need to watch out for:
Imposing HOA’s – people always say that living in a managed community is like living at someone else’s mercy. It’s really difficult to change the color of your unit, knock down walls, or rip out bushes. To cut a long story short, you might have to deal with strict rules that some tenants find exhausting.
Problem causing tenants – remember, you’ll be renting out the property to people that you don’t really know. So you’ll have to be thorough while screening so as to avoid working with people who are always out to bother the community.
Disagreements among neighbors – you’ll be living in very close proximity with your neighbors. That means that if you’re the kind of person who holds grudges for long, you’ll have to see them every single day for as long as you live there.