Are Condos a Good Real Estate Investment?

There are several different types of homes available for purchase in the real estate market. When weighing your options if you’re considering the purchase of a condo you could ask yourself if it is a really good use of your money.

When it comes to analyzing investing in the real estate market a condo has been proven to be a great option for a real estate investor that is looking for minimal upkeep and demand on the property when compared to a single-family home. But while a condo may be less demanding on the landlord side of things for an investor a single-family home might have a better payoff in some markets.

The pros and cons of condos as a real estate investment

Pros

One of the largest benefits of investing in a condo property is that it tends to come with a lower price tag than a single-family home. Another big asset to investing in a condo is there of course are fewer demands on keeping the property in top condition.

A  nice bonus to less upkeep is that condos come with an owners association that handles all of the exterior maintenance of the property. Yes, there is a fee in the form of association dues but this is a cost that you can factor in when purchasing the property. It gives you a better hands-off approach.

One more upside to investing in a condo property is there are often shared amenities such as workout rooms, recreational areas, courtyards,  parks, a community pool, ski-in and ski-out options, and maybe even items like 24-hour concierge or a restaurant depending upon the individual condo community. These can be great incentives to draw in and keep a renter on the property.Are Condos a Good Real Estate Investment

Cons

There are some great benefits to investing in a condo property and renting it out, but there are some things that could be considered as setbacks to make sure you are knowledgeable about before purchasing a specific condo property.

Though the homeowner association can be a big asset when it comes to exterior maintenance, you may run into complications in dealing with board members or you could run into complications with the price of association dues especially if they increase.

If you are hoping to turn the condo into a short-term rental vacation type of property you want to make sure that the particular condo community you plan to invest in allows for these things. Some condos in particular locations have a minimum rental time frame. For some condo buildings, this can be two weeks or it could be 12 months.

Would it be wise to purchase a condo as an investment property in 2022?

As interest rates are remaining very low purchasing investment property could be a promising idea and great use of making your money work for you. Just make sure that before you purchase any investment property you study the local real estate market thoroughly.

This can be done with the help of a local real estate expert that is well-versed in the particular area in which you plan to purchase an investment property. You want to make sure that you weigh all of the pluses and minuses and how they could personally affect your particular investment situation.

In some specific areas, the rental market could be more promising where single-family homes are concerned. There could be more people in a particular geographical region that are looking to rent out a standalone home as opposed to a condo.

For more information on purchasing a condo in Park City and surrounding areas including both single-family properties and condo properties for personal use and investment, please contact us anytime.

 Search all Condos and Townhouses in Park City

652 Properties
Page 1 of 55
$2,450,000
Neighborhood: Chateaux At Silver Lake
2
Beds
2F13/4
Baths
1,379
Sq.Ft.
1999
Year Built
2
Days on Site
12301743
MLS
This 2 bedroom Chateaux at Silver Lake condo is located in Silver Lake Village of Deer Valley Resort, offering easy access to world-class skiing, hiking, and biking trails. As you enter the condo,...
$675,000
Neighborhood: Pine Creek
3
Beds
1F13/4
Baths
1,264
Sq.Ft.
1996
Year Built
2
Days on Site
12301752
MLS
This main level 3 bedroom, 2 bath condo is move in ready! Many updates throughout include new bathrooms, paint, appliances, and more. The home features updated stainless steel appliances, built-ins,...
$4,450,000
Neighborhood: Silver Star - Spiro Condominiums
4
Beds
4F11/2
Baths
2,476
Sq.Ft.
2006
Year Built
2
Days on Site
12301761
MLS
Rare opportunity to own one of the coveted, four-bedroom Silver Star Townhomes! Situated in a private, end-unit location, this townhome lives like a home, barely sharing one wall. South-facing...
$1,395,000
Neighborhood: Klaim
4
Beds
3
Baths
2,701
Sq.Ft.
2023
Year Built
2
Days on Site
12301764
MLS
A rare 4 bedroom floor plan new construction KLAIM was just completed and is now available to a new owner. KLAIM is one of the few developments that allows nightly rentals in Hideout and the sweeping...
$300,000
Neighborhood: Prospector Square Condos
1
Baths
354
Sq.Ft.
1978
Year Built
2
Days on Site
12301763
MLS
Own a legal, nightly rental or an ideal opportunity to own a place for weekend getaways, winter holidays, spring breaks, summer concerts, Arts and Sundance Film Festival. Fully furnished, ground...
$1,640,000
Neighborhood: Blackstone Residences
2
Beds
2F11/2
Baths
1,313
Sq.Ft.
2017
Year Built
2
Days on Site
12301765
MLS
This highly coveted larger floor plan is on the top floor. Its sun drenched Southern mountain views are enhanced by its cathedral ceilings. Adjacent to the 13 Fairway, this beautifully newly...
$535,000
Neighborhood: Muirfield
3
Beds
2F13/4
Baths
1,608
Sq.Ft.
1999
Year Built
3
Days on Site
12301729
MLS
This cute home has one of the best locations in the neighborhood! It backs up to open space and dog park with 180-degree views of the mountains and beautiful horses in the pasture! The large deck is...
Open 6/3
3001 Canyon Links Dr Park City,  UT 84098
$1,299,000
Neighborhood: Canyon Links
4
Beds
3F11/2
Baths
2,835
Sq.Ft.
2007
Year Built
3
Days on Site
12301733
MLS
Wonderful Canyon Links townhome in Jeremy Ranch, ready for new owners. Extremely well maintained and updated 4 bedroom, 3 1/2 bath townhome offering an excellent floor plan plus 2 outdoor areas....
$589,000
Neighborhood: Wasatch Front Ar 58
2
Beds
2
Baths
1,560
Sq.Ft.
1996
Year Built
3
Days on Site
12301735
MLS
This light drenched penthouse blends convenient and stylish condominium living with the space, privacy, and character of a residential home. Walk along tree-lined streets to locally owned businesses,...
$1,429,000
Neighborhood: Klaim
3
Beds
23/411/2
Baths
2,481
Sq.Ft.
2021
Year Built
3
Days on Site
12300644
MLS
Almost new townhome with many added upgrades providing unobstructed views of Jordanelle Reservoir, Deer Valley Resort and the highly anticipated Mayflower Resort. Featuring an expansive layout with...
$895,000
Neighborhood: The Mason
2
Beds
2
Baths
1,155
Sq.Ft.
2024
Year Built
3
Days on Site
12301002
MLS
Discover Park City's newest luxury condominium development - The Mason, affectionately known as The Lodge at Stillwater which will undergo a total renovation and rebrand. The Mason sits on the...
$625,000
Neighborhood: The Mason
1
Beds
1
Baths
803
Sq.Ft.
2024
Year Built
3
Days on Site
12301005
MLS
Discover Park City's newest luxury condominium development - The Mason, affectionately known as The Lodge at Stillwater which will undergo a total renovation and rebrand. The Mason sits on the...

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