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

716 Properties
Page 1 of 60
$1,150,000
Neighborhood: Quarry Springs
3
Beds
2F13/411/2
Baths
1,830
Sq.Ft.
2020
Year Built
2
Days on Site
12303465
MLS
Just Listed...Do not miss your opportunity to be part of one of Park City's most coveted locations, Quarry Springs. Where you will find this beautiful end row, townhome which features an open concept...
Open 9/23
1291 W Black Rock Trl Kamas,  UT 84036
$820,000
Neighborhood: Black Rock Ridge
3
Beds
2
Baths
1,433
Sq.Ft.
2014
Year Built
2
Days on Site
12303466
MLS
Experience the unrivaled beauty of mountain living in this rare, top-floor, corner-view 3-bedroom unit located on a quiet cul-de-sac in arguably the best location in Black Rock Ridge. Whether you're...
Open 9/27
5974 Park Lane S Park City,  UT 84098
$1,145,000
Neighborhood: Newpark Resort Residences
2
Beds
3
Baths
1,345
Sq.Ft.
2005
Year Built
2
Days on Site
12303469
MLS
Impeccably maintained and conveniently located, this Newpark Residences property boasts arguably the best ski run and preserve views within Kimball Junction. On the main level, the open living and...
$1,875,000
Neighborhood: Red Ledges
3
Beds
3F11/2
Baths
2,419
Sq.Ft.
2023
Year Built
2
Days on Site
12303470
MLS
The newest neighborhood at Red Ledges, built by Red Ledges Homebuilding, is the Village Center Cabins. This neighborhood will consist of 17 three bedroom cabins. The cabins are steps away from the...
Open 9/22
1271 Lowell Ave Park City,  UT 84060
$4,295,000
Neighborhood: Kings Crown
2
Beds
2F11/2
Baths
1,950
Sq.Ft.
2021
Year Built
3
Days on Site
12303452
MLS
Welcome to this exquisite 2-bedroom, 2-bathroom luxury condo nestled in the heart of historic Park City. Boasting stunning panoramic views of the charming Park City streets, this property offers the...
$340,000
Neighborhood: Prospector Square Condos
1
Beds
1
Baths
358
Sq.Ft.
1978
Year Built
3
Days on Site
12303454
MLS
Morning sun fills this charming Park City studio updated with beautiful hickory hardwood flooring, reclaimed wood cabinetry, granite countertop, farmhouse sink & Samsung refrigerator in the kitchen,...
Open 9/22
6691 Purple Poppy Ln Park City,  UT 84098
$744,900
Neighborhood: Silver Creek Village
3
Beds
3
Baths
1,310
Sq.Ft.
2023
Year Built
3
Days on Site
12303455
MLS
The Oakmont home-plan fits a whole lifestyle at an amazing price! 9ft ceilings, comfortable kitchen/dining area, 3 bedrooms, 3 bathrooms, hard surface floors, and more! The home isn't the best part...
$3,500,000
Neighborhood: The Ridge At Canyons Village
5
Beds
1F43/4
Baths
2,774
Sq.Ft.
2021
Year Built
4
Days on Site
12303436
MLS
Welcome to 3547 Ridgeline Drive, an exquisite modern mountain townhome nestled in the heart of Canyons Village. With its captivating panoramic vistas and mountain modern vibe this fully furnished...
$1,400,000
Neighborhood: Red Pine
3
Beds
2F23/4
Baths
2,196
Sq.Ft.
1982
Year Built
4
Days on Site
12303449
MLS
At the crossroads of convenience and adventure - this base camp puts you right where you want to be. Skiing the slopes at the Canyons, scenic hikes, or cruising into Old Town, it's all minutes away....
$3,800,000
Neighborhood: Silver Star - Spiro Condominiums
3
Beds
3F11/2
Baths
1,997
Sq.Ft.
2007
Year Built
5
Days on Site
12303426
MLS
Enjoy living in a ski in/out Condominium just step from the Silver Star Express lift. Yes the 3 bedroom single floor condominium has the convenience of living in a community surrounded by Hiking and...
$925,000
Neighborhood: Courchevel
1
Beds
13/411/2
Baths
800
Sq.Ft.
1985
Year Built
8
Days on Site
12303396
MLS
Courchevel is a luxurious mountain getaway steps from world class skiing, biking and year-round adventure! You can walk in your ski boots straight to Snow Park at the base of Deer Valley Mountain...
Open 9/23
360 W Broadway Salt Lake City,  UT 84101
$490,000
Neighborhood: Wasatch Front Ar 58
2
Beds
13/411/2
Baths
756
Sq.Ft.
2011
Year Built
8
Days on Site
12303399
MLS
Don't miss out on this LIVE/WORK condo in downtown Salt Lake City! Located in the Broadway Park Lofts, this well designed, contemporary condo can accommodate business, residents, or both! Design...

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