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

171 Properties
Page 1 of 15
$800,000
Neighborhood: Empire Coalition
2
Beds
2
Baths
899
Sq.Ft.
1982
Year Built
2
Days on Site
12201967
MLS
*Ready to own in one of the most convenient locations in town? Look no further. Equipped for immediate owner or renter use, this adorable corner unit, Old Town condo provides the perfect opportunity...
$1,075,000
Neighborhood: Brook Hollow Village
3
Beds
2
Baths
1,678
Sq.Ft.
1996
Year Built
2
Days on Site
12201970
MLS
Beautiful free-standing townhome in coveted Brook Hollow neighborhood. This home is steps from hiking and biking trails, acres & acres of soccer fields at Ecker Hill Middle School, shopping, dining,...
$729,000
Neighborhood: Pine Creek
3
Beds
2
Baths
1,264
Sq.Ft.
1996
Year Built
2
Days on Site
12201971
MLS
This 3-bed/2 bath condo has charm, character, and a garage! Nine-foot high ceilings and large windows on all sides let in the natural light from theeast, south, and west. Aspen trees and green spaces...
Open 5/26
14054 N Council Fire Trl Kamas, UT 84036
$750,000
Neighborhood: Black Rock Ridge
2
Beds
2
Baths
1,283
Sq.Ft.
2007
Year Built
3
Days on Site
12201955
MLS
Location, convenience, trails and a car and toy lovers delight. Have you ever dreamed of a condo with a huge garage? You know you have. This stellar pad has what you want to make your Park City area...
$1,070,000
Neighborhood: Greyhawk
2
Beds
2F11/2
Baths
1,285
Sq.Ft.
1997
Year Built
3
Days on Site
12201959
MLS
Looking for a great central location with easy access to Deer Valley, Park City and all the fun in Old Town? Check out this well maintained, updated. 2 bedroom, 2 1/2 bath condo at Greyhawk. The free...
$1,190,000
Neighborhood: Sundial Lodge
2
Beds
2
Baths
866
Sq.Ft.
1999
Year Built
4
Days on Site
12201918
MLS
Take advantage of this rare opportunity for a ski-in/out Canyons Resort Residence w/ski run views & heated pool in your back yard. Summer will find you enjoying the activities (Golfing, Hiking, &...
$930,900
Neighborhood: Silver Creek Village
3
Beds
3
Baths
1,421
Sq.Ft.
2022
Year Built
4
Days on Site
12201924
MLS
Amazing townhomes in Park City's latest master planned community Silver Creek. The Halstead home-plan allows you to get a great home at an affordable price! Home features include 2 car tandem garage,...
$1,017,900
Neighborhood: Silver Creek Village
3
Beds
4
Baths
1,772
Sq.Ft.
2022
Year Built
4
Days on Site
12201925
MLS
Amazing townhomes in Park City's latest master planned community Silver Creek. The Woodbury home-plan allows you to check off all the boxes on your new home! large garage, flex room,9ft ceilings,...
$1,200,000
Neighborhood: Black Rock Luxury Condos
2
Beds
2
Baths
1,269
Sq.Ft.
2021
Year Built
4
Days on Site
12201927
MLS
Black Rock Luxury Condominiums is perfectly located within minutes from Park City, 4 world class ski resorts, including the new Jordanelle Expressway and an easy commute to the Salt Lake City...
$750,000
Neighborhood: Crestview Condos
2
Beds
2F11/2
Baths
1,492
Sq.Ft.
2001
Year Built
4
Days on Site
12201930
MLS
This 2-bedroom + loft sleeps 8 and lives like a 3-bedroom. It is one of Park City's hottest finds. The top floor, corner penthouse location has views on two sides, with ski run views to the south...
$5,950,000
Neighborhood: Apex Residences
4
Beds
2F23/411/2
Baths
2,753
Sq.Ft.
2019
Year Built
4
Days on Site
12201931
MLS
If you're seeking a luxurious ski-mountain getaway, then look no further. Apex Residence fuses modern architecture and sophisticated alpine charm while embracing the natural surroundings. Situated at...
$429,800
Neighborhood: Pointe At Wolf Creek
1
Beds
1
Baths
800
Sq.Ft.
2022
Year Built
7
Days on Site
12201863
MLS
Enjoy mountain living at its finest in the latest residence collection at Wolf Creek Resort. Luxury condominiums nestled back along the Wolf Creek golf course on the 10th and 11th fairway in the...

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