Buying New York City condos for sale as an investment is not the same as buying one as a home. You still need to think about location, neighborhood, and services, but you must also consider things such as taxes, equity growth, rental income, condo association rules, and more. Once these problems are solved, though, condos have a lot of benefits over other types of real estate purchases.
Rental Income
Buying a condo at 35 Hudson Yards as an investment can be a great way to get a steady rental income. Regarding rental demand, there are many things to consider, from the state of the property to where it is and how much it costs to rent.
Investing in a condo makes the process easier by focusing on certain groups and locations. For example, certain areas and buildings are more likely to attract people of a certain age and wealth range. This lets you focus your marketing efforts and speed up the rental process.
Build Equity
How much equity you can build when you purchase New York City condos for sale depends on location. Some towns and neighborhoods grow much faster than others. Before investing, it’s important to look at market trends such as past growth rates, time on the market, auction clearing rates, and anything else that can help you understand supply and demand.
Recent growth rates can help you predict future growth, but in the condo market, it’s especially important to be aware of an oversupply.
