New York investment property our investor clients buy are divided into condos (residential) and buildings (commercial or residential).
Residential condos are popular especially amongst international / overseas buyers because of the simplicity of ownership. Condo ownership requires minimal maintenance as the monthly common charges paid basically covers the required maintenance activities. A tenant or renter who has issues while staying at a condo can easily call the building staff to fix the issue at hand, eg leaky toilet or ineffective heater. Comparatively, if an investor owns a building, the investor needs to address issues like the roof, boiler, heater etc that may need repair.
Obviously there are advantages and disadvantages of owning a condo unit vs a building. Here is a rough breakdown:
Upside - ease of ownership, simple to understand
Downside - lower rate of return
Upside - higher rate of return
Downside - more management intensive, higher cost of entry
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View New York investment properties at Castle Avenue Partners. We specialize in international and overseas clients interested in New York investment property.
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