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Updated over 6 years ago,
investing in condos vs single family - repairs cost
hey
not sure if this is the right subforum, excuse me if it's the wrong one.
i'm thinking about investing in a rental property, long term rentals. i'm having troubles deciding what is the best option, a condo or a single family house.
a few relevant details
- i will be buying the property 100%
- i will hire a property management company. worth mentioning also that i am not living in the us.
- just to give a sense of what kind of property i'm talking about, let's say the current plan is a 100k property in orlando fl.
from what i understand, to pros of owning a condo is that most of the outside repairs are being taken care by the hoa, which means less troubles, downside is of course it will cost me 200-300$ a month (rough estimate, looking at the properties i checked so far) and from what i understand condos appreciation tend to go up less in time.
so my questions boils down to the difference in repairs cost:
- usually the rule i hear about allocating money to repairs is 1% of the house values. is that value the same for both condos and single family? shouldn't it be lower for condos because some repairs are being done by the hoa?
- what kind of repairs are not being done by the hoa?