So, you’ve decided to buy an apartment building. As an investment and a living space, an apartment building can be both a profitable venture and a great place to live. You can take the top floor and rent out lower floors at various prices, turning your home – which some may consider a liability – into an amazing asset.
While the upkeep of an apartment doesn’t make it an entirely passive form of income, it is a fairly good investment to make nonetheless. However, it can be a steep one as well. Whereas houses and condominiums are bought for a single family, an apartment building is always purchased with its qualities as a rentable space in mind. If you’re simply buying a single unit within an apartment building, then you are, in truth, buying a condominium.
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What sets apartments apart from condominiums is that condos are owned collectively by each unit owner, and thus spread around the cost of maintenance and upkeep. An apartment has one owner, which can be more profitable, but also more risky. If you’re up for it, however, you can find the apartment you’re looking for in just six simple steps.