Condominiums vs Homes - What's The Right Investment for You?

Brent Khusid • Jul 31, 2023

What is a better investment, a condominium or a house?

The answer depends on how much risk you are willing to put into your investment and how much of a reward you are looking to get out of that investment. This article will go over a ton of the pros and cons for each as a rental property and then finish of by comparing the both of them to hopefully help you get all the information you need for your decision!

Condominium

A condominium (also called a "condo") is a large property complex comprised of individual units, and each unit is owned separately. Ownership usually includes a nonexclusive interest in certain "community property" controlled by the condominium management.

Condominium management is usually made up of a board of unit owners who oversees the daily operation of the complex, such as lawn maintenance, snow removal, and building updates. Below we will explain what we have personally seen as pros and cons for using a condo as a rental property.

Pros Cons

Amenities Condo Fees

Security Harder to Show The Property

In-House Maintenance Potentially Longer Wait Times

Equity Land Ownership

Well Maintained Community Rules

Parking Parking Fees

Lower Upfront Cost Higher Monthly Cost

Able to Make In-Unit Improvements Can't Alter Shared Space

Single-Family Home

Owners of single-family homes purchase the home structure and the land it sits on, while condo owners own just the unit they live in, not the larger building or the land on which it's built. Pictured above is a row-style single family home but a conventional stand-alone house can also be considered a single-family home.

Pros Cons

Fully Owned Fully Responsible

More Space More Maintenance

Worth More Costs More

Can alter the building/lot Liable for building/lot

No Additional Monthly Fees No amenities

Less Rules and Regulations Lower chance of Enforcing Complaints

Less Security Easier to Show the Property

Summary

Choosing between a condo and a house should be based of what works best for you at the time. As yourself questions such as: Will I live there before I rent it out? Will I want to sell it one day? How much am I willing to put down to buy a property? How much liability do I want to take on?

From our standpoint a house is definitely a more profitable investment in the long-run because if you are able to pay off the mortgage you won't have to worry about monthly fees aside from utilities, meanwhile, for a condo you will always have some type of monthly fee that is subject to increase every year. However, if you care more about limiting the amount of responsibility and liability you undertake a condo offers more security since you only have to worry about the maintenance inside the unit. If you have more questions or are looking to start or continue your investment journey, don't hesitate to reach out to us to see what the best fit is for you!

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Weatherizing Your Home For The Summer

By Brent Khusid • 30 Apr, 2024

Weatherizing Your Property for a Cool Summer: Tips for Northern Homeowners As the warmth of summer approaches, it’s time for Northern homeowners to prepare their properties for the seasonal shift. While most people associate weatherizing with winter, it’s equally important to ensure your home stays comfortable and energy-efficient during the hot summer months. From sealing air leaks to optimizing insulation, here are some essential tips for weatherizing your property in the North for a cool and pleasant summer. Seal Air Leaks: Air leaks not only let cool air escape but also allow warm, humid air to enter your home, making your cooling system work harder. Inspect windows, doors, and any other openings for cracks and gaps. Caulk or weatherstrip these areas to prevent air leakage and improve energy efficiency. Insulate Attics and Basements: Proper insulation is key to maintaining a comfortable indoor temperature year-round. In the summer, insulation helps keep cool air inside and prevents hot outdoor air from seeping in. Ensure that your attic and basement are adequately insulated to minimize heat transfer. Install Energy-Efficient Windows: Windows are significant contributors to heat gain in homes. Consider upgrading to energy-efficient windows that are designed to reduce heat transfer and block harmful UV rays. Additionally, installing window treatments such as blinds or curtains can further enhance energy efficiency by providing shade and insulation. Use Fans Strategically: Ceiling fans and portable fans are cost-effective ways to improve air circulation and create a cooling breeze indoors. In the summer, set your ceiling fans to rotate counterclockwise to push cool air downward. Use portable fans to direct airflow toward occupied areas, allowing you to raise the thermostat temperature without sacrificing comfort. Maintain Your Cooling System: Before the summer heat sets in, schedule a professional inspection and maintenance service for your air conditioning system. Clean or replace air filters regularly to ensure optimal airflow and efficiency. Consider upgrading to a programmable thermostat to regulate indoor temperatures and save energy when you’re away from home. Shade Your Home’s Exterior: External shading can significantly reduce solar heat gain and lower indoor temperatures. Planting trees strategically around your property can provide natural shade and enhance curb appeal. Installing awnings, pergolas, or trellises over windows and outdoor living spaces can also block direct sunlight and keep your home cooler. Use Reflective Roofing Materials: If you’re due for a roof replacement or renovation, consider opting for reflective roofing materials. Light-colored roofs or those coated with reflective coatings can reflect sunlight away from your home, reducing heat absorption and lowering indoor temperatures. Minimize Heat Sources: Appliances and electronics generate heat when in use, contributing to the overall thermal load in your home. Minimize heat gain by using energy-efficient appliances, turning off unnecessary electronics, and avoiding activities that generate excess heat during the hottest parts of the day. Seal Ductwork: Leaky ducts can result in significant energy losses and reduce the effectiveness of your cooling system. Inspect your ductwork for leaks, gaps, or disconnected joints, and seal them using mastic sealant or metal tape. Properly sealed ducts ensure that cooled air reaches its intended destination efficiently. Schedule a Home Energy Audit: Consider scheduling a professional home energy audit to identify areas for improvement and prioritize energy-saving upgrades. An energy audit can help you pinpoint inefficiencies in your home’s thermal envelope and HVAC system, allowing you to make informed decisions about weatherization and energy conservation measures. By taking proactive steps to weatherize your property for the summer, Northern homeowners can enjoy a cooler, more comfortable indoor environment while reducing energy consumption and utility costs. Whether you’re sealing air leaks, upgrading insulation, or optimizing your cooling system, investing in weatherization now can pay dividends in energy savings and home comfort for years to come. So, gear up for a cool and enjoyable summer by preparing your home to beat the heat!

How to Make Your Rental Stand Out for the Spring and Summer

By Brent Khusid • 29 Mar, 2024

5 Ways to Make Your Property Stand Out as Spring and Summer Approach As the temperatures rise and nature begins to bloom, it’s the perfect time to elevate the appeal of your property. Whether you're preparing to sell, rent, or simply want to enjoy a refreshed atmosphere, spring and summer offer fantastic opportunities to enhance your property's allure. Here are five effective ways to make your property stand out as the vibrant seasons approach: 1. Enhance Curb Appeal The exterior of your property is the first thing visitors notice, so it's crucial to make a stellar first impression. Start by tidying up the landscaping: mow the lawn, trim bushes and hedges, and add fresh mulch to flower beds. Plant colorful flowers that thrive in the warmer weather to add pops of color and charm. Additionally, consider giving your front door a fresh coat of paint or adding stylish house numbers and outdoor lighting fixtures to create an inviting entrance. 2. Create Outdoor Living Spaces Take advantage of the warmer weather by creating outdoor living spaces that encourage relaxation and entertainment. Whether you have a spacious backyard or a cozy balcony, investing in comfortable outdoor furniture, such as lounge chairs, dining sets, or hammocks, can transform your outdoor area into a retreat. Add finishing touches like outdoor rugs, throw pillows, and potted plants to create a welcoming ambiance where residents and guests can unwind and enjoy the sunshine. 3. Add Seasonal Décor Embrace the spirit of the season by incorporating seasonal décor into your property's interior and exterior spaces. Swap out heavy winter textiles for lighter fabrics and bright, cheerful colors that reflect the energy of spring and summer. Consider placing vases of freshly cut flowers throughout your home, displaying vibrant artwork, or updating throw pillows and bedding with floral patterns or tropical motifs. Outside, hang festive banners, string lights, or place potted plants and hanging baskets to add a touch of seasonal charm. 4. Upgrade Outdoor Amenities Make your property a desirable destination by upgrading outdoor amenities that cater to warm-weather activities. Install a barbecue grill or outdoor kitchen area for al fresco dining experiences, set up a fire pit or outdoor fireplace for cozy gatherings on cool evenings, or add a swimming pool or hot tub for refreshing dips and relaxation. Providing these outdoor amenities not only enhances the enjoyment of your property but also increases its appeal to potential buyers or renters seeking a resort-like lifestyle. 5. Highlight Natural Light Maximize the influx of natural light that comes with the longer days of spring and summer by showcasing your property's windows and outdoor views. Remove heavy drapes or curtains and opt for sheer or lightweight window treatments that allow sunlight to filter in while maintaining privacy. Rearrange furniture to capitalize on natural light sources and create bright, airy spaces that feel open and inviting. Additionally, consider adding mirrors strategically to reflect light and make rooms appear larger and more spacious. By implementing these strategies, you can make your property stand out as spring and summer approach, creating an inviting and appealing environment for residents and guests alike. Whether you're looking to sell, rent, or simply enjoy your home to the fullest, embracing the vibrancy of the seasons will enhance the beauty and functionality of your property. So, seize the opportunity to refresh your surroundings and make the most of the warmer months ahead!

Unveiling Pittsburgh's Real Estate Market

By Brent Khusid • 29 Feb, 2024

As Pittsburgh, Pennsylvania, undergoes a renaissance, its real estate market stands as a beacon of opportunity for investors seeking long-term returns and stability. In this article, we delve into the dynamics of Pittsburgh's real estate market and outline the best strategies for investing in this burgeoning city.