My wife and I are considering buying a second property and rent it, given that we live near the ocean and have some experience with renting our house since our kids moved out.
It helped us manage our debts. And given that we closed the mortgage before the pandemic struck, we’re considering moving into a condo because we don’t need that much space now, and we’re pretty tired of strangers in our house. The realtor told us that the price we’ll get from selling our home would allow us to buy a condo without a mortgage. The inspector we hired assured us that there aren’t any damages that can lower our house’s price. So we decided to put our home for sale and live with our old son until closing. Our agent called yesterday and said he received two reasonable offers, and he scheduled an appointment for tomorrow.
And now I’m wondering what will be a better option for rental property. My wife and my son insist on buying a single-family dwelling. They believe that single-family homes are more attractive for longer-term renters that are more financially stable. My son even found a few houses and wants to check them out. He believes that we should invest in a house because they grow in value faster and you can make improvements and expand it. It may be true, but the last thing I want to do when I retire is to deal with a dwelling modification.
I think that buying a condo is a better option because of low maintenance. The building association will deal with the external renovations, and I won’t have to fix the roof if it fails (not the best experience with our old house). We’ll only need to do some inside work. My son says that the rental prices are lower for the condos (it gives me the impression he’s thinking about his inheritance) and that the tenants search for more space, especially that working from home is a new trend.
I’d be grateful for any advice on this subject. Thanks.