A new report finds that condos can be a great investment for those who live in the city.
The report by the Orange County Chamber of Commerce says condos can provide a net positive cash flow for renters.
“A condo can be worth up to $1 million per unit, depending on location and location in the county,” said John Bower, president of the chamber.
“That’s about a $10,000 cash flow that a couple could save annually by buying a condo and renting it out.”
It’s estimated that in the Orange and Osceola Counties alone, condos can save about $3,000 annually.
“Condo renters have a lot of options,” said Bower.
“You can do it in your own apartment, or you can buy it and rent it out.
You can get it up to three years later, so you can start saving.”
The chamber recommends people who rent or buy condos be aware of the tax implications, including the taxes they pay.
“Taxes are usually higher than condos,” said Ariely.
“If you buy a condo, you can usually deduct that down the road.”
Ariel said that if you’re interested in buying a home and renting, there are a lot more resources to choose from.
“The housing market is booming, but the condo market is also booming,” he said.
“There are more options now, and it’s just a matter of finding the right one for you.”
The Orange County Housing Authority is currently offering free condo rentals to condo owners.
“We have the condo option for condo owners and have a rental program for renters,” said Sharon Buehler, director of the housing authority.
“It’s a great place to live.”