Buying Condos For Investment
Why Buying Condos for Investment Is a Good Idea
More than ever before, people are buying condos for investment in Toronto and other cities located in the GTA. But why are condos for investment so popular? There are many reasons why buying condos for investment in the Greater Toronto Area is a financial decision that you should consider making, and I’m here to tell you all about them!
Condos Require Less Work and Maintenance
Whether you invest in a pre-construction condo or a re-sale condo, one thing is guaranteed: less repairs and maintenance. With a detached home, you’ll have to make a few updates before renting it out. The amount of work drastically decreases, however, when you buy a condo instead. A pre-construction condo will come newly built so you won’t have anything to fix up at all at the start! A re-sale condo that has been around for a few years may need a bit of interior work, such as patching and painting, but you still won’t need to worry about the exterior.
Things like re-shingling the roof and replacing the brick or siding is the responsibility of the condo association. While you will have to pay monthly condo fees to ensure this work gets done, you will save a lot of time and money because you won’t be doing it all on your own. You condo fees will also go towards more regular maintenance such as keeping the pool clean, mowing the grass, steam-cleaning the carpets in the lobby, and more.
Condos are in High Demand with Renters
Condos are becoming more and more popular every day, especially in Toronto. The reasons why are endless.
For starters, there is currently a huge lack of affordable housing in Toronto and the surrounding area, and this issue will continue for the foreseeable future. Condos are the solution to this problem as many “homes” can be built in a small space and are typically much cheaper than a detached home. A 2-bedroom condo and a 2-bedroom house will bring in similar amounts of rent, but a condo will have a greater return due to its lower purchase price, which is good news for you!
Finding tenants to rent your condo should be a breeze! Many young, working professionals want to be a part of the condo lifestyle for the extra perks that it brings. A pool, tennis courts, and a gym are all benefits that don’t typically come with a simple, old apartment! Condos are also typically located close to major office buildings, stores, restaurants, and entertainment districts, which makes it easier for people to get around and do what they want to do. While you don’t want to rent out your condo to just any one, you will find that there will be no lack of potential tenants for you to pick and choose from.
Condos are Cheaper than Detached Homes and are also Easier to Sell
Detached homes are easily selling for close to and upwards of a million dollars in Toronto and its surrounding cities! Condos are a much cheaper investment than a single-family home, which makes it the perfect place to start if you are only just beginning this rewarding, financial endeavour.
Because they are so high in-demand, condos are also much easier to sell if you have to. Just as you would have no trouble finding tenants, you will be able to find many people who want to buy a condo to call home or turn into their own investment property. Whether you’ve waited a few years for the unit to increase in value, or quickly find out the condo-owning just isn’t right for you, selling your unit for a great price will not be difficult.
Need More Reasons Why Buying Condos for Investment is a Good Idea?
Then give me a call! You can reach me at 647-519-5751 to discuss any questions about buying condos for investment. With my many years of experience, you can depend on my advice and my ability to find a great condo for you!