5 Reasons Condos Make the Best Real Estate Investment
Monday Mar 01st, 2021
If you are looking to invest in property, buying a condo as a real estate investment property is the best idea for plenty of reasons. Condos are usually much more affordable than single family homes and are equipped with a host of amenities you otherwise wouldn’t be able to afford. Not to mention, condos are usually located in desirable neighborhoods and are always high in demand. Also, the maintenance is more comfortable in case of elements. Here are some plausible reasons you should invest in a condo in 2021.
You will most often find condos in areas where single-family and multifamily rentals are in short supply. For instance, a lot of vacation destinations and downtown areas are packed with condos and have few freestanding residential properties. In fact, one of the best things people love about living in condos is that they allow you access to prime locations, such as ski towns or beachfronts, for a fraction of the price of single family homes. If you invest in a condo in a desirable location, chances are your unit will never sit vacant.
Exciting Amenities To Attract Renters
In contrast to single family homes or other types of residences, condos are a part of a community with a lot of facilities for all building dwellers. Even the most basic condo building will allow residents access to swimming pools, play areas, a fitness center and even a lounge. High-end condos even include pet-friendly amenities, ballrooms, BBQ areas, co-working spaces, and so much more. These amenities are better at attracting more number of renters for your property. This is why it is easier to list your condo and find a string of suitable renters. Tenants of today are more demanding than more, and their increased expectations can be dealt with interesting and beneficial amenities.
A Sense of Community
Renters often prefer condos over other property types due to the higher sense of community condo living offers. In addition to catching up with other tenants when using the condo’s different amenities and communal spaces, a lot of condo associations also host planned social events to bring all residents together and foster a community spirit. Tenants who look for a sense of community are more likely to rent a condo.
High Market Demand
Gone are the times when people preferred massive properties with a significant amount of space for different activities. Toronto real estate market has fallen prey to urbanization and we are seeing more and more families, young couples, and professionals moving to major urban locations to be close to their workspaces and shorten the daily commute. Since single-family living isn’t exactly affordable, not to mention the plethora of advantages of condo living, condos in Toronto are in high demand these days. Also, families find condo living convenient because of the many amenities available for each family member. It doesn’t come as a surprise that the demand for condos has been rising consistently and the rents are skyrocketing even as we speak.
Less repairs to handle
When you buy into a new condo building, you will get a brand new condo unit, fitted with all the facilities. You can shrug the worry of repairs off your shoulders for a couple more years. Repairs can prove to be quite a nuisance since they take up money as well as time. Not to mention, you will have a mandatory condo association fee, which will cover the upkeep as well as maintenance of your real estate property, as well as all the communal areas. Therefore, you don’t have to spend any more money further to maintain your condos.