Why are Condos a Good Property Investment Choice?
Condominiums, more commonly known as condos, are a popular investment choice for a number of reasons.
They are an affordable option for newer real estate investors but also offer a unique and lucrative investment option for more seasoned investors.
If you’re unsure whether to take the leap and invest in a condominium, keep reading.
Below, we have discussed the many reasons to consider adding condos to your portfolio as a real estate investor.
Condos are Easier to Manage
Compared to large multi-story properties or houses with huge gardens, condominiums are much easier to maintain.
As a real estate investor, you likely have a full schedule with limited time to complete regular maintenance checks and repairs.
Investing in condos over large properties reduces the amount of work you have, cuts your costs, and makes your life easier.
Working with one of the best condominium property management companies in Scarborough or your local area of Canada will make things even simpler for you.
Your chosen condo property management company can oversee tenant screening, maintenance, and compliance checks, so you don’t have to complete these tasks yourself.
Condos are More Affordable
Condos are more affordable than larger homes, making them a more accessible choice for newer real estate investors.
Condos are usually located in busy city centres, where prices are traditionally sky-high, so they offer a less expensive way to get onto the property ladder as a city-based investor.
Condos are also a much more affordable choice for tenants.
If you’re investing in properties to let, choosing condominiums widens your customer base.
More people will be able to afford a condo than a larger property, so you are guaranteed to find great tenants for both long-term and short-term rentals.
Condos are in High Demand
Condos are a popular type of property in cities, where there are lots of working professionals and students searching for a place to stay.
Condos are a suitable choice for people living on their own who want the convenience that condo living offers.
Because of this, condos are in high demand among renters.
You will easily find occupants for your rental properties who are willing to pay premium prices for a city view.
In turn, you can generate a steady income and ensure long-term success.
Condos Have Various Amenities
Condos tend to have a variety of amenities, unlike stand-alone properties, which are more appealing to renters.
Condo complexes may have communal lounges, rooftop areas, and internal gyms that are available for all of the building’s occupants to use.
The available amenities in your condo complex enable you to charge a higher rental price and attract the best tenants to generate a steady but comfortable income.
Plus, if you decide to sell your condo in the future, you can ensure a quick sale with a high return on investment due to the desirability of this type of property.
