Are Condos a Good Investment? It’s on Sale now…
Planning to buy a new property and has your heart set on a specific Condo for the luxury it offers. Contemplating whether condominiums are a good investment? Don’t worry, you are not the only one. This question is beguiling many Canadian real estate investors. Let’s help you take a deep dive into the world of condominiums and help you decide what you need to know before you finalize to buy one.
Are Condos Worth the Hype?
Condos usually make an appealing investment opportunity. And rightfully so. Condos often are priced lower than single-family homes in the Canadian market. Plus, there are fewer maintenance issues to be concerned about. Condos are a fine investment. You would obviously not want to invest in a rotten one that has serious maintenance problems. You can reach out to us and we will help you in making smart decisions about purchasing a condominium, so you get to pick the right property.
House hunting can be a tiring affair. It can leave you overwhelmed. If you’ve been feeling exhausted from all that tedious search, the low prices of condos definitely come as a breather. Yes, you read that right. Though shopping a condo is going to be one of the most expensive financial moves you’d ever make, it still saves you thousands of dollars as compared to when you buy a single-family house.
Does the Condo Value Appreciate with Time?
Just like any other piece of property, condos also attract value appreciations over a period of time. Of course, unless it’s unkempt and not been properly looked after. However, you might want to consider the fact that if you’re confused between picking a condo or shopping for a house, the latter is going to attract more value than a condo will.
Just like any other piece of property, condos too, appreciate value. But, if you’re trying to pick between a condo or a house, you must know that a single-family home is usually going to grow in value faster than a condo will.
Condos are often referred to as “cash flow properties”, but they most often appreciate the value in the long run. But if you are really keen on purchasing a condo and want to ensure that it gets you a better appreciation, you must pay attention to its location. To give you an idea, here are a few factors that make a good location:
– Growing population
– Soaring median income
– Negligible to low crime rate
– Easy access to public transport
– Close to public schools, colleges and universities.
So whether you want to buy a condo for your family or for turning it into an Air BNB investment property, the right location will definitely add value to the purchase you’ve made.
Does a Condo Make a Fine First Home?
Condos are quite unique as compared to other properties available in the market. So, if it’s your first time buying a condo, ensure that you evaluate all the pros and cons before you move into one. The most important factor is the fact that condo apartments are the most budget-friendly housing options for first-time homebuyers. A condo in Toronto averages around $578,000 while the average value of a detached or single-family home in the area is $983,000. That’s a whopping price difference of $400,000. That gives you an idea of why condos are so popular among first-time home buyers.
Want to Buy a Condo?
Property investment is one of the most crucial financial decisions an individual makes in their lives. So, when you make the decision of buying a condo either for yourself or as an investment property, there are a lot of factors one has to consider. You can reach out to a knowledgable real estate agent in Oakville – like Joe Maharana to do the heavy lifting for you. Joe specializes in finding the most luxurious, tranquil condos that fit right in your budget.