The best type of revenue property is a condo. Condominiums are low maintenance since the condo association takes care of the repairs to the common areas. This means that you’ll only have the interior of the condo to worry about and this can be handled by a condo management Toronto company.
Condos are hot right now in Toronto and are the upcoming trend for the future. Investing in condos can lead to a future nest egg that can serve you well in the upcoming years.
How to choose the perfect investment property
Here are some of the most important features you should be looking for in a condominium unit, the neighborhood and the building itself.
Look for a safe neighborhood that is close to common amenities like a grocery store, restaurants, shopping, bars etc. Condos in the downtown core of Toronto make the best investment right now since they are right in the heart of the excitement and pulse of the city and offer a quick commute for people that work downtown.
The condominium building
You’ll want to find a building that is maintained well and kept clean. A visual inspection will show you how well the common areas are being kept up and this is one of the most important things you should be looking for in a building. A front walkway that is littered with debris or a messy front lobby will quickly turn off potential renters.
You’ll also need to search for a building that has amenities such as parking, gym facilities, a pool and a concierge. Buildings that have a concierge on duty are especially appealing since this adds to the feeling of security and safety of the residence.
The condo unit
The unit itself should be bright and sunny and ideally should have a balcony. Finding condos with attractive kitchens and bathrooms is also important since these are big selling features. As well, the condo should not be oversized and yet should not be small enough to feel claustrophobic.
Maximizing your profits
The condo should have low maintenance fees since higher fees can quickly cut into profitability. In order to maximize your profits you’ll be looking for the perfect combination of purchase price and potential income amount.
When you are able to find the perfect unit in a great building that is situated in a safe neighborhood close to local amenities, you’ll have found a winner. All you’ll need to do next is crunch the numbers to make sure that this condo will lead towards profit.