Are condos a good investment? Yes, Condos remain a hot commodity whether you’re looking for a home of your own or to invest in an asset. Today, condos have become a go-to property for everyone from first-time buyers to baby boomers looking to downsize and have been responsible for much of real estate sales these past few years.
Purchasing condos can be a very smart move and these are some of the buyer profiles that will find condos a worthwhile investment.
- The First-Time Home Buyer
If you’re a first-time buyer, a condo townhouse can be much more affordable than a single-family home. If you’re new to real estate, keep in mind that you’ll need to do upkeep and make cosmetic improvements to the home, keeping in mind, the future resale value.
Buyers whether new or old, are really choosy these days: they want beautiful turnkey properties and prefer units with better finishes. In addition to state-of-the-art amenities, other factors that need to be in place to make condo investments work include a highly desirable location and easy access to mass transit.
So if you are a first time buyer, along with being a great starter home, your condo investment can provide cash flow later as a rental property for the future.
- The Baby Boomer
Baby boomers, those over 55 years of age and above, make perfect condo buyers. Many empty nesters are also moving away from their detached homes to condos that promise an active social life, provided the price is right.
Condo communities not only offer a great balance between socializing and freedom, many of them also have grocery stores and weekly social events on the site. These are some of the reasons that make condos, a more affordable investment than single-family homes.
- The Parents of University Students
When parents do the math on university residency fees or the rental costs to pay down someone else’s mortgage), they would decide to not let that much money go out the window.
Instead, some parents invest in a small condo for their child to live in, with the plan to either sell it or rent it, for additional cash flow, after they graduate. Just like for the first-time homebuyer, the parent would want something with a great location and transit access.
- The Single Professional
Single professionals over 30 are a significant home-buying demographic and are looking to be part of real estate ownership. These are people who like downtown living of course with easy access to entertainment, eating joints, attractions and community living.
- The Wealthy with Disposable Income
For anyone with plenty of disposable income, condo investments are always desirable for their future resale value. Of course, attractive amenities, community experiences and the overall security are also their primary considerations.
Key Points to Consider:
Condominiums have varied levels of shared expenses based on many factors. Some limited condos generally carry lower monthly fees which only address basics like exterior maintenance, parking lot snow removal, groundskeeping and such. But for premium condos with elite locations, monthly costs can be higher with full security, attractive amenities and premium finishes on everything.
Investing in a pre-construction condo begins with working with reputable builders. A good investor always looks for a builder or developer with a good track record. So, before moving forward with a pre-construction purchase, make sure you contact a member of the trusted Platinum Condo Deals team.
The Right Condo Purchase
It’s understandable, buying a condo can be complicated in today’s times. Even seasoned real estate investors have to weigh a lot of factors and make sure they crunch the numbers. There are very few investors and buyers who know the condo market inside out. Which is why you need an experienced, real estate condo team to help you to tap into the opportunities.
If you’re looking for a convenient, comfortable, and residence you can call home, condominiums are a great choice. To learn more about various Condominium options across the GTA, and preferred rates and 1st access to many premium properties, get in touch with us today.