10 INSIDER TIPS ON CONDO INVESTING
Toronto’s hot real estate market makes property investments one of the most popular – and competitive – strategies to build capital throughout the GTA. But before dipping your toes into the pool, here are ten tips to condo investment to help you choose the best opportunity for you.
1. Do Your Homework
Don’t just purchase the first appealing condo on the market. With hundreds of options available across the GTA, there are countless elements to consider before choosing which to buy. Take a close look at your options before making a commitment.
2. A Smart Investment
Remember that investing in property isn’t about finding a property with the highest price you can afford, either. Follow market trends to find out what is more likely to see higher appreciation over time.
3. Speak with the Experts
With countless resources available online, through financial institutions, and through investment brokers, it’s easier than ever to let their experience help your decision-making.
4. The Right Location
Finding the perfect location can drastically change the appreciation of your property over time. Try investing in a city with a strong growth plan for great returns.
5. Less is More
Buying a new investment condo, keep in mind that interior design is incredibly personal. By selecting finishes in neutral shades and styles, you increase your chances of finding potential tenants, as well as resale.
6. Ask About Fees
Condo fees are an important part of condo living, but regardless of whether you intend to live in the building to take part in the amenities they offer, as the unit owner, you’ll have to pay.
7. Policies and Regulations
Every community has their own rules. Make sure you speak with them beforehand to learn about any potential restrictions, including things like pets or guests.
8. Rental Eligibility
On a similar note, it’s important to recognize that not all condo communities allow their suites to be rented out. As an investor, this information is crucial to know before buying, and not always readily available through research.
By choosing different locations, different sizes, and different lifestyles, there is a higher chance of performance and security as trends change over time.
10. Smart Financing
Countless new programs exist for private investors to help your money go further. Take a look at alternative financing options in order to help get more for your money.