The Appeal of Condo Living
With all of the changes in the mortgage industry, many clients no longer have the ability to purchase a traditional semi detached or a detached home; unless they are prepared to venture outside of major cities. For many, this is not a realistic or ideal purchase. Canadians still see home ownership as an important part of their overall financial strategy and require solutions that make sense for them. As a Mortgage Agent, it is part of my job to ensure that you have as much information as possible to make choices that aid in your overall home purchasing choices from the financial perspective. Condos have become an option that is great for first time home buyers and investors for reasons I have complied below: Location Condos provide purchasers the ability to break into real estate that is often within or close to a major city. This allows many to remain close to the culture of the city, remain in a city where employment options can be obtained, and also an area that will most likely increase in value over time. Real estate is an investment, regardless of what your purchasing objectives may be. For investors, condos in major cities usually have great renting potential and can often times appeal to students who want to live close school. It also allows for you to request larger amounts for rent and tends to command a certain type of potential suitors. The less issues you have with your renters is the more enjoyable the process will be. Price The pricing of many condos allow Canadians to break into real estate and begin establishing equity for themselves. Although renting can make sense for many, renting will never turn a profit for yourself. Appreciation Although you cannot utilize the equity unless you sell or refinance, it is something that you have earned passively and can be a substantial amount if treated like a true investment. I have seen clients generate legitimate income through real estate. Understanding how to leverage this can be life changing. Maintenance is handled by someone else One of the appeals with condos is that you are paying for the condo corporation to address the maintenance of the building in exchange of a condo fee. Many see condo fees as a negative, but I like to see this as both a method to save you time and a way to ensure your property is in the best condition possible. So many of us have limited time and one less thing to worry about is often an investment worth making. How could you use this time? Lifestyle Condos are great for singles or individuals who may be downsizing due to divorce or other life changes. Being in the city centre or close by allows owners to be apart of the many things happening within a community which many enjoy. Often times the trade off of the smaller space is worth remaining within the city. Amenities Most condos have media rooms, gyms, swimming pools and other features that really capitalize on the trade off of the smaller unit. With all that you could require within your own building, a one bedroom plus den becomes a realistic way to live your life. Often times, you are close to a subway and transit routes so the accessibility can aid in a simpler lifestyle. Although there are many benefits to purchasing a condo, I want to ensure that this post does not become too lengthy. I will address other benefits in the weeks to come to continue the conversation. If you enjoyed this information, please share it with a friend.