How good of an investment are condos in the greater Toronto area? It depends on the area and the condo itself, among a few other major factors.
If you're thinking about selling in the near future, you want to see whether the condo is appreciating in value. Contact your agent and find out if values in the area have increased during the last three to five years. The buildings behind me in the video above, for example, are great condos that have gone up in value over the last couple years.
Another thing to account for, if you're using the condo as an investment property, is how easily you can rent it, and how much it will rent for. You also want to clearly verify all the numbers, like maintenance fees and taxes. If you're looking in an area with good schools, good jobs, and good transportation, chances are it will be quite easy for you to find a tenant who will stay long-term.
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If the building has been appreciating, and the rental income covers your payments, condos are a great investment!
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Make sure you're aware of the area and whether there is construction nearby. Buildings going up nearby can affect the value of your property in the near future. Newer buildings could obstruct your view, for example, and decrease the value.
If you're curious about condos or any type of real estate in the greater Toronto area, give me a call for a free real estate consultation. I'd love to sit down and talk with you!
