Living a condo lifestyle in Toronto and the GTA makes a lot of sense when you think about it. Not only are there a variety of condos built and being built across the city, but they’re also a great investment for those put off by owning a house.
There are a number of pros to consider before neglecting the idea of condo living. Do you want to save money or even make money? Would you like access to a pool and a gym whenever you like? How about lower maintenance costs? All these and more are part of living a condo lifestyle. See for yourself.
1. Resale Value
Like most other properties, the property sales value of a condo is going to rise due to a number of factors. Building improvements, inflation, the prestige of the condo, and its location, to name a few. The more popular and well-known condos in Toronto are going to net buyers far greater rewards in the competitive market.
A condo is a practical way to transfer your wealth like most types of real estate. If you have kids that you’re hoping to pass the suite onto or provide to others for your chosen reasons, it can be a far better option to transfer the condo than a bunch of money or bank account numbers.
Have you ever seen how much a pool costs? How about one piece of gym equipment? An entire exercise room’s worth? While you will be paying for amenity maintenance through association fees, that amount pales in comparison to the cost of setting it all up yourself. Great, first-class amenities and facilities are one of the primary selling points of living a condo lifestyle.
4. Financial Demand
When you’re buying a home or another piece of real estate, you’ll be required to put a down payment. As a young investor or first-time buyer, the odds are high you’ll get a better deal for a condo than trying to become a homeowner. There’s potential for saving a good chunk of money once you’ve made a smaller down payment that can be used to during a future process of property ownership that could make it more affordable.
Toronto is a busy city. Someone is always looking for somewhere to rent, especially students. Those moving to the big city are new to the chaos and they’re looking for a clean, comfortable place to call home while they work or go to school. Condo owners who want to see a profit would do well to see how viable renting out a room or the whole unit is. This way, you make money without having to sell the entire suite.
Condos are often found around business districts and downtown city centers. This makes them one of the most logical and practical places to house an office space. Given the prices of some office spaces, it can also be a pretty affordable option too.
7. Utility and Maintenance
The cost of amenities and the upkeep of condo facilities are shared amongst the owners. This becomes savings for everyone involved as you are not spending out of your pocket every time something needs to be fixed. With a condo, you maintain your property at a much lower cost and put money back in your bank account.
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- There are a high number of pros when it comes to living a condo lifestyle in Toronto and the GTA.
- Amenities and facilities at a low-cost, a great business space, and a high resale value are just some of the benefits of investing in a condo.
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