WHY NOW IS THE RIGHT TIME TO INVEST IN A CONDO
Sunday Dec 27th, 2020
As an investor, you’re always looking out for the best ROI. This moment right now presents a unique opportunity for doing just that. Condominium prices have considerably gone down because of the pandemic this year, while townhouses, semis and detached property prices continue to rise. And current market trends indicate that while this is true for now, expectations for the next four months project that condo prices will go back up. This gives investors the chance to buy a property for a considerably lower price and make a higher margin of profit in a shorter period of time – an ideal scenario for any smart investor.
Condominiums are great for many reasons; the price is right, they’re cheaper to maintain, are in high-demand locations and you won’t need to qualify for a higher mortgage.
Here are some of the pro’s to consider for an investment like this:
1. APPRECIATION & LOCATION
Condos are more often than not located in or near big cities and towns. They’re close to everything and are a perfect option for those wanting to live in the heart of bustling life. That means extra cash, as your rental occupancy rate will stay high. And because of the strategic and desirable locations, condos appreciate much faster than other types of real estate properties.
Townhouses, semi’s and detached properties are currently more expensive options than buying a condo – with prices going up. In comparison, condo prices have become a more affordable option and an opportunity for a higher ROI as condo prices rise in the coming months.
3. LOWER MAINTENANCE
One of the many benefits of condos is that the maintenance on your income property are going to be lower. You won’t have to worry about a leaky roof, annual snow shoveling or cleaning the grounds – saving you time and money.
Condos are a convenient option with an array of amenities that are not readily available to the average tenant. Community spaces, gyms, playgrounds and more will increase the rental appeal to prospective renters.
Tenants feel safe living in condos because of the locked gates, security personnel and protective features in place. This is an added benefit for those who prefer the peace of mind of knowing that they’re surrounded by others in case they ever need help. And as more renters return to the market in the coming months, having an available property will serve you well.
Investing in a condominium is a great way of generating cash flow in real estate for investors looking for long-term investments and shorter-term investments alike. And now is a more strategic time than ever to do just that.