A condominium could be an attractive option for a real estate investor, especially someone purchasing an investment property for the first time. Below are some benefits to investing in a condo.
1. Values of condos tend to appreciate at a rate that is higher than the inflation rate.
2. Finding a tenant to occupy the unit is quite easy in most cities as vacancy rates tend to be low.
3. There is an increase in demand for condos as the lifestyle offers many things that residential housing or rental apartments do not offer; ensuite laundry, 24hr concierge, work out facilities, to name a few.
4. The maintenance and upkeep is minimal.
5. If there are any issues with your unit, the building’s property management team can assist you.
6. The owner is protected by provincial condominium legislation. This could restrict the number of people that are allowed to occupy the unit or the amount of pets an occupant is allowed to have.
When perusing a condominium as an investment option, you should make sure the building allows their units to be rented out and take into consideration the mix of tenants and owners in the building.