A lot of people give us a condo, which ones are better investment as part of your search for ask. Personally, if I knew the answer to 100%, I would be writing this from my own private island. Alas, it does not matter and I write in my home office, looking out on the ice.
No hard and fast rules when it comes to investment of condos. A lot of it exactly what you are looking to get out of it depends on. Some people think of condos as rental investment, while others down the road are thinking of selling price.
If you are looking to rent out to buy a condo, you need to consider some factors.
First of all, not just small purchases and / or cheapest unit you can find. Not too many people are going to want to live in it - would you? Instead, find your target market is going to be. If you want a single, one-bedroom condos will be fine. Once you couples (with the possibility of children) to get you to do more in terms of larger units with two bedrooms are going to think.
One of which, there has been a recent paint and condos that are suitable for families Speaking at the lack of whining. Sure, there are three bedroom units with some tired old buildings, but they are few and far between. Where are the new units? What is the option for families that want a home? Or can not buy them a house? Before I get really ranting, I just need to say that the condos, wanted to have the same opportunity. They are not just for singles or couples or empty nesters. Some people want to raise a family in the sky. Time to do something about it. Anyway, with articles on ...
Position is also impacting on their target market, or available pool of renters who will make their market on. If you mainly university students, so t want to be buying the UK, New York, Ryerson, George Brown, etc. Small schools or colleges as Sheridan's, do not forget. There are a lot of students in Toronto, so there are a lot of options for you to appeal to them.
The flip side of course, is that if you do not want student renters, will want to live near where they do not buy!
If you'd like doctors and nurses and interns and, if you buy with the line to the hospital is too far away or are not going to want. Yes, there are more around town facilties are different, but where the largest pool is likely to remain close to the tenant.
Rental property as many people often ask about the resale vs. new condos. This is a tough one, but my gut feeling is that new buildings are not the best bet. Maybe if you have a 1,200 square foot penthouse with a view to going to die, but a simple one-bedroom just puts you in the pack with everyone else. If one has built 300 units out of 30 people hire purchase, you have some hard to find a tenant in my unit are going to have to face competition. You would be best to just avoid that kind of competition and for resales or new developments may appear small.
Speaking of competition, it's a good hire and a discussion of their recent decline could be engrossed at the time. Toronto condo for all actions of the past few years, many units have been built and many people have bought to rent out. With any market supply and demand as price control. There are more than units of renters, there is more and more competition to get dollars when the lease are. Thus, the rents go down.
With the decline in the amount of rent, if you are buying as an investment, you need to look at the big picture. And to make a profit - that your mortage payments and condo fees do not expect to. Those days are gone. But add all the monthly expenses and you have a rental amount that you are spending much less than not get you in terms of your mortgage costs you $ 100 more per month on have to think about. Even if it is $ 300 per month, that is much less than if you have been paying everything myself. You do not get much for nothing these days, am very happy that someone is going to be able to help subsidize their mortage.
Now, in the future than those who are thinking about selling another group. Flipping it once something is built with the idea of buying a condo off the plans can be. I do not want to repeat myself, but basically what I read again about buying a new development in the rent mentioned above. Being one of the herd is not always a good thing.
It seems that the new purchase and was living in it for a few years after the sale used to guarantee profits. Not so much anymore. Cost of land and construction costs are up, along with builders they can get their product to know more. Thus you more these days to think strategically.
There are three things I normally recommend when people ask me what to buy will increase over the years are.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment