A lingering question posed by Canadian real estate investors is the value of condos over other types of home ownership at the present market rates. Does it really make sense to go for a condo when you could put the money in the single dwelling unit or buy an apartment in many of the ripe Canadian cities?
The answer is in support of condos and the explanation is the reason for this article. If you are going for a good return on investment, then the condo should make absolute sense because of its uniqueness in the perspective of asset buyers and home buyers. Read on to find out why condos are a better option than other housing plans.
Easy banking for your money
It is much easier to get in and out of the condo as compared to any other plan. You can get a condo with easy financing options or from your savings and then use it for a few years and sell. It will be a straightforward calculation that gives any homeowner or real estate agent the underlying benefits without the need to explain complex asset issues.
There is no point of buying other plans that force you to invest almost half of the property’s value to make it look good and to sustain its price relative to the inflation rate. The condo will just need regular home maintenance that no other person can escape from in any other plan. It presents nothing more and you can always flip it for a better condo in future.
Condo fees are not that scary
You will probably pay more money for an upmarket apartment or single dwelling house because of the neighborhood access tolls. Anyone living in a majestic address in Canada is paying some indirect or direct cost for enjoying the ample parking, security, and exclusiveness of the address.
People who say Condo fees are so high are actually just speculating with the mindset of the grass is greener on the other side. The reality is different. The condo fees are direct because you can see what you are paying for and that is what makes them seem high, but after costing for everything, they are often much lower than what you pay to keep a bungalow looking tidy and full.
Access to prime locations
Always be futuristic and think about access to schools, malls, hospitals, and fire stations. You can check around for several condo properties on sales. Besides, many people are looking for the urban feel while also enjoying the landlord perks.
You need a condo to do that because all other plans are not that good at giving you these benefits. Furthermore, condos can get you good money since people are seeking these prime locations to live. The chance to rent them for a tidy sum is always high.
Life is too busy to have other plans
You may say that the other plans still have something going on for them, but that might be because you are forgetting the intangible cost of having to drive to and from work, taking the kids to school and spending almost a third of your week in traffic.
There are other hidden costs such as paying a large percentage in fees for security, home insurance, and real estate fees when you are looking for a buyer.