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This year is coming to an end, and like many others, it was quite eventful. Whilst there were many things occurring in several realms of the world, we, of course, want to focus on the condominium property market. Taking a stroll through the city, you will more likely than not stumble upon a new condo being built or announcement of one coming soon. It is no shock that Toronto is a hub for these modern and convenient living spaces. Due to their uprise, they are becoming increasingly popular investment opportunities with many people purchasing and renting out these spaces. Condo property management companies are seeing a staggering increase in condo purchases and for good reason; they provide a multitude of benefits.
Although the year may be drawing its curtains, the condo market is showing no signs of slowing down. In 2019, more condos will be readily available to those looking for a new investment opportunity or a new place to call home. The big question is, why condominiums?
From the heart of downtown Toronto to surrounding cities, condos are becoming more and more prevalent in the big city and those up and coming around it. Typically, condos are found in places that offer a plethora of easily accessible outlets such as shopping centers, places to eat, transportation, etc. Seldomly are condos found in suburban areas. Due to their strategic location, they are desired by many individuals, from those new to Canada to business persons looking for the hustle and bustle of the city. Many are constantly on the lookout to rent a living space in a location that boasts everything, thus, condos are ideal.
Condos offer a great upper-hand: amenities. Typical condo amenities include a fitness center, party room/recreational room, boardroom, concierge service, a pool, etc. These amenities are usually included in a persons rent/lease, ergo, offering a high incentive for those looking to get a little bit more from their living space. For property managers, these amenities make it especially easy to find persons to rent/purchase units.
Waking up to shovel your driveway after a heavy snowfall or plucking leaves out of your eavestrough is tedious and time-consuming. Luckily, condo living doesn’t come with these responsibilities, thus, making individuals more inclined to consider them. Whilst you will have to take care of common issues such as shoveling and ensuring pathways are safe and clear, the fact that it is taken care of will initiate others to occupy your managed condo. When it comes to delegating tasks like these, we can help you and ensure that your current and future tenants are content, safe, and taken care of.
Investing in a condo property can be nerve-racking, but with the increase in population and those looking to reside in chic, modern living spaces, the ability to make your investment work for you is quite simple. Communicating with tenants, addressing any issues they have, providing them with a quality living space, and providing proper maintenance of the property will help you make some serious money off of your investment. Although properties located closer to the downtown core or properties that boast a superfluous amount of amenities tend to cost more, they are typically what people flock to.
In 2019, the increase of condos and those looking to rent condos from a professional property management team will continue to rise. Investing in these rental properties can help you secure a strong financial future for yourself and your family.
Looking to make the most out of your owned condo property? Perhaps looking to maximize your rental capabilities? Contact us today and we will help you make the most out of your investment!