Condos have a very broad appeal. There are as many reasons to purchase a condo as there are buyers. Buyers at different points in their lives may consider Condo ownership. Others just prefer the Condo lifestyle.
First time buyers may find that a condo is a lower priced option to get their foot on the property ladder. Singles like the security aspect as well as the access to workout facilities and an available party room for entertaining. Location, although it may raise the price tag, can allow you to enjoy nightlife and live close to trendy bars, theatres and clubs. You can have all these things and still build equity to move up when your lifestyle or needs change.
Do you have a son or daughter going away to University? With residence fees being high, it may make sense to purchase a condo near the University and have your student live in it for the duration of their degree. You will be providing them with a secure environment in which to live and study. If you purchase a two or even three bedroom unit, these can be rented to their friends and help to carry the cost. The unit, at the end of 4 to 5 years should have appreciated and when sold can help offset some of the cost of going to a post secondary school institution.
Investors love condos! Units can usually be purchased for less of an investment than a freehold home. Absent owners who lease out their condos to generate income and investment potential don't have to worry too much about their tenants, since the condo management will be alert them to any disturbances. There are some things to keep in mind if you are planning on leasing out your condo. There may be some house rules regarding length of lease, notification of leasing and other restrictions that you need to be aware of. These can be checked in the management office. Your tenant must also conform to all the condominium bylaws and the house rules. You are responsible for giving a copy of these to your tenant. You, as the owner, are also responsible for paying the maintenance fees. Using a Realtor (R) to list and lease your unit can help avoid missing some of these requirements.
Empty nesters who need to downsize should also consider Condos. The outside maintenance is done for you. A Condo with lovely grounds and indoor pool can be great for moderate exercise. The security in the complex allows you to travel without worrying about what is going on at home. All the rooms can be on one level and there is a choice in size of units so family can still visit. Some complexes have been designed beautifully and make moving from a house to a condo unit a lot easier and more homelike than you may think. A Condo can provide you with the freedom you want at a moderate cost and allow you to stay in your home for as long as possible.
If any of these scenarios sound like you, give me a call, I would love to help!
Properties In Mississauga
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