A condo is a great way to dive into homeownership and a good investment for your future. You can even buy one as a rental property, a more affordable alternative than a house. Plus, unlike a house, you won’t have to worry about paying for upkeep and repairing the property. If you want to buy new condo developments in downtown Toronto, find some genuine reasons here.
Renting a condo can be cheaper than buying a home:
Renting a condo can be cheaper than owning a house for many reasons. For one, you don’t have to worry about making a down payment or other upfront fees. Another reason to rent is flexibility. If your circumstances change frequently, you can move to another condo without selling your current one. Additionally, renting allows you to move without worrying about a down payment.
Investing in a condo can be a great way to dive into homeownership:
Many advantages of owning a condo are apparent when comparing it to renting a home. Owner-occupancy rates are usually high in condos, encouraging ownership and community pride. Moreover, owners tend to take better care of their units and share community resources. These factors make a condo an excellent investment. However, before diving in head-first, assessing your needs is essential.
First, ensuring that a manageable number of renters occupy the condo is important. This means that it may not qualify for a standard mortgage. Also, if multiple renters occupy the unit, you might need help qualifying for a common mortgage.
Buying a condo can be a great future investment:
A condo is a great choice if you’re looking for a future investment property. Not only are they cheaper to purchase than single-family homes, but you’ll also have to put down a smaller amount of money upfront. You’ll only need to put down 20 percent, eliminating the need for private mortgage insurance. You can also use the monthly rent to pay your mortgage and homeowners association fees, making your payments lower than those for a single-family home. And because you’ll live in a smaller place, your utility bills will be lower than in a larger home.