With Toronto’s market being as hot as it is right now, we really feel that there is no wrong way to invest at the moment. Based on your personal preference, whether it be Toronto condo investment or real estate in the suburbs, there are pros and cons to both. The good news is that there are more cons than pros in either direction.
Obviously finding the best bang for your buck is number one on the list of musts when looking for property, and finding the lowest price is a lot easier with a VIP agent on your side. VIP agents have first dibs on the hottest pre-construction condos/ townhomes and houses the market has to offer.
So what is it that you’re in the market for? Looking for a home for you and your family? Already have that and are now looking for investment opportunities in either condos or suburb housing? Not sure which direction to go? Well here’s a few pointers.
Return on investment is usually the first and foremost when it comes to decision making on properties. Weighing the amount that you will need to invest in a property versus what you will get in return from it, is very important. As history has it, houses tend to appreciate faster than condos, making that a legitimate choice for getting a quicker ROI. On the other hand, the rental market for condos is at an all time low for vacancies; so investing in one or a few condos or houses in the Toronto area could prove to generate quick income by holding onto and renting your properties out.
In either case, there are some cons, such as little flexibility with condos due to the Residential Tenancies Act. And on the other hand, housing properties are subject to larger expenses such as AC repair or replacing roofs.
Whatever you are debating with on the choice of house or condo, the best advice is to contact your agent who can help you decide on the best possible choice for smart real estate investment.