The advantages of renting out a condo

The Toronto real estate market has many offers for prospective investors and first-time home buyers in all price ranges. Buying a condo has so many benefits as an investment or renting it out. It certainly depends on the current real estate market in your neighborhood. 

A top Toronto real estate agent knows all the advantages and disadvantages of the business. So paying attention to your realtor’s advice can help the process of owning a rental property. let‘s review some advantages of renting out a condo.

1. You can counter the inflation rate rising by condo investment. Because in the past, condos value have exceeded the inflation rate in Toronto. By looking at the TREB’s average condo price trend since 1996, you can see that the condo owners are way ahead of the inflations. It means the value of condo apartments generally appreciate at a rate which is mostly higher than the inflation rate.
2. Most of the people are confused by choosing to rent or buy a house. But, the city of Toronto is always filled with those who are looking for a good condo to rent. In fact, over 120.000 people come to GTA each year, so it is obviously easier to find a renter for a condo, especially in a downtown area. Of course the exact time for renting a condo completely depends on the location and neighborhood.
3. Repairing and upgrading a house increase its value. Although maintenance of a condo is so much cheaper than a house, but as a condo owner, you have no responsibility for repairing or upgrading outside of your unit. It means you buy a condo for investment, you don’t need to upkeep the management and maintenance problems, and however your condo value is still increasing. How amazing this would be!!
4. Renting your condo can be a good option for finding the right time to sell. For example, when you are ready to move, but the market condition is not proper for sellers. Here, you have the option of renting your property rather than selling it. Therefore, renting option gives you the flexibility to sell your house in a better market situation and obtain more profit.

If you are considering the investment on a rental condo, there are some important factor you should pay more attention to. These factors can help you rent your condo sooner and easier. 

The location and the quality of the condo neighborhood have an important effect on the tenant. So you better think over its walkability, public transit access or proximity to grocery store or even parking space. You must consider all the factors which are important for you to live in a neighborhood.