One of the greatest things about condo investments is the fact that there are many great options that you can choose to place your money on. The question remains, what would be the best type of property that can bring you the best returns in the future? Many property investors wonder about the recent condo boom in real estate markets, making them curious whether they should buy a condo downtown Toronto or invest their money elsewhere. Just like any property investment, there are pros and cons to a condo purchase, but many find condominiums to be highly lucrative and for good reasons.
A condo or a condominium is a building that’s unique to many other real estate properties. They are establishments divided into several separate units, sold individually to different owners. Each unit comes with a title or deed. Common areas belong to all unit areas, including elevators, parking spaces, community area, roofing, and the building’s external walls and everyone shares in the cost of maintenance of these common areas. A condominium association takes charge of decision-making and the maintenance of these common areas. One key difference when you buy condo downtown Toronto as opposed to any other type of property is that all unit owners share ownership of the piece of land that the property is built on—which brings us to one of the best benefits of investing in a condominium—because as the land value of the property goes up, all unit owners benefit.
Other reasons why you should buy condo downtown Toronto as an investment have plenty to do with their use. You can buy a condo for personal use or perhaps for leasing and earning rental income. You may likewise buy condo units and make lucrative improvements on the property for the purpose of reselling it at a higher price than you bought the property for.
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