A hybrid between a house and an apartment—this is probably the best description one can give to a condominium. This type of property is one that you own and purchase outright, most commonly through new developments in Toronto. New condos in Toronto in the pre-construction phase are also widespread in the city, providing investors with more options to choose from when deciding to embrace condo living or perhaps when expanding their real estate portfolio.
When you choose to invest in new condos in downtown Toronto, you are investing in a hot commodity that can potentially give you high returns in the future, either by renting it out when not in use or reselling and putting the property back up in the market after some improvements. A lot of people choose to buy a condo instead of investing in more traditional real estate options like townhomes and single family homes or renting an apartment. This is because condominiums prove to be lucrative investments that have great potential to make you more money in the future.
Another reason why so many investors look at new developments in Toronto is because condominiums don’t require nearly the same kind of upkeep as traditional properties. As a matter of fact, most of the maintenance work for condominiums are the responsibility of the condo association. Condominiums are also great investments because you aren’t simply throwing money away on rent. Instead, you are paying for a piece of property you can own outright, reside in, rent out, or even resell in the future.
Modern homeowners also choose condo investments because of the great perks that condominium buildings and complexes offer, ranging from modern luxuries and amenities like instant access to leisure facilities, to a prime location where you can be close to everything that a town or a city district has to offer.
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