Reasons to Invest in Condos as a Landlord

Contributed post.

​As a real estate investor, you can choose to invest in any type of property you like. Many investors focus on a specific type of real estate, such as condominiums, apartments, or large family homes. The former is a great choice if you want to rent your properties out and become a landlord.

Condos are hugely popular amongst renters and allow for an easy and reliable investment. You can ensure a great return on your initial investment when you rent condos, and you’ll be able to grow and thrive as a successful landlord.

Working with one of the reputable condo property management companies in Scarborough or another area of Ontario will ensure your success and growth in the real estate world. Such companies can help you find the best tenants for your rental properties, manage tenant queries and complaints, and aid your financial management as a landlord.

Below, we’ve covered why investing in condos is a good idea if you want to thrive as a landlord in Canada.

Condos Are Affordable and Accessible

Condos are often much more affordable than larger properties, making them attractive investment options for newer real estate investors. After the initial purchase of a condo, the maintenance fees are often much lower than those associated with the upkeep of large family homes.

Due to the lower initial costs and ongoing expenses associated with purchasing condos, they are a budget-friendly choice that enables you to get your foot in a metaphorical real estate investment door without accumulating large amounts of debt.

Condos Have Fewer Maintenance Requirements

​Compared with larger properties, condos are easy and cheaper to maintain, which is ideal if you’re a busy landlord with limited time to perform maintenance checks and repairs. Working with a condo property management company will streamline the process even further, as the team of experts will handle maintenance, repairs, and issues relating to property damage or other landlord-related challenges.

Often, external companies oversee the maintenance and landscaping of the condo block, meaning you don’t need to worry too much about the exterior components of the building. Instead, you can focus your efforts and finances on maintaining and improving the interior of your rental condos.

Condos Attract a Diverse Range of Tenants

​Condos are ideal for single people or couples who don’t require a large amount of space and want somewhere affordable to rent. When investing in condos within Ontario, you can enjoy a diverse pool of tenants.

People move to the Ontario from all over the world for a number of reasons. Many business owners choose to open offices in this area due to its thriving economy, attracting thousands of international employees and jobseekers every year, many of whom will be searching for a condo to rent when planning a trip abroad.
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There are also thousands of ex-pats who move to Canada to seek a better life. These individuals may seek a modern condo to rent instead of purchasing a property themselves. Choosing to rent a condo offers enhanced benefits over other types of properties by providing renters with easy access to local amenities and offering a taste of the urban lifestyle without a hefty price tag.