Invest in your future
Whether you are thinking of investing in a condominium suite for financial or lifestyle reasons, you win either way. Even if you plan to live in your suite and enjoy the carefree condo lifestyle, in the long run, you benefit financially as well. Condos continue to rise in price, even with the pandemic affecting our lives, and the average rent for a one-bedroom apartment in Toronto is nearly $2,300. Tucking a condo into your financial portfolio has the potential to be a lucrative investment. In addition to earning equity and rental income, a condo suite is concrete, rather than simply words on paper. You can touch it, keep an eye on it, and it’s easier to understand than stocks.
People who live in their suites add a lifestyle investment to their enjoyment. The fact you don’t have to worry about building maintenance frees up your valuable time. And isn’t time something we all want more of nowadays? It is pure luxury to have everything from staff wages to the cleaning, upkeep and repair of building systems facilitated by the residence’s condominium corporation. Residents say good bye to clearing snow, mowing lawns, weeding gardens, sweeping leaves… You get the picture. Maintenance fees also cover the cleaning, upkeep and repair of the building’s amenities. Once the pandemic is a thing of the past, residents will once again be able to enjoy these wonderful spaces. Having amenities right in the building means residents save on gas and wear-and-tear on vehicles to go to gyms, which is better for the environment.
Another lifestyle benefit of condo living involves security. New buildings incorporate everything from eyes-on-the-street with a carefully placed concierge in the lobby, to strategically placed cameras in other areas. With advances in technology, we are also seeing more security measures showing up in condominium suites themselves. Systems may be in place to enable residents to control who they invite in via smart phone apps and in-suite monitors. Some suites even come equipped with home automation that allows owners to adjust the temperature and position of the blinds from their mobile devices, so the suite is comfortable when they get home. In addition, I have always said that a condo is essentially a vertical community where people get to know each other in the common areas. As a result, they tend to look out for each other as well, and to notice if anything is amiss.
As for locations, new condominiums are situated in areas in such a way that they take advantage of existing and future infrastructure, such as public transit routes and local amenities. Often, condo residents can walk to shop, dine out or attend a live theatre/concert performance. In a city such as Toronto, which has an abundance of trees and greenery, parks are usually close by as well.
People of all age groups and family configurations are choosing condos for their homes and/or their investments. In fact, think of your life as a portfolio. Adding a condominium as your residence is a wise and fun way to invest in your future.
Barbara Lawlor is president and CEO of Baker Real Estate Inc., winner of the pinnacle 2017 Riley Brethour Award from BILD, and an indemand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com