Why Should You Invest in Condo in Montreal?
For last few years, Montreal has become an attractive place for investors and there are few good reasons for that. There are plenty of condos available which is much affordable as compared to houses.
Due to plenty of availability of condos, Montreal has become a hot choice for most of the locals as well as immigrants who are coming to this country for work.
Following are few advantages of buying condos in Montreal.
- Low Maintenance
With condos you can have Luxury MTL where any small family can easily live with very low maintenance since all major repair works of the building will be included within the fees that you pay for the condos.
- Easy to rent
Due to the size of the premises and also unique market in Montreal for 50/50 renters/owners and low rate of vacancy has made return on investment on rent quite attractive.
These condos are popular with old and young demographics who are trying to look for easily maintainable accommodation and ready to move condition.
- Static expenses
Property taxes, condo fees and rental management will be convenient to forecast your expenses without getting any surprise major repairs which can create a hole in your pocket.
Your expenses can be easily predicted which will depend on its past data.
- Low purchase cost
Due to major boom of condos in Montreal has really helped to bring down purchase price of condos. Due to lower price of condos has made it quite easier for all investors to diversify their condo portfolio all across different buildings.
- Easy to re-sell
If you choose the location of your condo well then it will be very easy to resell your condo and you can get very good return of your investment too. Besides that, you can also rent out and get very good rent too.
- Tight mortgage regulations
With higher amount of down payments and many other tighter regulations on mortgage there will be higher percentage of property ownership.
While there are tough economic times, such high ownership level will help to maintain the present market of property price. People who own these properties will more likely hold on their property till the market makes recovery rather than forced to sell.
Though we can find plenty of advantages with buying condo in the form of investment, you could make wrong selection of condo in Montreal, and it can be a disadvantage too.