Many Toronto condo suites are purchased for investment purposes rather than as homes.
For those purchasing a condo suite as an investment, priorities are different.
Rent received must exceed the cost of financing plus condo fees.
Condo buildings with fewer and less costly amenities are more attractive to investors. Such buildings tend to have lower condo fees and a higher return on investment. The focus should be on amenities people actually use. This likely means an exercise room and party room. It is less likely to mean a swimming pool.
There should be easy access to public transit, preferably subway. Properties with easy subway access can attract younger and more affluent people who may work downtown and not own a car. Properties farther away from the downtown core and with easy subway access can be more affordable for more people.
Modern and low maintenance designs appeal to younger singles. Investors need to consider the cost of refreshing a suite each time the tenant changes.
Andre’ Tarjan and May Kan, of Royal LePage Golden Ridge Realty, specialize in selling condo suites. They can be reached at www.TeamStellar.ca. For a free home evaluation contact May at 416-854-2897.