Good afternoon CC Followers,
Calling all Investors and individuals looking to potentially invest! If you have thought of buying some property in the Kitchener Waterloo area and surrounding cities, buying a condo as a first investment may be a good idea for you and for a number of reasons. Condos can sometimes be less expensive than single family homes and for the most part, condos come with exclusive amenities you otherwise wouldn’t be available to you. Especially if you have wondered about buying a unit cheap during its development phase in a red-hot market (which we are in now), buying low and selling high makes sense. However, another great way to make money from a condo is by renting it out.
Investing in a condo and then renting the unit out to potential tenants can produce excellent returns if done right. Make sure to check out our blog on cash flow vs ROI! With any investment opportunity you move forward with, a number of factors contribute the overall outcome. For condos, the location, square footage, amenities and and various other factors contribute to your overall results. With an estimated 140,000 people that have moved to Waterloo Region for employment and searching for a new place to call home, condos are where these individuals are headed. Let’s take a closer looks at what you get with different condo rental units and their criteria.
A price range between $1,200 - $1,300 gets you a brand new spacious studio unit of comfortable living space of 505 square feet, window coverings included, in suite laundry, appliances, all utilities except for hydro and parking or storage! Sure 505 square feet sounds small but for one person and once you get your basic necessities for furniture in, it’s functional and convenient. For example, a studio like this in the Midtown Lofts, a trendy mid-rise condo on the new light rail transit line in Kitchener gets you just this. Midtown borders a great mature neighbourhood great for morning runs and is only steps away from Google’s Development Centre! Great location that attracts many people from the tech industry.
A price range between $1,600 - $1,700 gets you a spacious one bedroom plus den unit in One Victoria. You will usually see these unit within this price range that are between 670 - 750 square feet. For example, unit 1308 - This unit is 678 Interior square feet and of 55 exterior space. Unit 1308 is a beautifully finished, one bedroom plus den unit with eastern views of Kitchener Waterloo towards the Kaufman Lofts and the Google Development. This unit includes everything you need as it is located in the core of the Innovation District. It also includes wide surface floors, in suite stacked washer and dryer, indoor parking and storage, A/C and heat source, water, window coverings, floor to ceiling windows and use of all building amenities. Sounds pretty great, right?
A price range between $1,800 - $1,900 get you a unit that is listed exclusively with Condo Culture and is very rare. Welcome to suite 108, in the very sought after condo, The Alex. Located in Uptown Waterloo, suite 108 offers 1,025 of square feet making the unit feel very open and spacious. This is a one bedroom plus den unit comes with water, heat, A/C source, staked insuite laundry, appliances an parking. This unit is available for September 1st and ready for tours! You don’t want to miss out on this exclusive opportunity.
A price range between $2,000 and $2,400 gets you a beautiful and bright unit also within One Victoria! Available November 1st, suite 1111 boasts an open concept, two bedroom plus den layout with floor to ceiling windows. The unit includes two bedrooms, one den, 2 four piece bathrooms, one with a double wide granite vanity, upgraded light fixtures, and windows giving you natural light throughout the day. The unit also includes stainless steel appliances, washer and dryer, parking space, heat, A/C source, and water. This is an extremely spacious unit giving you 1,139 of space to make your own. Who wouldn’t want to live here?
Condo investing comes with advantages over single family homes. These make them ideal for investors seeking a higher rate of return and an easy time managing their properties if they don’t have property management looking over their unit as the rental market as been active. Renting out your condo is also cheaper due to shared building maintenance costs that your tenants are responsible for. We are not telling you to go out and buy a condo today, we are simply saying that it is worth considering as an investment given the factors and criteria above. In the long run, it might work out for you!
Have a great weekend everyone!
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