Happy New Year CC Fam!
We are so excited to be starting a new year, filled with new opportunities. There is no doubt that 2020 had its share of challenges but it was also an extremely strong year for real estate with record breaking sale numbers and transactions.
With demand continuing to outpace supply, there are strong indicators that this trend will continue in 2021. In case you missed it, be sure to take a look at last week's newsletter where Jeff and Tim discuss key highlights from 2020 and a preview of what to expect in 2021 including a number of new condo project launches.
Whether you are looking to grow your portfolio or to start investing for the first time, we'd love to help you reach your goals. With the barriers of entry to the real estate market continuing to get higher, condos present a lower cost opportunity to build equity and take advantage of market appreciation.
Check our top 5 Resolutions for real estate investors as well as a few reasons why Condos are such a strong real estate investment opportunity below;
- Leverage - Higher returns through borrowed funds vs. having to cover the entire purchase price yourself
- Steady stream of passive rental income
- Tax Advantages - ie ability to deduct expenses associated with rental properties
- Lower upfront cash outlay - Condos are typically less expensive as compared to detached homes
- Deposit structures - new development condos typically have a generous deposit structure so that you don’t need to put down a 20% deposit right away
- Opportunity to build value before you finalize a mortgage - new development condos start gaining value as they get built and before you take occupancy
Our top 5 Resolutions for new and seasoned real estate investors:
- Write your 2021 real estate goals and be intentional about achieving them.
- Build/strengthen your team. "You are only as strong as your team," is so true when it comes to real estate investing. You will need a kick ass group of lawyers, real estate brokers, and mortgage specialists. Research and interview professionals until you have a team you are confident can help you achieve your goals.
- Network - Join Investor groups and speak with other investors who are doing what you want to do. Be prepared to learn, grow and share.
- Education - Take a class or read a book but be committed to learning more about real estate investing in 2021.
- Stay up to date on the market - Book frequent meetings/calls with your real estate agent and sign up for blogs and newsletters like this one, that will keep you up to date with what's happening in the Kitchener, Waterloo, Cambridge, Guelph and Hamilton condo real estate markets. We know the season of gifting is over, but if you know of someone who can benefit from the information in this newsletter, be sure to share this email and invite them to sign up!
Click here to join Condo Cultures newsletter.
As always, Condo Culture's team of experts remain at your disposal to answer all your condo questions and to help you realize all your 2021 resolutions. Click here to arrange a time to connect with a CC Realtor.
Wishing you an awesome and safe week.
Your CC Team