11 Feb Investing in a townhouse or condo apartment
Investing in a townhouse or condo apartment
This is a no muss, no fuss investment, ideal for those who want their townhouse or condo investment property to work for them, literally.
A three bedroom unit can be bought for $300K in the East End Vincent Greenhill/Quigley Area or upward of $400K for a 20-year-old unit on the Hamilton Mountain. Rents for these are in the $1,500-$1,800 range and the tenant pays the utilities. Condo fees hover around $300+-, property taxes are generally under $2,800. Check rental listing websites like Kijiji or PadMapper to research comparable rental prices for your investment property.
Townhomes don’t have the appreciation of detached homes but you can’t have the sheep and the money. There is no maintenance, the condo corporation takes care of the expensive stuff, exterior maintenance, roof replacement, landscaping and fencing, exterior doors and windows. Your only job here is to scrutinize the tenant well, assure you are renting to someone who will take care of your investment property.
Condo apartments work the same way. They have a condo fee, which is pretty hefty and dilutes the cash flow/income. On the flip side, there is even less to do as far as maintenance goes.