Montreal has seen a great upsurge in investments for the past few years. Due to its gradual but strong economic growth and development of the real estate, Montreal has become a hotspot for investments today. Typically, the condos in Montreal are the most sought property. This economic growth and several other factors have lead to so many advantages of buying condos in Montreal. You can take the search of a property to an all-new level if you are trying to purchase a condo in Montreal. Thus, by putting in efforts for researching apart from the money, you can get yourself a pretty good deal.
Here’s how it makes a good investment:
- Low maintenance
Unlike plexes and family homes, condos are really easy to maintain. You do not have to worry much about the maintenance costs as these costs, building repairs, and other ongoing expenses are covered in the condo fees. So compared to other types of houses, condos are economical as well as easily maintainable, bearing lesser maintenance costs.
- Easy rent
The unique 50/50 renters/owners market and low vacancy rates of Montreal have made it easy for condos to maintain their rental ROI year on year. Besides, the modern looks of the new condos have attracted a massive amount of younger as well as older crowd who are looking for something that requires low maintenance and is ready to move in.
- Low purchase costs
The boom of condo development has brought down the overall prices of condos in Montreal. This has helped the investors to create a diversified portfolio across different locations and buildings. The low purchase cost factor is responsible for the great popularity of the condos in Montreal.
- Resale value
Because of their lower purchase costs and the lesser rental costs and maintenance, the resale value of the condos is also high. Having said this, location plays a significant role in these values, thus, not all condos will offer a really great resale value. So, if chosen well, with a bit of research and planning, a condo in Montreal will not only bring healthy rental returns but also continue to increase its value service.
Montreal, thus, offers condos for both rentals as well as investment purposes, giving out high returns on investment. So this is where Luxury MTL propriété à revenu can be a great start towards growing your profits.