If you need assistance, please call 905-456-1000

A Condo Can Be an Ideal Income Property

Friday, March 9, 2018   /   by Ruth Ballantyne

A Condo Can Be an Ideal Income Property


A Condo Can Be an Ideal Income Property.



 



Regardless of whether you live in a house or condo, owning an income producing condo can prove to be a very savvy real estate investment.



 



Condos can be attractive investments because they usually require very little maintenance by the owner. However, managing an income property is not as easy as offering a short-term rental on your principal or vacation property.



 



In many cases, legal agreements, bylaw compliance and condo rules and regulations come into play. Also, you will need to decide whether to be a hands-on landlord or to hire a property management firm to handle a variety of services, including dealing with tenants.



 



Property managers can relieve you of handling most of the time-consuming aspects of landlord/tenant relations, including interviewing prospective tenants, collecting rent and managing routine repairs. They may even handle tax compliance and deduction eligibilities, property and liability insurance, and even basic legal requirements. However, hiring a property manager will not exempt you from your obligations as the condo owner, and your requirement to comply with condo corporation rules.



 



It is also important to note that management fees added to condo fees will affect your monthly net income.



 



*Article provided by Morris Marketing*

Ballantyne Professionals | RE/MAX Realty Services Inc.
Ruth Ballantyne
295 Queen Street E
Brampton, ON L6W 3R1
905-456-1000

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2021 Last Updated May 15, 2021
This site powered by CINC: www.cincpro.com