How to Make the Most of Your Toronto Condo Investment

You've been monitoring the Toronto property market, and you've noticed something interesting. Despite macroeconomic problems that have seen housing costs drop, Condo prices in the GTA have been fairly stable since property prices started to fall. Could this be a good time to buy an investment property?

Investment is always a gamble, but when compared to housing, condo values haven't fallen quite as drastically. When property prices begin to rise again, you could stand to gain. Meanwhile, you can realise regular income from rent. So far, so good.

But how can you make the most of an investment like this? Let's take a look.

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#1 Get Experts to Run Your "Business"

Rental income is far from passive. There's a lot of work, experience, and expertise needed to successfully earn money from an investment apartment. Choose landlord property management in Toronto based on the company's reputation for taking good care of both tenants and landlords like you. Look for full-service management that covers every detail so that you don't have to. Failing to cover all the bases could lead to losses rather than gains.

#2 Short-Term Rentals Earn More

Your next step is to decide whether you'll opt for long or short-term rentals. There are pros and cons to both, but you're likely to earn more from short-term rentals provided your property managers are able to market your property effectively. Of course, that means you'll probably have to furnish and equip your apartments.

Trying your hand at the latest interior design trends could be fun, but will represent an additional cost. Consider your options carefully and discuss them with the property managers you're thinking of contracting. Ask them about their track record in long and short-term rentals, investigate your potential income, and consider your costs.

#3 Consider Corporate Tenants

Most people think of holidaymakers first when they consider short-term tenants. But the real potential for earnings rises when you factor corporate tenants in. Many Toronto-based corporations want to offer visiting business associates luxury accommodation. And if they're based elsewhere, they're very likely to feel the need to have representation in Toronto from time to time.

They're willing to pay for this privilege, and you're more likely to get serious-minded tenants who will take good care of your furnished apartment. Why think small when you can think big? Once again, property management companies may or may not have expertise in this area, so if you're hoping to follow this route, choose the right company to represent your interests.

#4 Choose Apartments with Extras

These days, top apartment complexes are vying with each other to offer more and better amenities to residents. Access to event spaces, lounges, gyms, pools, and parks are all on the list, and each amenity adds to value, and of course, pricing. You can make this work for you. Since the smart money is going towards this kind of residential complex, and smart tenants are willing to pay more rent to get these extras, they could boost your earnings and help you to attract affluent tenants more easily.

#5 Balanced Investment Requires Property Exposure

Investing is a balancing act, and your investment funds should cover a range of asset classes. Property is one of them, and it's usually a pretty safe bet. It's a long-term game rather than speculative one, but with property, you can be fairly sure of realising regular income, and that's a decided advantage.

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Buying and selling condos in Toronto can be a profitable venture when you find the right property management company to represent your interests. With careful planning and a bit of luck, you could soon be looking at a much healthier rental income.