In the KW Region, condos are rapidly turning out to be the go-to properties for millennials, first-time buyers and baby boomers downsizing. With the lack of inventory in the area, condos are becoming a smart investment for real estate investors. I work with buyers and sellers all the time, and I see a trend that’s worth investigating. See my list below of why condos are a worthwhile investment.
Here's a list of ideal buyers that you can make your investment worthwhile.
1. First Time Home Buyers
The cost of owning a home has gone up year after year. Condo townhouses and condo buildings are a good option for first time home buyers because they are more affordable than freehold properties.
The best thing about condos as they are easy to stage and to make cosmetic improvements to which allows for better future resale value. Buyers are very selective nowadays, and most of them are looking for a beautiful turnkey property. Many buyers are even choosing units with enhanced finishing’s. To make a condo investment work you need to consider these options:
- Close to the downtown area
- Close to public transit
- Manageable Condo Fees
2. People Downsizing
Think about all the baby boomers and seniors that need to downsize. The baby boomer is holding on to their properties to get the most market value when they decide to sell. That’s why a condo investment is perfect for the future, especially when they become low inventory due to increasing demand. Snowbirds are also the ideal buyers for condos. Many seniors want to avoid retirement homes and live independently in a condo. Many seniors want to be close to everything including local transit.
Many singles want to be property owners and cannot afford a freehold property. Research shows that women are a significant home-buying demographic and women over 30 want to own real estate.
4. Separated or Divorced
Consider couples that are separated or divorced. They are sometimes unable to own freehold property and must buy a condo or have to rent one. Women are a significant home-buying demographic. Women over 30 are wanting to own real estate.
5. University Student Parents
There is an increase in international students attending local universities and colleges. Parents that live overseas or outside of the KW Region want to buy condos rather than pay down someone else’s mortgage.
Many of them buy a condo or a small home for their child to live in, with the future or renting or selling the property after graduation.
Buying a condo as an investment property can be a confusing process for some investors. There's a lot to consider when trying to understand how you can, make money from your investment. If you are renting, you must figure out the needs of your targeted renter. You also must know the KW market inside out.
There are plenty of home-buying opportunities available. If you choose to work with Mike Bolger from Chestnut Park West, I'll make the process easier by helping you find excellent investment properties.
Call Mike Bolger at (519) 616-2656 now.
CONTACT MIKE BOLGER