Benefits to Buying a Condo

Benefits to Buying a Condo - exterior view of new condo building and landscaping

There are so many benefits to buying a condo that the team at Royal City Realty was hard-pressed just to pick a few. Whether it’s for you, your parents, or your children, buying a condo is a great investment. Here are our top reasons for buying a condo:

Condos Are Low Maintenance

Unlike homes, condos are maintained by the landlord, along with various landscapers and maintenance crews. Your days of raking leaves, shovelling snow, keeping pests away, watering the lawn, and cleaning up litter are over!

The peace of mind and time saved by not having to look after all these chores is priceless. No more straining and over-exerting yourself, you can simply enjoy the grounds, gardens, and pathways.

You also won’t have to worry about researching service people or getting quotes for things like roof repair, eavestrough work, tree pruning, or paving services. The condo will be responsible for looking after all of those time-consuming tasks.

Condos Can Be Cost-Neutral

We hear you asking: cost-neutral? How is that possible? Let us explain.

If you have a student heading to college or university, purchasing a condo may be the way to go. Instead of spending thousands of dollars on residence fees or rentals, you can put the monthly payments towards the mortgage for your condo.

Then, once your child has received their degree and their university days are behind them, you can resell the condo. In the Wellington County area, we have seen the value of condos rise, which means you may even make a profit from the increase in your condo’s value.

Once you sell the condo, you are likely to come out cost-neutral on your investment — if not better!

Condos Can Generate Income

The Guelph area is notorious for having an incredibly low vacancy rate. This means that, in general, there are more people looking for rental units than there are rental units available.

Guelph has experienced — and continues to experience — widespread growth. It’s a lovely environment and its close proximity to both Kitchener-Waterloo and Toronto makes it extremely appealing to many people.

The latest Vital Signs report indicates that population growth for both Guelph (8.8%) and Wellington (4.9 %) surpassed the province’s average of 4.6% since 2011.

It also shows that the vacancy rate for Guelph and Centre Wellington sat at 1.2% and 2.2% respectively — well below the minimum 3% vacancy rate, which the report says is needed for a healthy rental market.

When you put it all together, this makes purchasing and renting out a condo a very wise investment.

If you’re considering buying a condo in Guelph or Wellington County, contact the team at Royal City Realty.

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