The #1 BEST Tip For Buying An Investment Condo

The best tip for anyone looking to purchase an investment condo or property to rent out for tenancy is to buy a parking space with the property. There are a number of reasons and advantages to being able to tout a parking space on a listing. In addition to the ability to promote the addition of a parking spot with the unit, there are also a number of benefits not only for yourself but for your future tenant. Let’s explore some of them below, and follow CADMEN Properties for more of the best business tips. 

The advantages to having a parking space available with the property are wide and varied including: 

• If you have a condo without parking space you will have a much harder time selling it at a good price. 

• If the condo is downtown, there is usually no street parking available and this can become a deal-breaker for many potential tenants

• If the buyer has a car, and there's nowhere to park it, they're going to move on to the next deal.

• The pool of buyers interested in your property decreases, reducing the supply of buyers and the demand for your property.

•  Reduces the potential rental value of the property in the future 

• People who require mortgages require jobs, which mostly require a car to get to especially living in Canada. 

• There is a good supply of condos for sale on the market, especially already with parking spaces across all areas of Ontario, as such without one you are lacking in at least one way compared to the competition 

• Many potential renters drive and will be looking for places that have available parking spots/spaces 

For more of the hottest real estate and business growth tips in Canada visit CADMEN Properties. 

Credit to Money, People, Deal by Stefan Aarnio for source information.