Hmmm, Should You Invest In An Apartment Or Condo?
Don’t make the simple mistake of thinking an apartment is like a condo. They may look the same, they may even be priced similarly, but they don’t have the same features. But let's start off with the things they have in common and the things that make them unique from each other. This is crucial to know for anyone looking to invest in both or just one of these types of properties.
Similarities, in investing
Both are location-dependent when it comes to price. However, a condo is less focussed on location and more on residential settings. An apartment that is worth investing in, will be in the city center, in a high-rise building. A condo, on the other hand, doesn’t have to be in either, but usually, the best is.
Both will have shared features, such as piping, plumbing and usually, the air conditioning unit. This is something that will be made known to clients beforehand. If there is a water leak or similar issue in a neighboring property, most likely, the client’s property will be affected too.
Both will have shared internet services with other clients. You can buy your own router and equipment, but they will be sharing landlines to receive the internet. Standalone properties will have their own landline, per household.
The key differences
The best selling point of condos is their amenities. They usually have swimming pools, fitness centers, gyms, laundry services, and common hangout areas. These features are usually not available in apartments.
They are usually in residential settings. If you need more information, check out this page of current condo opportunities. They are located in business districts, shopping areas and other leisure zones such as sports stadiums and casinos. Many condos all over the world, like The Dylan Condos in midtown Toronto, are also situated in suburban areas where there could be gated communities and quiet school zones. If you need more information regarding the differentiation between condos and apartments, you could visit some Toronto homes for sale and see for yourself.
Condos are usually for the more mature client. Apartments will be chosen by young professionals, just starting out in life and seeking to be closer to their place of work. Condos are for the older person, that is not looking for a house but not looking for an apartment and wants something in between.
Condo prices tend to rise more than apartment prices. This means that a more affluent client will be searching for this type of property. You will also find that condo clients like to stay long-term instead of short 6-month and below contracts that apartment clients desire.
So what should you do?
Condos are tough to get into as a first-time investor in property. Real estate challenges exist in every type of property field but, condos are best to get involved with when they’re developing. Apartments are easier to invest in because there’s so many of them. They are also a little less stable in terms of short-term investment but if you pick the right city of work, you should be more successful.
If you want to know more, check out the list of condos available and read their descriptions. Note how they’re being advertised and focus on that key demographic.
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