North York Condos are a Great Investment

North York, one of the most culturally diverse and exciting cities in Canada, is one of the largest metropolises of Toronto and a great place for real estate investment.

So out of the thousands of condos available within North York – how do you choose the best retail investment? The number one check that you must make is that the condominium association byelaws allow for rentals within the building.

Next you need to look at the geographic position and facilities that the condominium building is offering. These will be the two main items that your potential renters will be considering. The geographic area does depend upon who you wish to rent your condo. If you want to rent to students then the areas around North York University, the Osgoode Hall Law School or Seneca College are full of suitable condominiums. If it is young professional workers then head for the Central Business District and take your pick from numerous suitable condos.

The facilities within a condominium can vary from building to building. So put yourself in the position of your typical renter and decide upon their typical rental budget, which should include the association fees. Typically pools and exercise rooms are more attractive to the professional and games rooms and party rooms to the student. There are some condos that are so over supplied with resources that the association fees are not for the feint hearted.

Now look for the placement of the North York condos and what recreation and travel facilities are nearby. Can your renter quickly get to their office or university? What happens in the Canadian winter? Is there underground travel facilities? Condominium living is a lifestyle choice and people who live in condos tend to like to visit restaurants and coffee bars and be close to cultural entertainment and multiplexes, so check what is available a short distance from the condo.

There are some condominiums that have a cache to live in – your realtor will be able to advise you on which ones these are if you do not have this local knowledge. These cache condominiums will be much easier to rent but will be correspondingly more expensive to buy which will put the rent up.

Some Final Tips on North York Condos

Lastly you should look at the square footage and bedrooms within the condominium. One bedroom condos are easier and cheaper to buy but they are less easy to rent than a two bedroom condo. The latter are more attractive to small families and renters that need to share in order to afford the rental.

Lastly look at the return on your investment that your North York condominium will bring you. Make a realistic calculation of your expected rental return compared to your own outlay. You have thousands of North York condominiums to choose from so there will be just the one for you.