Like a single-family home, a condo isn’t property you just buy – you invest in it. Condos are an investment just like any other piece of property and should be treated as such; the condo market is still booming and showing no signs of taking a downturn, so it isn’t like would-be investors do not have plenty of options to choose from. Still, with so many investment opportunities – especially with new condos in Stoney Creek, ON sprouting up – it pays (literally) to know the benefits of investing in a condo.
More affordable than traditional single-family homes
If you have been scouring your neighbourhood for single-family homes to purchase, you’ve probably had the same reaction as most Ontarians: you won’t be able to buy the property without first selling a body part. While we kid, for most the traditional single-family home is simply a remnant of the 20th century and can’t find a place to fit in the 21st: the down payment is astronomical, maintenance costs are outrageous, and the location isn’t ideal. In a sense, single-family homebuyers pay more for seemingly less.
Amenities single-family homes can’t touch
Sitting in the living room of a single-family home, you’re not going to be able to walk outside and visit a Starbucks down the block. Moreover, you will not have the luxury of walking outside and having a spur-of-the-moment barbecue. But whether you decide to invest in new condos in Stoney Creek or somewhere else in Ontario, you’re going to find the same thing: single-family homes simply are not in an ideal location.
Developers like our team at LJM Developments want prospective homeowners to live in the most convenient location possible. That’s why you see new condos in Stoney Creek and elsewhere cropping up in the middle of neighbourhoods or in an area where public transit is just a few steps away. Convenience is the magic word when it comes to developing a condo, and it’s one of the many reasons the condo market is continuing to climb. When you live in a prime location, commuting is easier and life is more convenient – what’s not to love?
One of the great things about homeownership is gaining access to equity – in other words, the amount of the home you own outright. Homeowners can borrow against their home and use it as collateral, and it’s one of the most powerful bargaining chips you will ever have. Being smart about using equity goes without saying: even so, if you use your equity responsibly, it can be a godsend during some of life’s most challenging moments when you need money now, not later.
A major reason people buy homes is for the tax benefits. If you buy a new condos in Stoney Creek or anywhere else in Ontario, you’re going to be eligible for your own tax benefits. While every situation is different, you can expect to receive certain types of deductions next tax season, such as deducting mortgage interest, property taxes, or if you eventually decide to sell your investment and move elsewhere.
Potential to make a profit
Why buy a new condos in Stoney Creek, Ontario without an exit strategy? While you may see yourself living in your new condo for the foreseeable future, one of the huge perks of owning your own condo is having the opportunity to eventually sell it. As you pay your condo’s mortgage and the property value rises, your return on investment (ROI) is going to be that much greater.
There are not many things in life where selling is a driving force to buying, but when it comes to real estate, every purchase is an investment. It doesn’t matter what you plan to do with the property either: raise a family, live alone, sit on the investment until you decide to sell, the list goes on. It’s an investment no matter the role, so go into the buying process with this frame of mind. Moreover, choose a neighbourhood that you think is going to continue to grow into the next decade. If the neighbourhood is growing and in demand, chances are your condo will be as well (and your ROI will be something worth bragging about).