10 reasons why you should invest in a condo
For many of us, buying a home has been a lifelong dream, which is understandable since home ownership is one of the most important life projects one can have. Here are 10 reasons why purchasing a condo is one of the smartest investments you’ll ever make!
1. Having a place to live is a priority for everyone
Having a roof over your head is a necessity. Consequently, there will always be a demand for the real estate market. Whether you’re planning to live in your condo or rent it out, chances are it won’t remain uninhabited!
2. Real estate is a stable and profitable investment in the long term
History has shown that owning real estate is the most secure investment one can make. Of course, the increase in value will depend on the chosen location, economic landscape, urban development, demography, etc. By choosing your condo wisely, taking into consideration the market’s evolution and focusing on the long-term, you will ensure a profitable investment. This security will allow you, for example, to enjoy your retirement without having to worry about financial problems.
3. Mortgage payments are often similar to rent payments
A rent payment is generally comparable to a mortgage payment. However, rent is an expense whereas your mortgage is an investment that will eventually become profitable! As a tenant, you’re not building equity, while a condominium is a real estate asset whose value increases over time.
4. You can use the leverage effect
The leverage effect, a financial technique that is gaining in popularity with investors, consists in taking advantage of a property’s increase in value by remortgaging it to invest in a new purchase. This refinancing allows you to buy more real estate, thus growing your assets. Your first investment then becomes a substantial source of credit over time.
5. You can benefit from tax deductions
Depending on how you use your property purchase, you can benefit from tax credits as some expenses are deductible. This is the case for some types of work on the property or if you rent out your condo.
6. Develop your space to fit your tastes
Purchasing a condo from a plan allows you to choose your layout, materials and finishes to create an interior that reflects your style. What’s more, you will benefit from turnkey delivery.
7. Benefit from the latest construction standards
Buying a new condo means owning a place built using the latest innovations in terms of construction and insulation—you’ll save yourself a lot of work for years to come! However, make sure to properly perform an inspection with an expert when taking possession of your condo to avoid any unpleasant surprises.
8. You get to make decisions
As a co-owner, you have the power to make decisions regarding your building complex. By sitting on the board of directors or simply voicing your opinions during co-owner meetings, you will take part in decision-making regarding common areas, unlike tenants who don’t have any say in those matters.
9. Properties near the REM will increase in value
While the REM is not yet in service, recent studies show that properties near the future stations will substantially increase in value. The selling prices of condominiums located less than 500 metres from a metro station are 11.2% higher than those located 2 to 4.5 km from that same station, according to a study conducted by JLR Land Title Solutions. Thus, we can easily predict a significant increase in prices and added value for condos near an REM station.
10. Your interest rate is guaranteed for up to 18 months
By choosing the Baldwin Condos & Penthouses project, you will access the “Builder’s Special Program” developed by the major financial institutions (Desjardins, BMO, RBC, TD, and Scotia Bank). This program guarantees your interest rate for up to 18 months, so if rates go up, you are protected, and if they go down, you still benefit from the lower rates! Contact a sales representative to learn more.
Baldwin Condos & Penthouses: an informed choice
Baldwin Condos & Penthouses, the largest new residential real estate project in Dollard-des-Ormeaux, offers a privileged living environment in direct proximity to the future REM station, between the bustling city life and the tranquillity of surrounding nature.
Delivery: winter 2023 / spring 2024
Don’t hesitate to contact us at 514 316-8003 for more information.
Our experts will be pleased to answer your questions and give you advice.
