Are you considering buying a
condo as a rental property? Condominiums - often referred to as condos -
are often the preferred vehicle for first-time investors to invest in real
Condos are easiest to maintain
since they are governed by a Strata Corporation which may hire a
professional strata management company to assist in taking care of the
exterior upkeep. Whether your condo is going to be your primary residence
or a rental, you must be sure to add the cost of the strata fees into your
monthly payment. This is a fixed expense. If you elect to rent out your
unit, you need to make sure that rentals are permitted by the Strata’s
bylaws. If rentals are allowed, make sure there are no onerous rental
restrictions such as age or pet restrictions that may eliminate many of
your potential renters.
Condo Due Diligence form if you are
looking at purchasing a condo as a rental.
CMHC produces a
Condominium Buying Guide
that you many also find
|So why do you want a
investors find condos easier to manage. There is little or no
yard maintenance to deal with, lots of neighbours to tattle on your
Tenants and a myriad of owners with similar goals to talk with so
you don't feel you're all alone.