If you are thinking about purchasing a condo in Etobicoke to generate rental income, there are some tips you should follow to get the best possible return on your investment. The starting point is to look at the condo fees that you will need to pay on a monthly basis, these fees are necessary to make sure the common areas of the condo are maintained for the benefit of all owners. One of the key services you should review is the costs associated with Etobicoke condo window cleaning service to determine whether you are getting good value for your money. These services do vary in price but you also need to ensure you are getting good value for the money being paid.
Why You Need to Pay Attention to Your Monthly Condo Maintenance Fees
Since you plan on renting out the condo once you purchase it, you will need to keep an eye on all of the expenses that are associated with owning the condo. These monthly fees are due whether you are able to find a tenant to occupy the unit or not so you need to make sure you have the cash flow available to service this obligation.
Since a portion of the rental income you receive is allocated to these maintenance fees, you have to take every reasonable precaution you can to try and bring those fees down or make sure you are getting great value for them.
Perks Associated with Renting a Condominium
There are a few perks associated with owning a condominium as an investment property, one of the primary benefits is the property will usually have facilities that a traditional home could not provide for the same amount of rent being charged. Some of these facilities would include a pool, sauna, gym, conference room to name a few. These facilities are also included in your monthly maintenance fee so while you were looking at the costs associated with Etobicoke condo window cleaning services you also need to bear in mind that some of the fees being quoted are allocated for the amenities.
Additional Things to Bear in Mind
After you have assessed the condo maintenance fees and determined they are reasonable, the subsequent step is to begin doing some research to determine how much you can charge for rent and attract long-term tenants. One method is to look at what similar properties in the area are renting for and that could give you a rough baseline. Since the property market in the GTA is relatively quiet right now, there is a considerable amount of demand for rental units which is great news since you are interested in purchasing a rental property to rent. What you will need to do is carefully screen prospective tenants to make sure they are responsible so you do not have to deal with any unnecessary headaches.
Now that you understand some of the variables involved in purchasing a condo in Etobicoke for rental income you can begin your review.