If you are thinking about purchasing an investment property inside the GTA, you need to do your homework. With property prices facing downward pressure you should be able to find some great bargains, especially in the condominium niche but you will need to assess all of the variables. Something that you will need to review when looking at condos is who is servicing them, when it comes to condominium window cleaning in Toronto, Ontario not all the service providers are created equal. Since you will be paying for these window cleaning services along with other maintenance services, you want to make sure you are getting the best value for your money. What you can do is start by looking over the costs of the condominium maintenance fees and compare them to what is being charged for comparable properties in the same area of the GTA. While comparing the costs of these properties, you should be able to determine whether the prices are reasonable or high.
Getting the Best Return on Your Investment Property
The reason you have to pay close attention to variable expenses like condominium window cleaning in Toronto, Ontario is these expenses can eat into your profit margin. When renting out your investment property the tenants will expect you to pay the condominium maintenance fees which include window cleaning. These fees are considered part of the rent so whatever you can do to reduce those fees will help you earn more profit from your rental income. Along with the maintenance fees, you should look at the amenities that the condo has available which can be used to add value in the eyes of prospective tenants. One of the things that these tenants will look for is a gym to exercise and a pool to swim, these are common features in most modern condominiums and you should make sure that your investment property has this to help you get the maximum amount of rent possible.
Hiring a Firm to Handle Your Investment Property
One of the key things to think about when purchasing investment properties inside the GTA is whether you will hire a property management company that will help you find tenants and deal with tenant related issues. You will need to check with the organization managing the condominium to find out whether you are allowed to rent your unit out or if you have to occupy it. Hiring a professional property management company may be an option but you will need to weigh the costs associated with hiring a property management firm compared to the opportunity cost of your time.
Only when you have covered all of these variables will you be able to determine whether the investment property you are assessing is going to be suitable, if it is not suitable then you can move on to the next one on your list. By following these considerations you should be able to get the best possible ROI on your investment property dollar.