There are a lot of people who own property or a lot of individuals in real estate who make so much money from it. It is however becoming evident that times are changing and people are getting more and more creative in a world that is increasingly competitive. So, instead of just acquiring property, we need to ask ourselves if there are more ways to make more money. The good news is that there are more ways. Here are 5 creative ways to invest in Toronto condos.
1. Minimizing vacancy
Condos can be quite expensive when it comes to renting so if you want to keep making more money from them, you have to find a way to minimize those vacancies. The best way for you to do this is to find tenants who are going to be staying there on the long term. You can also minimize the vacancy by lowering the rent when tenants come in because that will reduce the money that you lose every month the unit stays empty.
2. Flip them
This might be a risky move for those who are not well versed with real estate but it is very well paying. You can buy a condo with the market value and proceed to making some changes to it so that it is more appealing then proceed to sell it at a price much higher than the market value. This is what we refer to as flipping and it is a good way to invest in condos because you will get so much more in return.
3. The market
When you are buying a condo for investment you need to be creative enough to capitalize on your investment. An easy way for you to do this is to look at the market that you intend to buy in. Look at their wants and needs. Most people who rent condos do not have vehicles. With this in mind, buy where the people can easily get to train stations and bus stops.
4. Renting strategies
Due to the fact that renting can be quite expensive for most individuals, you can make so much money if you rent out one single unit to more than one individual. This way, the total sum of money that they will pay at the end of every month will be more than the rent that one individual would have paid for the unit.
5. Office spaces
This is yet another very creative way to invest in condos. Buy a condo which you can later rent out to interested parties as office spaces. The amount of money that they will pay for the space should be much higher than if you had rented it out to an individual to live in.