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Condominiums in general appreciate in value at a higher rate than inflation. There is a lower vacancy rate for condominium apartments in major Canadian cities.The demand for condo living is increasing because of the luxury and convenience it provides.The economic benefit is alluring especially to the first time investor because of the minimal amount of maintenance needed since expenses are shared.
Maintenance problems are the primary responsibility of the condominium corporation or property management company as it applies. Investors are not tied down with the responsibility of maintaining the amenities like the tennis court, swimming pool, gym or health facilities, etcetera. Condominium bylaws and provincial regulations help protect your investment. An example is: most condominiums do not allow pets in the premises to lessen the wear and tear of the property. This kind of rule is favorable to the investor. A percentage on your personal expenses related to the upkeep of your office while taking care of your investments can also be deducted from income(which results to less taxable income), on top of the regular tax deductions such as mortgage, interest and depreciation.
If you are a serious investor, it is wise to consult a CPA for tax and accounting and seek legal advice from a lawyer whose specialty is condominium law.