237 KING Street W Unit# 1308, Cambridge, N3H5L2
237 KING Street, Cambridge, Ontario N3H5L2
50 GRAND Avenue S Unit# 2001, Cambridge, N1S2L8
50 GRAND Avenue, Cambridge, Ontario N1S2L8
50 GRAND Avenue S Unit# 701, Cambridge, N1S2L8
50 GRAND Avenue, Cambridge, Ontario N1S2L8
85 SPRUCE Street Unit# 106, Cambridge, N1R4K4
85 SPRUCE Street, Cambridge, Ontario N1R4K4
85 SPRUCE Street Unit# 103, Cambridge, N1R4K4
85 SPRUCE Street, Cambridge, Ontario N1R4K4
50 GRAND Avenue S Unit# 1411, Cambridge, N1S2L8
50 GRAND Avenue, Cambridge, Ontario N1S2L8
Investment Condos for Sale in Cambridge
One of the smartest and safest ways to invest your money is through real estate and condos are no exception. There are a number of reasons condos can be a great choice in real estate investments.
One of the most distinct cities in Ontario is Cambridge. They have friendly neighbourhoods with unique cultures and characteristics, all their own. This article will give you an idea of what it is like in Cambridge and why you should choose to invest in a condo.
Cambridge is known for its heritage buildings, dating back to the 1800s and other unique architecture throughout. Not to mention, real estate is much more affordable than in other cities, such as Toronto, which is only an hour away.
Cambridge has so much to offer its residents and that is why it is one of the most sought-after places to live in Ontario.
There are a number of things to do around the city, indoors and out. There are several areas to explore, including three separate downtown centres. The art culture is prominent, with three galleries, and there are many unique landmarks, like the Hamilton Family Theatre.
There are several parks and greenspaces, including the popular Riverside Park. There are many opportunities for a scenic hike along one of the popular trails.
Cambridge is located in southern Ontario, within the Regional Municipality of Waterloo and is connected by the Speed River and Grand River. In 1973 Galt, Preston, and Hespeler, united to become the historic city it is today. Former Galt makes up the largest part of Cambridge to the south, with former Preston on the western side, and Hespeler making up the northeastern side of the city.
Preston is centrally located and makes it easy to commute to other areas of Cambridge. It is home to the largest community park, Riverside Park. There are also some popular areas to walk, hike, or bike the trails.
Hespeler is located along the Speed River and is known for the Hespeler Library which is a historical landmark, originally an early twentieth-century Carnegie library.
Galt is the largest area in Cambridge and it is known for its diverse local businesses. It is conveniently located close to downtown and the Grand River. It is home to the University of Waterloo School of Architecture. The homes are also unique in their Victorian style.
Condos are essentially living in a building with separate entrances and they could be a few floors, several, or even a high rise. There are suites next to each other as well as above and below. There are common areas and hallways that are shared and most often an elevator. Unlike apartments, they are separately owned.
Most people find condos to be much safer and conveniently located near local amenities, restaurants, parks, and schools. Condo living means you don’t have to worry about shovelling your driveway or mowing your lawn, but there are condo fees associated with that.
There are certainly pros and cons of condo living. Let’s go over them:
Pros
Less expensive: The price of purchasing a condo is much less than a single detached home. There is less square footage, but also less maintenance. You also are not on the hook for some of the more expensive repairs we often can’t avoid and come out of the blue, such as roof repairs, or a new furnace.
Amenities to enjoy: Many condos have perks included such as a fitness centre, lounge area, greenspace, underground parking, and more.
Security: Condo buildings require you to have your own key or fob to enter, so this controlled access gives a sense of safety. Some buildings even have cameras set up at the front entrance.
Cons
Less privacy: There are common areas that you might not be able to avoid your neighbours and being so close to your neighbour from both sides as well as above and below, you are bound to hear some unwanted noises.
Elevators and stairs: This might be inconvenient for some. Coming home from the grocery store with several bags can be a challenge when you have to take the stairs or pile into an elevator.
Less space: If you have items that require storage you will not find them in a condo. There is much less space for items such as tires, or outdoor items.
Harder to sell: Condos can sometimes be harder to sell due to financing restrictions. Make sure you stay on top of keeping your condo marketable. Find out about the area and what will draw in all types of people to that area.
What should you know about renting out a condo? Condos can be a great investment because the price is more accessible than a house, maintenance is in most cases taken care of by the condo corporation itself, so that is less stress for you to worry about, and it is generally a manageable and secure rental investment.
There are other factors to consider, such as:
Condos don’t appreciate in value as well as houses or even townhomes.
Condo fees can eat at your cash flow and long-term gains, they increase year after year and they rarely go down. They are also much higher for older buildings or for buildings that have a lot of amenities.
You will have to work with and comply with the condo board managing the apartment building. Often they have strict rules and guidelines.
Condo boards may or may not allow renters, so this is something you should diligently investigate before buying a condo as a rental investment.
Condos have managed to stay an attractive option for many busy professionals, first-time buyers, investors, empty nesters, and downsizers. That is a vast demographic, which is perfect for investors.
Now that you have all the information concerning the condo lifestyle and what it is like living in Cambridge, there is no telling what kind of investment opportunities are waiting for you.
If you have any other questions about investing in condos or are looking to move to the Cambridge area, contact us today! The team at WRX Property Group has years of experience and can help with all of your real estate needs.