House flipping isn’t just for houses anymore
Start Thinking About Condo Flipping, It Has Less Competition and It’s More Affordable
It is not all about finding a dingy house and turning it into a gorgeous home in the flipping game. The drab-to-fab house renovations are time-consuming and can make you a lot of money, but they’re far from your only option as a property investor. It is time to start thinking about condo flipping.
But why flip condominiums? Well, if you are new to the world of apartment flipping, house flipping, or flipping apartment buildings, a condo investment in a Toronto may be a great start. Continue reading to learn more.
Is Flipping a Toronto Condo Worth It?
To start, there is less competition from fellow flippers, because few choose condo flipping because the customization and condo renovation that can be done on the property seems daunting. This creates an opportunity for up-and-coming real estate investors to break into a less crowded market.
Moreover, Toronto condos are more affordable than a house in the city. This is Because of the size comparison. And with a cheaper bill to fit, this gives you lots of financial room for renovation and design with the condo flipping. And a renovated, freshly-designed condo allows you to ask for a higher price when you put it up for sale. Certainly a worthwhile investment.
Renovate Your Condo then Flip It
Renovations are a large part of the process when one flips a condo and flippers tend to take advantage of popular designs and aesthetics to lure buyers. You may choose to hire a designer or do it yourself; however, you might need the help of a condo renovation contractor.
Please note that each condo association has its own set of renovation rules, so pay close attention. It is suggested that you speak to the chairperson of the condo association before buying as some associations are more keen toward flippers than others.
Financing for Condo Flipping
Condominiums in Toronto are considered residential real estate. So, when you choose to flip a condo, you have a number of loan options you can look into.
In fact, there are some loans that will cover 100% of the renovation costs and up to 90% of the purchase price, making the choice whether or not to flip a condo and an easy one.
It is important to remember that the cost of a condominium investment is less than that of a single-family home. Add in the combination that with more aesthetic renovations and property investors/flippers just like you are sometimes left with thinner profit margins. Do not let this scare you away. If anything, this steers the investing and flipping competition away from you, and may, in fact, increase your profit.
Still got questions? Contact the Moose Condo Reno team for a free consultation on flipping a condo in Toronto.