{"id":28934,"date":"2023-03-12T11:57:18","date_gmt":"2023-03-12T11:57:18","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/how-to-earn-more-for-your-investment-in-a-downtown-condo\/"},"modified":"2023-03-12T12:02:13","modified_gmt":"2023-03-12T12:02:13","slug":"how-to-earn-more-for-your-investment-in-a-downtown-condo","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/how-to-earn-more-for-your-investment-in-a-downtown-condo\/","title":{"rendered":"How To Earn More for Your Investment in a Downtown Condo"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p>A downtown condo in Toronto can be an excellent investment that grows in value over time. But it needn\u2019t be a \u201clazy\u201d investment that doesn\u2019t bring you income. If you use your condo yourself at certain times during the year, and are away at others, you may have thought that renting it out was off the cards. Airbnb<a href=\"https:\/\/www.nytimes.com\/2020\/11\/17\/technology\/airbnb-troubles.html\" target=\"_blank\" rel=\"noopener\">\u00a0horror stories<\/a>\u00a0and being out of town may have made you think that short-term rentals are impractical too. But that\u2019s not necessarily true.<\/p>\n<p>Besides this, there\u2019s the option of leasing your condo for more extended periods &#8211; especially if you\u2019re unlikely to need it yourself during that time. Should you consider this option? That depends on your circumstances and whether you\u2019d prefer not to leave a furnished apartment in the hands of tenants. Read on to find out how to realise income from your condo with hardly any effort.<\/p>\n<h2>Longer vs Shorter-Term Rentals<\/h2>\n<p>Professional <a href=\"https:\/\/www.delrentals.com\/condo-rental-property-management-homeowners\" target=\"_blank\" rel=\"noopener\">condominium property management companies in Toronto<\/a>\u00a0are in your area and won&#8217;t just keep an eye on things. That, in itself, is valuable. But <a href=\"https:\/\/www.thehouseshop.com\/property-management\" title=\"Property Management\">property management<\/a> companies are open to helping you find short-term tenants willing to pay premium prices for a furnished apartment.<\/p>\n<p>In general, they\u2019ll be people travelling on business and expect to stay from a few weeks to a few months. Your downtown address will appeal to them; most are model tenants. With your property managers supervising the whole process, you\u2019re left with nothing to worry about, plus you get an additional source of income.<\/p>\n<p>Should you opt for longer-term leases, the property management company will handle that too, and once again, you won\u2019t have to do much in exchange for the income your property earns. But do be aware that your prospective tenants probably want an unfurnished apartment. If you\u2019re planning to move out with your furniture, or it isn\u2019t your primary residence, and you\u2019d instead not go to the expense of furnishing it, longer-term tenants are the best solution.<\/p>\n<p>There\u2019s an additional advantage to longer-term tenants. When you go the short-term route, you need to refresh and maintain everything regularly, which has costs. If you rent to tenants who will stay for several years, you\u2019ll only be responsible for major repairs, and the little touch-ups will be their responsibility.<\/p>\n<h2>Long-Term vs Short-Term Tenants: Your Needs and Your Potential Earnings<\/h2>\n<p>There are several reasons why short-term tenants bring you more income and are easier to deal with. As mentioned, longer-term tenants usually want to bring their own furniture. That means yours has to go into storage, and that cost is offset against the lower rentals you get from tenants entering into deals like this.<\/p>\n<p>Longer-term tenants also develop a sense of \u201cownership\u201d and can be much more demanding, besides wanting to change things to suit their preferences &#8211; which may not match yours. On the other hand, if you\u2019re confident that your property managers can find the right tenant and don\u2019t plan to use your condo anytime soon, you might decide that knowing your property is in good hands justifies this choice.<\/p>\n<p>And although shorter-term rentals usually earn more when occupancy rates are high, there will be some downtime when your apartment has no tenants. Longer-term tenants ensure a constant income stream, and the property remains occupied. A sense of \u201cownership\u201d doesn\u2019t necessarily have to be wrong with the right tenants. After all, if they see it as their home, they\u2019ll take better care of it!<\/p>\n<p>Fortunately, your property managers can handle routine maintenance requests, rent collections, etc. So, once again, the problem of managing the property remotely is solved in advance.<\/p>\n<p>However, if you plan to use your apartment at certain times of the year, moving all your furniture in and out every time you\u2019re in town is far from ideal. Short-term rentals could be more to your liking. As an extra plus, you\u2019ll earn more income than you would from a longer-term rental if your property managers achieve reasonable occupancy rates for your furnished pied-a-terre.<\/p>\n<h2>Still Worried? Here\u2019s Why You Shouldn\u2019t Be<\/h2>\n<p>Renting out your apartment, whether short or long-term, can be a massive headache when you don\u2019t have professional help. But the best property managers handle all the work that goes into it: marketing your property, <a href=\"https:\/\/www.thehouseshop.com\/tenant-referencing\" target=\"_blank\" rel=\"noopener\">screening tenants<\/a>, attending to maintenance needs, collecting rents, ensuring you\u2019re adequately insured, and dealing with legalities or disputes are all off your plate. You sit back and collect your income.<\/p>\n<p>Is your condo working for you, or are you working for it? Maximise your income and cut the worry and hard work out of the equation. With the right property managers on your side, it\u2019s a breeze!<\/p>\n<h6><span style=\"color: #999999;\">Ref: 3252.28219<\/span><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>A downtown condo in Toronto can be an excellent investment that grows in value over time. But it needn\u2019t be a \u201clazy\u201d investment that doesn\u2019t bring you income. If you use your condo yourself at certain times during the year,<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/how-to-earn-more-for-your-investment-in-a-downtown-condo\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":81,"featured_media":28933,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"no","_lmt_disable":"","spay_email":""},"categories":[1],"tags":[],"wl_entity_type":[602],"modified_by":"Editor","_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2023\/03\/Untitled-21.png","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/how-to-earn-more-for-your-investment-in-a-downtown-condo","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/28934"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/81"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=28934"}],"version-history":[{"count":1,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/28934\/revisions"}],"predecessor-version":[{"id":28938,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/28934\/revisions\/28938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/28933"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=28934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=28934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=28934"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=28934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}