A condominium is a private unit that’s owned by an individual and is situated within a larger residential complex. Condos are located in desirable areas within cities and usually come with several shared amenities, such as a gym, swimming pool, party room, etc. A homeowner’s association typically manages these common areas and sets forth specific rules and restrictions at the building level, while also charging monthly fees.
Are condos a good investment?
Buying a condo is a smart choice if you’re new to real estate investment. For instance, apartments for sale are less expensive than single family homes and require less maintenance. Granted, they also don’t appreciate in value as much as houses and come with homeowner’s association fees and specific rules and restrictions. Even so, condos can still offer decent returns when rented out. In addition, there’s often increased interest in condos due to their desirable location and amenities, so finding tenants should be easy. Alternatively, if you’re a condo owner residing in your own unit, you can become a real estate investor a few years after purchase. You can refinance your mortgage, extract some equity, rent out the condominium and then use the equity plus the rental earnings to buy your next property.
How many condos for sale are available in London, ON?
There are 67 apartments for sale in London, ON, with prices ranging from $169,900 to $1,565,000.
How do I search for condos for sale in London, ON?
Browsing London, ON apartments for sale has never been easier on Point2! Narrow your search by filtering listings based on price, square footage, number of bedrooms and bathrooms, year built, etc. Additionally, sort London, ON condos for sale according to price drops in the last six months so you never miss a bargain. Interested in condos for sale near your location? Use the map view to find apartments for sale nearby.
What is the difference between a condo and an apartment?
An apartment is a unit in a building owned entirely by a landlord — a leasing company that handles all the rentals. Conversely, a condo is owned by an individual who either lives in the unit or rents it out. Essentially, you can buy or rent a condominium, whereas you can only rent an apartment. Unlike apartments, condos are newer and more common in larger cities and in more desirable locations. They’re also often associated with luxury living, offering a wider set of amenities and facilities than apartments.
What is the difference between a condo and a townhouse?
A condo is an individual unit within a large residential complex that shares several walls, as well as the floor and/or ceiling, with other condos. In contrast, a townhouse is a vertical structure with multiple levels and only one or two walls in common with adjacent units. Notably, townhomes usually include a larger total living space and offer more privacy. As opposed to condominiums, owning a townhouse means not only owning the interior of the property, but also the land it sits on, so you’ll have a private front and backyard at your disposal. As a result, townhomes tend to be more expensive than condos.