Are you contemplating buying a luxury condo in Toronto but are not sure if it’s the best decision? Luxury condos are sold at a premium price but they are truly worth it if you can afford one. In this guide, we shall look at the benefits that a luxury condo has to offer and why we believe that it’s one of the best decisions that you can ever make.
Top 7 benefits of owning a luxury condo in Toronto
When you buy a luxury condo in Toronto, you will have flexibility when it comes to making any customization that you might require to fit into your new luxurious lifestyle. Such freedom is not available if you choose to rent an apartment or a standard condo over buying your own luxury condo. A luxury condo is a definition of fine living in Toronto.
It’s a form of indirect savings
When you take a mortgage to buy a luxury condo in Toronto, you will be servicing your home loan in exchange for an asset. When you clear your mortgage loan, you will fully own the luxury condo and you can use it as an investment asset to generate passive income. If you are currently renting a home, you are indirectly helping the homeowner to pay off the mortgage instead of seizing that opportunity and servicing your luxury condo mortgage loan.
It helps grow your net worth
When you purchase a luxury condo unit in Toronto, you add it to the list of your many investment assets. When you accumulate your investment assets, you directly grow your net worth and it becomes easier to access financing as lenders will have more confidence in your ability to pay back the loan.
It helps you plan for your finances
When you decide that it’s time to purchase a luxury condo in Toronto, the first thing you need to check is your net worth to determine how much mortgage you can comfortably afford keeping in mind you have other financial obligations. This will help you create a working budget where you can plan for your finances objectively and ensure you can predict your future financial obligations and income.
It boosts your credit score rating
When you purchase a luxury condo in Toronto through mortgage financing, you will be required to make monthly mortgage repayments. By continuously servicing your mortgage loan, you get a chance to build your credit score ratings which makes it easier for you to qualify for other loans in the future.
It can be a source of extra income
If you are a real estate investor, you can invest in a luxury condo that you buy and rent out to generate passive income. Creating an extra source of passive income is the surest way of creating long-term wealth.
Enjoyment of tax benefits
If you buy a luxury condo in Toronto as your primary home, there are a lot of tax benefits that you stand to gain if you decide to sell it in the future. Primary homes are exempted from paying capital gains tax. Your property will appreciate and you are assured of making some good profits from the sale.
Get the full benefits of buying a new condo in Toronto by Easy Precon
When purchasing a new luxury condo in Toronto, there are certain essential factors that one needs to consider. They include;
- Condo location
- Condo price
- Future appraisal estimates
At Easy Precon, we have the best luxury condos that you can’t find anywhere else in Toronto. They are located in great neighborhoods that are easily accessible and they have state-of-the-art amenities. Contact us today to understand the different available options and we shall help you be the next condo owner in Toronto.