Why a Triple Crown Condominium is a Real Estate Investment Success Story
Whether you’re just getting started in real estate investing or you’re adding another property to your portfolio, research and due diligence are vital for ensure you have a winning property. We suggest five attributes to examine before you purchase your property:
LOCATION: Buy in a desirable location close to amenities that matter to your renter so they can enjoy a lifestyle they want.
MARKET: Buy in a thriving area with a large and active rental pool. A “large pool” means lots of prospects who are looking for a place to rent; prospects who would be delighted to rent from you.
CONDITION: You’ll face much less hassle buying something brand-new verses an ugly fixer-upper (unless you love renovations). Buying brand new can also mean you wil have little to no maintenance costs at the outset, which can mean an improved cash flow.
EXPENSES: If you purchase a property with low monthly expenses, it’s often a better investment – not only maintenance and strata fees you must pay, but also the monthly utilities your renters will have to pay.
CASH FLOW: Many experts say you shouldn’t expect to have positive cash flow in the beginning of your real estate investment journey, but isn’t it better to buy a property that will leave some money in your jeans after expenses are paid each month rather than having to pay to cover expenses?
The Residence II Condos at Triple Crown checks all the boxes for real estate investors.*
Unit prices are reasonable. They start at $389,900. That’s good pricing for a beautiful new 2-bedroom, 2-bathroom condominium in a beautiful mixed-use community.
The rental market has proven itself in the Triple Crown Community. In Residence I, renters are willing to pay an average of $2200. Top floor units and main-level units (which allow for pet walkouts) are asking for a little more.
The strata fee is low. They should be approximately $.30 per square foot which means 900 square foot condo’s strata would be $270 – $300 per month.**
Monthly utilities are very low, which is a big attraction for renters. The building’s strata INCLUDES heating and cooling, so your renter will be left to pay a very modest amount for their hydro and gas.
Langford is most definitely a thriving community. Among larger municipalities in British Columbia with populations of at least 5,000 residents, Langford saw the second largest relative increase of 2.9 per cent between July 1, 2017 and June 30th, 2018.
There are excellent amenities close by. Victoria’s only Costco is moments away, along with other big box stores such as Best Buy and Home Depo. Mill Stream Village Shopping Centre is home to restaurants, shopping, a bakery, wine shops and coffee shops including Starbucks.
Premium, six-piece appliance packages, gas stoves, linear fireplace, elegant cabinetry with quiet cabinet door closers, full depth, quartz stone counter tops, and Euro laminate flooring add to the top-quality fit-and-finish our developers love to provide to their customers.
Anyone who is looking for a condo rental in Langford is going to fall in love with your unit. And here’s an additional benefit for you as a landlord. After you’ve put our 5 % down, you will have plenty of time to find and secure a renter for your brand-new condominium before the move-in date.
Call Todd or Justine at 250-474-4800 to discuss making a purchase for your investment portfolio.
* Opinions expressed in this article by Triple Crown’s team are our own. Be sure to consult with your lawyer and investment advisor.
** This is an average only. The strata fees have not yet been specified for Residence II