The Advantages of Renting a Luxury Condo in Montreal
It is sometimes difficult to find that rare gem in terms of housing. Between apartments, condos and houses, we sometimes do not know where to look, and our budget does not always allow us to access the desired option. This is why a Montreal condo rental can be an interesting choice, whether it’s a house, plex or apartment.
What is a Rental Condo?
A rental condo or condo for rent is defined in the same way as a standard condo for the most part. Thus, it is an apartment-style dwelling, in which owners who own a part of the condo or apartment building live, while the common parts are the responsibility of the owners’ association, condo board, or equivalent management. However, some condo owners decide to rent their accommodations, as they would with an apartment. For many, living in a rental condo or luxury apartment is the perfect compromise between an apartment and a house, with the advantages of each, but without the disadvantages.
The Advantages of a Rental Condo or Luxury Apartment for Tenants
Rental condos have several advantages and are becoming increasingly popular throughout the population in major metropolitan areas:
Peace of Mind and Freedom
Renting a condo or a luxury apartment saves you time and eliminates many of the hassles that come with the property: Say goodbye to property taxes, mortgages, common fees, cash calls, regular condominium meetings, and possible resale of the condo or house. Renting offers you more freedom; if you no longer like the neighbourhood or your condo, or for other reasons, it’s much easier to terminate a lease than to sell a property.
Several real-estate developments offering new condos for rent provide a service to tenants, unlike other types of buildings. Tenants no longer have to worry about the maintenance and repairs that are entrusted to specialized companies. Also, air conditioning, indoor parking, superior soundproofing and secure entrances are generally included in certain buildings. Enjoy various facilities including a gym and potentially an indoor and even an outdoor pool, hassle-free, for just a fraction of the cost of making such additions to your home.
Several recent real-estate projects are located in popular neighbourhoods, known for their high quality of life since there are parks, bike paths, several nearby services and good schools. Also, these neighbourhoods are often served by public transit and are located close to major highways, thus facilitating daily life. Typically, purchasing a home is not an option in certain popular locations, either due to lack of availability or affordability.
Pay Fewer Taxes
When you live in a Montreal condo rental, you pay less tax and have fewer overall home-related expenses. Condo or home expenses may include a mortgage, renovations, home insurance, lawn care, snow removal, and of course taxes.
The Advantages of Rental Condos or Luxury Apartments for Owners
Deduct Rental Condo Expenses
As an owner, investment in a rental condo allows you to deduct various expenses from your taxable income. This reduces the amount of tax payable. The following is a list of allowable expenses:
- The interest on the mortgage loan to purchase the property.
- Renovation and maintenance costs.
- Home insurance (“leased home owner” insurance).
- Property management.
- Municipal and school taxes.
House Your Loved Ones
Finally, if you invest in a condo for rent in Montreal, you don’t have to rent it to complete strangers. It is not uncommon for owners to rent their property to family members or relatives. For example, if your child takes off and leaves the family home, you can assign them to a rental condo and offer them reasonable rent. This way, you can continue to receive stable pay while your child/tenant benefits from affordable rent.
-Utility bills (if included in rent).