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Sorry probably wasn’t super clear.
- Tennant is slated to move out end of May so I will be able to get a new Tennant at market rates probably for July ( mad a conscious decision to see if we could get some offers after the election so we gave it a month but the condo market hasn’t turned on)
- market rate is probably 2300. Maybe 2400? But another suite in the building advertising 2350. Unless I offer it furnished which can increase the rates quite a bit.
-cost of tax/strata/insurance just under 600/month. I won’t get into my equity etc but could comfortably pull out the cash required and have a small cushion . I could pull out more I suppose to invest .
Could I invest some cash on new cabinets , flooring , and a built in ac? Yes probably( if have to check but I assume the mini split might not work for the strata). I don’t know if the investment would increase the rent substantially enough because as mentioned it’s a smaller unit and I have to believe there is a ceiling here ( the exception being renting it furnished which is a whole other kettle of fish).
I’m more concerned at this point on downside risk of this particular unit of any sort of assessments or a further collapse of the condo resale market( though long term the condo collapse seems less of a issue) . all of this is in relation to investing the remainder of the cash in “the market” per se.
There are two costs associated with selling the condo ( realtor fees and capital gains ) which may argue for holding the property .
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