Imagine yourself owning a lavish pied a terre in the main city center of downtown toronto. But wait, for you to imagine a picture, you must first understand what exactly is a pied a terre.
What is a pied-à-terre ?
French for “foot on the ground”, pied-à-terre is most commonly a one bedroom space that serves as a secondary or temporary residence, located in the city for on the go home like space for work, leisure or both. We like to term it as a “home away from home”.
These exquisite yet compact apartments offer a comfortable and convenient stay for those who like to have a short stay in the city before commuting for tedious long journeys back to home. Pied-à-terre are a perfect means of providing a homely feel especially for those who work in the city but have permanent residencies away from the city. Not just for work, these small living spaces are used for business meetings taking place in the city, parents visiting their college kids and also as temporary leisure when visiting the city for excursion.
Staying in a pied-à-terre will be suitable if you
- Like taking frequent vacations
- Have to travel to the city for business
- Despise long commutes to home after work
In Canada, pied-à-terre are found in desirable locations that brim with the hustle bustle of city life. Places where you may come across pied-à-terre include metropolitan cities like Vancouver, Montreal, Ottawa. You will typically find these small apartment-like spaces in high rise buildings, with high end facilities. Despite their compact size, pied-à-terre comes with a long list of luxurious amenities.
What do you get in a pied-à-terre?
When you rent or buy a pied-à-terre, you will come across numerous amenities depending upon the location and price range listed. If you are in Canada, these small apartment spaces come with features such as a fully functional kitchenette, high speed internet, flat screen TV, king size bed for a comfortable night’s sleep. There’s more!
Not just basic amenities that you get with a single hotel room, pied-à-terre offers lavish on site amenities that includes 24 hour concierge, fitness centers, swimming pools and important to mention rooftop terraces that let you have breath-taking views of the city skyline
Pied-à-terre, a good real estate investment?
While these temporary apartments were once only opted by the wealthy, they are becoming increasingly popular among a wider range of average investors. Since pied-à-terre homes are located in the most urbanized part of the city, they attract tourists, wealthy business people, or temporary residents looking for a comfortable stay away from home, and so serve as an attractive real estate opportunity for investors.
Benefits and Risks of owning a pied-à-terre Home
Additionally, due to their smaller size, pied-à-terre homes are easier to maintain in lieu of traditional single family homes and even condos, and so are more cost effective in the long run. They can be utilized as a secondary home, a rental property (now more convenient than ever with the rise of renting services like Airbnb) or a cozy get away from your normal routine. When you own a pied-à-terre home as a long term investment, you hold the freedom to customize the space as per your liking.
However, you must note that as with every real estate investment, owning a pied-à-terre comes with its own set of risks, considering the current instability evident in the real estate market and how the property value of your pied-à-terre home may fluctuate over time. Not just property value fluctuations, you may also run into rental problems with tenants if you are not careful with your rental management. Moreover, you have to consider other costs like insurance, amenity fees, maintenance fees, property taxes and mortgage payments.
For you to make smart choices and get a good return on investment, you need to discuss your plans with a real estate agent and then proceed towards a definite decision. Ultimately, the decision to buy or rent a pied-à-terre depends on your individual goals and needs. So, whether you decide to buy or rent, make sure to weigh the pros and cons diligently before making a commitment. A pied-à-terre home can be a valuable asset but only if it aligns with your lifestyle and financial goals.
