What to search for When Buying a Condo
Well it's not surprising that the condo market is not doing all that good for sellers. Throughout the previous year the statistics show a decrease in sale quantity and price. Average days to sell a condo is currently 123 days, in comparison to 90 days in 2009. The construction of condos are still going strong and there are not enough buyers to move around. In NDG/CDN alone there are approximately 950 condos available, and since January 2015, there were just 435 earnings in those regions. Which means it took 6 weeks to sell 1/2 the merchandise available on the market. And this place is just one of those lucky ones.
What to do? Investing in real estate is a great investment. 12 years ago after reading "Rich Dad, Poor Dad" by Robert Kiyosake, persuaded me that I wanted to enter property. I got my permit and also bought my first property. Ever since that time, with the actual estate I own, my equity grew from 50,000$ to $300,000. Whether it's a house, condominium or plex, purchasing the right one make a difference to your pocket book.
Buying the Proper condo Buying a condo is easy, it is when you're ready to sell that has the biggest impact. Nobody wishes to be selling their condo for 12-24 months, nevertheless that's exactly what I see occasionally. To avoid this, you will find some 'rule of thumbs' to follow. This is my list of important criteria to follow when buying a condominium for ultimate resale: Location, location, location... besides cost this is the very best of everybody's priority. You wish to either buy in an up and coming area, or a region that is already happening. Near public transportation, stores, restaurants, or some sort of feature that brings people like a hospital or marketplace. Balcony. Any condo that I sell that does not have a balcony, readily deters about 80 percent of buyers. People like to have the ability to walk out and most significantly BBQ.
Views. You may think windows facing a parking lot or a ugly construction doesn't bother you, but it'll most buyers. With lots of condos to pick from, buyers can select a great view over a brick wall daily. Garage. If you are purchasing a condo, obtaining a garage will provide you an advantage come resale. Worst case scenario, make sure that it has exterior parking. Winters in Montreal are a bitch and people don't want to be shovelling snow around the road for parking or needing to walk a great distance to get away from their cars to their doorway. Something special. There are a lot of cookie cutter condos right now. You know the ones... high rises with everything looking the same using low quality materials. Find a condominium with a characteristic that's special. A funky brick wall, designer kitchen, patio doors to a balcony... something which catches people when they walk in. Something that distinguishes your condominium from others. Something special that will want to make a buyer choose your condo over all the others. Appliances included. A whole lot of condo buyers search for appliances to be included in the condo. It makes it simpler for the move and also a huge region of the condo sector are new time buyers who will need them. Size. Size doesn't really matter. The nearer you're downtown the smaller the condos get for the money. That's expected. However, if you are purchasing a condo and in that area the typical is 1200sq', don't buy a condo for 400sq', unless the price per square foot is a steal. When it is finally time for resalevalue, all your competition will be 3x bigger than yours.
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