What to Look for When Buying a Condo




Well it is no surprise that the condo market is not doing all that great for sellers. Over the previous year the statistics show a decline in sale quantity and cost. 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 about 950 condos for sale, and because January 2015, there were only 435 earnings in these regions. Which means it took 6 weeks to market 1/2 the merchandise available on the marketplace. And this area is one of the lucky ones.


What to do?

Investing in real estate is a superb investment. 12 decades ago after reading "Rich Dad, Poor Dad" by Robert Kiyosake, convinced me that I wanted to get into property. I got my license and also purchased my first property. Since then, with the real estate I have, my equity grew from 50,000$ to $300,000. Whether it's a home, condominium or plex, buying the perfect one make a difference to your pocket book.

Purchasing the Proper condo

Buying a condo is easy, it is when you're prepared to market that has the biggest impact. Nobody wishes to be promoting their condo for 12-24 months, however that's exactly what I see sometimes. To avoid this, there are some 'rule of thumbs' to follow. This is my list of significant criteria to follow when buying a condominium for ultimate resale:
Location, location, location... besides price that is the very best of everybody's priority. You want to either purchase in an up and coming area, or a region that is already happening. Near public transportation, stores, restaurants, or some sort of attribute that attracts people such as a hospital or market.
Balcony. Any condo that I sell that does not have a balcony, readily deters about 80 percent of buyers. People like to be able to walk out and most significantly BBQ.

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Views. You may think windows facing a parking lot or an ugly construction doesn't bother you, but it'll most buyers. With lots of condos to choose from, buyers will select a fantastic view over a brick wall daily.
Garage. If you are buying a condominium, having 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 individuals do not wish to be shovelling snow on the road for parking or having to walk a excellent distance to get away from their cars to their doorway.

Something special. There are a lot of cookie cutter condos at the moment. You know those... high rises with everything looking the exact same using low quality materials. Find a condominium with a characteristic that is special. A funky brick wall, designer kitchen, patio doors to a balcony... a thing which grabs people when they walk in. Something which distinguishes your condominium from other people. Something special that will want to make a buyer choose your condominium over all the others.

Appliances included. A whole lot of condo buyers look for appliances to be contained in the condominium. It makes it simpler for the move and also a large part of the condo industry are fresh time buyers who'll need them.

Size. Size does not really matter. The closer you're downtown the bigger the condos get for the money. That is expected. However, if you're buying a condominium and in that place the typical is 1200sq', don't buy a condo for 400sq', unless the cost per square foot is a steal. When it is finally time for resale, all your competition will be 3x bigger than yours.

The flow. Get your Feng Shui books out! Only kidding... well partially anyway. Be certain the condo you purchase has a good flow from room to room and that it feels spacious and open and not boxy and confined. Painting all the same light tone of colour goes a long way in giving it that illusion, however a condominium that doesn't flow nicely will likely be noticed by buyers.

The whole idea of this list is to have a condo that will attract everybody. By removing a garage or using a smaller sized condominium you will cut some possible buyers off your list. With the competition now, you wish to attract as many potential buyers as possible.



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