What to Look for When Buying a Condo




Well it's not surprising that the condo market isn't doing all that good for sellers. Over the previous year the statistics show a decrease in sale volume and price. Average days to sell a condo is currently 123 days, in comparison to 90 days in 2009. The building of condos are still going strong and there aren't enough buyers to move around. In NDG/CDN alone there are approximately 950 condos available, and because January 2015, there were only 435 earnings in those regions. Which means it took 6 weeks to sell 1/2 the product available on the marketplace. And this place is just one of those lucky ones.


What to do?

Buying real estate is a superb investment. 12 decades ago after reading "Rich Dad, Poor Dad" by Robert Kiyosake, convinced me that I needed to get into real estate. I got my permit and also purchased my first property. Ever since that time, with all the real estate I own, my equity grew from 50,000$ to $300,000. Whether it be a house, condo or plex, purchasing the perfect one create a difference to your pocket book.

Buying the right condo

Purchasing a condo is simple, it is when you're prepared to market that has the largest effect. No one wishes to be selling their condo for 12-24 months, nevertheless that is exactly what I see occasionally. To prevent this, there are several 'rule of thumbs' to follow. Here is my list of significant criteria to follow when buying a condo for eventual resale:
Location, location, location... besides price this is the top of everyone's priority. You want to either purchase in an up and coming area, or a region that's already happening. Close to public transportation, stores, restaurants, or some sort of feature that attracts people like a hospital or marketplace.
Balcony. Any condominium 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 importantly BBQ.

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Views. You may think windows facing a parking lot or a ugly building doesn't bother you, but it'll most buyers. With a lot of condos to choose from, buyers will select a great view over a brick wall daily.
Garage. If you're purchasing a condominium, having a garage will give you an edge come resale. Worst case scenario, be sure that it has outside parking. Winters in Montreal really are a bitch and individuals do not want to be shovelling snow on the road for parking or needing to walk a great distance to get away from their cars to their door.

Something special. There are a lot of cookie cutter condos at the moment. You know those... high climbs with everything looking the same using low quality materials. Find a condominium with a feature that is special. A Beautiful brick wall, designer kitchen, patio doors to a balcony... something that catches 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 most of the others.

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

Size. Size does not really matter. The nearer you're downtown the smaller the condos get to your money. That's expected. However, if you're purchasing a condominium and in that area the average 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 of your competition is going to be 3x bigger than yours.

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

The entire idea of this list is to have a condominium that will appeal to everybody. By eliminating a garage or having a bigger sized condo you may cut some possible buyers off your list. With the competition today, you want to attract as many prospective buyers as possible.



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