What to Look for When Buying a Condo

Well it's not surprising that the condominium market is not doing all that great for sellers. Over the last year the statistics show a decrease in sale volume and cost. Average days to sell a condominium is currently 123 days, compared to 90 days in 2009. The construction of condos are still going strong and there are not enough buyers to go around. In NDG/CDN alone there are about 950 condos for sale, and because January 2015, there were just 435 earnings in those regions. Which means it took 6 months to market 1/2 the product on the marketplace. And this area is just one of those lucky ones.

So what to do?

Buying real estate is a great investment. 12 years 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 own, my equity grew from 50,000$ to $300,000. Whether it's a house, condo or plex, purchasing the perfect one create a difference to your pocket book.

Purchasing the right condo

Purchasing a condo is simple, it's when you're ready to market that has the largest effect. Nobody wants to be promoting their condominium for 12-24 months, however that is exactly what I see occasionally. To prevent this, there are several 'rule of thumbs' to follow. This is my list of important criteria to follow when buying a condo for ultimate resale:
Location, location, location... besides price this is the top of everybody's priority. You wish to either buy in an up and coming area, or an area that is already happening. Near public transportation, stores, restaurants, or some sort of feature that brings people such as a hospital or marketplace.
Balcony. Any condo that I sell that does not have a balcony, readily deters about 80% of buyers. People like to be able to walk out and most importantly BBQ.

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Views. You may think windows facing a parking lot or an ugly building doesn't bother you, but it will most buyers. With lots of condos to pick from, buyers can choose a fantastic view over a brick wall daily.
Garage. If you are buying a condominium, obtaining a garage will provide you an edge come resale. Worst case scenario, be certain it has exterior parking. Winters in Montreal are a bitch and individuals don't wish to be shovelling snow on the road for parking or needing to walk a great distance to get from their cars to their door.

Something special. There are a whole lot of cookie cutter condos at the moment. You know the ones... high rises with everything looking the exact same with low quality materials. Find a condominium with a feature that is special. A Beautiful brick wall, designer kitchen, patio doors to a balcony... a thing that catches people when they walk in. Something which differentiates your condo from other people. Something special that will want to make a buyer pick your condo over most of the others.

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

Size. Size doesn't really matter. The closer you are to downtown the bigger the condos get to your money. That's expected. However if you're purchasing a condo and in that area the average is 1200sq', don't buy a condo for 400sq', unless the cost 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. Make sure the condo you buy has a good flow from room to room and that it seems 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 condo that does not flow nicely will be noticed by buyers.

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

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