Real Estate

Purchasing a condo is often the biggest thing to purchase in your life, typically when the situation and pricing is already mentioned in several Canadian cities. Only a few statistics are still here:

• Toronto’s average condo is ~$520,000 (2017)
•  Vancouver’s median condo cost is ~$650,000 (2017)

Whenever you see a condo unit you do like, that’s easy becoming emotionally connected. Nevertheless, if making such a large purchase, there are many things you have to consider. There is a compiled list of things that you should know when you Purchase a condo.

1. Location, Location, Location!

It is the most important factor if you are making condos for sale north York it’s very important seeing your windows, as do your research to find out about all the future growth plans in the area. Occasionally units go up for sale at such a good price because owners were aware of the future condo project which is going to block the view and all natural light. Even though you’re not going to ever own your condo forever, it’s useful to think down the street about resale plans. A neighborhood may sometimes be trendy as well as popular and don’t rely heavily on it. You would like to be close to public transport, grocery stores, hospital parks as well as good schools.

2. Proximity & Quality of Schools

For most cases, how great schools are in the location drives the value as well as the market price of a condo. In reality, more potential buyers and much more various offers are created by good schools. It’s a very important factor to consider if buying a product of a condo although you may have them in the future if you do not have kids now. Becoming close to being good schools also contributes to a unit’s resell value.

However, on the other side, you can buy a condo in a nice neighborhood as well as eventually find out either the school may have reached full capability as well as your child will also be bused to school in another district, or you could find that your condo address may not qualify your kid to get to your favorite school due to various factors, one of which should be low yearly property tax.

3. Size/Floor Plan

Your condo unit’s specific size / square footage (square ft.) becomes important. Do your homework as well as calculate the size-related purchase price and found the price per square. Ft. Make comparisons this to past neighborhood sales until you make your purchase. A good floor plan sometimes is worth more than if it makes you happier and much more relaxed life in space as just a condo owner. Recent research indicated that perhaps the top of that list for prospective buyers was really a floor plan with great flow.

In such a floor plan, here are a few important things to watch for: make damn sure all bedrooms have windows; making a bedroom work without natural daylight is quite challenging. Ensure there’s no wasted space throughout the floor plan; it really affects your living space as well as price per / sq with an extra broad or long hallway.

You can invest in almost everything. And an investment comes in different shapes and sizes. They have the potential to grow over time and give you good returns. Condos are a hybrid between a good house and apartment that a real-estate investor can afford. Now the question arises if the condos are good for investment?

Let’s go through the pros of buying a condo

Affordable

The condos are very affordable and buying them is way cheaper than other real-estate. They are cheaper than buying any other real-estate for a single-family home. You must consider the HOA and other cost of living based on your location, but so condos are extremely affordable and you will be spending less if you are investing in this property.

Additional rental income 

Condos are considered to be a very good investment as they will be giving you additional income in the form of rents. You can easily rent out your condo and stay in profit. Like, if you have the condo at a beach, you will easily make a lot of money by renting it out as a holiday home. Even if you don’t own a condo in hot locations you can easily rent them out.

The maintenance of the condos won’t be your job

You have a lot of things to take care of, right, so maintenance won’t be your responsibility. You will have to leave your house in the hands of the HOA and they will be taking good care of your property. If you don’t want to deal with all the housework, buying a condo will be the best decision for you. People will be doing the work, you just have to sit and relax. A strong yes for you if you want to invest in a good condo.

Now, what else should you keep in your mind? 

Well, if you were planning to buy on a condo there are a few points that the investors want you to consider.

You will be having to pay the Homeowner Association’s Fees

As the homeowners will be providing you with facilities, you will have to pay a certain amount. The amount can range anything from $100 to $300 depending on the facilities they provide. The quality of the community is very important that is to be taken care of. With amenities, you will have a fee to pay. If you are planning to leave it as it is, then don’t go for it.

Some hot tips while buying and investing in an ox condo

• Locations will be playing an important role.
• Check out which locations are considered to be best for the rental properties.  Renting out condos in commercial space work good, they will be giving you a good return on investment.
• Generation of rental income should be your main motto. Also, make sure that it is allowed in your city by the HOA. You must be aware of the HOA fees and there must be positive cash flow. You must strategize your rental flow properly.