Buying a good investment Condo? This is a Guide!
  • pasture87pasture87 February 14
    A friend of mine called me a couple of weeks ago, and inquired about to provide him an industry Evaluation on his investment Condo Payback. Works out he had obtained a small condo about a last year, and had done this 'privately', a choice turned regretted for many reasons. As we were referring to his investment condo, my mind went extraordinary features any investor needs to be searching for when selecting a condominium.

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    1) Location, Location, Loc...
    You've probably heard this before. The most notable three most significant things in solid estate are....well, you realize. Its no different when selecting an investment condo, or perhaps a condo for your very own use. Will it be simple to resell, or does the location hamper your re-sale efforts? If you are planning to let, will be the condo located near public transit routes? Will be the neighbourhood safe? Many factors be important.

    2) Parking
    Parking, especially in central locations including downtown, is always at a premium. Even if you are lucky enough to get book ignore the condo to someone who does not drive their very own vehicle, reselling a flat without its very own parking spot is more difficult.

    3) Balcony
    With several apartment-to-condo conversions underway, it's not hard to forget a balcony is still probably the most important features requested by buyers. With no spot to sit outside, perhaps read a novel inside the clean air or throw some beef about the 'que, owners and renters will feel trapped inside their condo. Be sure that your investment condo includes a balcony or, if situated on the main floor, it has a patio space.

    4) In-Suite Laundry
    Less important with single men, but almost 'vital' to female condo buyers and renters. Using a secure spot to do your own personal laundry is, at least, a 'nice to have' feature.

    The above 4 features might be the most important ones to think about. Based on your price range, you might like to consider several more:

    Bonus: Concrete Building
    Normally a little more expensive, but definitely worth the price. Quieter, more solid and stable, a great investment condo with concrete floors and walls will also alllow for easier resale.

    Bonus: Central Air
    Central heat and air and heating is another nice-to-have feature, making the apartment much more comfortable and easier to book out.

    Bonus: Secure Parking
    Especially with our winter climate, having underground or indoor parking is surely an often-requested feature, albeit at a cost premium

    Returning to my buddy: His private purchase turned into a very poor deal, as his investment condo had NONE of such features. Positioned in an approximate part of town, no parking spot, no balcony, no insuite laundry and on the next floor with no elevator can make mtss is a very tough sale, even in a warm market.

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