Smart Ways to Buy a New Condo

A condo is a very sound investment,
and that is a great reason to buy one. If you are thinking of investing , there
are a few essential tips to make the most out of the purchase of a newly built,
or pre-sale, condominium unit. The most important things to remember are to get
in when the prices are at their best and keep an eye on changes and costs
throughout the process. Find a good realtor, or an expert advisor, who is on
your side and listen to their advice.

Buy as early as you can

Make up your mind as soon as you can
and get in as early as possible. This is better for the investor because the
price will be better the earlier you can put in your ‘order’ on a unit. This
can be before construction is completed, or before it even starts. This is
because condo developers would like to get as much sold as quickly as possible.
There are some other advantages to the purchaser when buying early as well. You
will be able to select your unit from a floor plan and get a good, clear idea
of the specifications and other governing documents. You may be able to make
minor changes to the layout or finishings to you get the unit that you want.

Pay attention throughout

There is a risk in doing this, in
that completion may be longer than you expected it to be, and you will be
paying costs on a living space that is not yet livable. However, you will be
able to keep tabs on the construction as it happens, and you may be able to
have a greater say in the decisions as they are made. As well, before you
purchase the new unit, you will be able to check the details regarding intended
completion dates and which of the specifications can be changed by the
purchaser, the developer, or the property manager.

Get in as a VIP, but be ready

Finding condos that are available
for pre-sale is not always easy. Advance sale events are usually invitation
only. Once the event is over, all interested realtors will be invited, and
finally the general public will be able to purchase. But by that time, the
price will have gone up several times and the units will be ready to sell out.
So, how can you get in to the VIP events? Find a realtor who specializes in
these events to work with you, but be ready to make a quick decision if you
find a unit you like.

Know the seasonal changes

The condo market can be seasonal. In
Toronto, less people are purchasing in July and August, or in December or
January, so the deals are better in those months. In Vancouver, things are
opposite. Take the seasonal differences of the markets into account when you
are buying.

Even with the potential savings of
buying at the right time, a condo unit is an expensive investment, and perhaps
the biggest purchase of your life. In
the greater downtown area of any major city location, where they are most in
demand, the risk can be the greatest when you purchase pre-sale units. It is
best to know as much as you can about the condo property market where you are
considering your purchase before you start to consider the purchase itself.

Use Condo Essentials to get to know
the market and the neighborhood today, and to be ready for future purchases. It’s important to be informed because manydevelopers and investors have lost money through not being prepared when the
market turned suddenly, and the prices became higher than expected.

Once you do purchase the condo ,
ask questions throughout the process to get most out of your investment. Be
prepared for unknown and unexpected costs, such as occupancy fees, closing
costs, condominium fees, insurance , taxes and anything else that
may come.

Learn as much as you can about the
condo market in Canada before you invest, by visiting Condoessentials.com