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What to Look for When Buying a Condo
Well it is no surprise that the condominium market is not doing all that good for sellers. Throughout the previous year the statistics reveal a decrease in sale volume and cost. Average days to sell a condominium is now 123 days, compared to 90 times in 2009. The construction of condos are still going strong and there are not enough buyers to move around. In NDG/CDN alone there are about 950 condos for sale, and because January 2015, there were only 435 earnings in these areas. Which means it took 6 months to sell 1/2 the product available on the marketplace. And this place is just one of the lucky ones.
Buying real estate is a superb investment. 12 years ago after reading "Rich Dad, Poor Dad" by Robert Kiyosake, convinced me that I needed to enter real estate. I received my permit and also bought my first property. Since that time, with the actual estate I own, my equity grew from 50,000$ to $300,000. Whether it be a house, condominium or plex, purchasing the right one make a difference to your pocket book.
Buying the Proper condo
Buying a condo is easy, it's when you are prepared to sell that has the largest impact. No one wishes to be selling their condo for 12-24 months, nevertheless that is exactly what I see occasionally. To prevent this, you will find some 'rule of thumbs' to follow. This is my list of important criteria to follow when buying a condominium for ultimate resale:
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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 pick from, buyers can select a fantastic view over a brick wall daily.
Something special. There are a whole lot of cookie cutter condos at the moment. You know those... high rises with everything looking the same using low quality materials. Find a condominium with a characteristic that is special. A funky brick wall, designer kitchen, patio doors to a balcony... something which grabs people when they walk in. Something that differentiates your condominium from others. Something special that will want to earn a buyer pick your condominium over most of the others.
Appliances included. A whole lot of condominium buyers look for appliances to be included in the condo. It makes it simpler for the move and a huge part of the condo industry are fresh time buyers who'll need them.
Size. Size doesn't really matter. The closer you're downtown the smaller the condos get to the money. That is expected. However if you're purchasing a condo and in that place the average is 1200sq', don't buy a condo for 400sq', unless the price per square foot is a steal. When it comes time for resale, all of your competition will be 3x bigger than yours.
The flow. Get your Feng Shui books outside! Only kidding... well partially anyway. Make certain that the condo you buy has a good flow from room to room and that it feels spacious and open and not boxy and restricted. Painting all the same light tone of colour goes a long way in giving it that illusion, however a condo that does not flow well will likely be noticed by buyers.
The entire idea of this list is to have a condo that will attract everyone. By removing a garage or using a smaller sized condo you may cut some potential buyers off your list. With the competition today, you want to attract as many prospective buyers as possible.
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