Smart Ways to Buy a New Condo

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

Buy as early as you can

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

Pay attention throughout

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

Get in as a VIP, but be ready

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

Know the seasonal changes

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

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

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

Once you do purchase the condo,rnask questions throughout the process to get most out of your investment. Bernprepared for unknown and unexpected costs, such as occupancy fees, closingrncosts, condominium fees, insurance, taxes and anything else thatrnmay come.

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