5 Tips for smart condo purchase

Whether you are purchasing resale or pre-construction, there are some factors you need to consider protecting your investment. Follow the following tips will help you to get a good return of investment in future.

1-     Location and neighborhood

Beside of a good location, neighborhood is also another primary motivator for home buyers. Before putting any down payment check the neighborhood and make sure that the building is close to transportation, amenities, schools, supermarkets, and many other things that make your living more comfortable.

2-     Research the builder or developer

A well-known builder can bring extra value for your property in future. Before putting your money, research about the builder, you can find some good information regarding to the developers by checking good resources such as Canada Mortgage and Housing Corporation. CMHC, usually provide buyer’s guideline that highlights the research you need to follow before making any decision.

3-Don’t overpay for Luxury amenities

Try not to pay for too many onsite amenities, you can always find cheaper amenities around if you live in a good neighborhood. Also, do not pay too much for upgrading, unless you want to live on that unit forever, and keep it in your mind that no one will pay back the money you spend to upgrade the unit by the time you want to sell your property.

 4- Avoid paying too much

Remind yourself that condo market is not like the housing market, there are more opportunities coming up. Appraise the unit before you put any offer in agreement. Also, compare with the other similar units and avoid paying too much.

 5- Analyze all the costs

Beside of your monthly mortgage payment, you need to pay property tax, maintenance fee (condo fee), insurance. So, add up all the numbers and make sure you can manage the payments monthly.