Well it's no surprise that the condo market is not doing all that great for sellers. Over the last 12 months the statistics present a decline in sale quantity and price. Common days to sell a condominium is now 123 days, in comparison with 90 days in 2009. The development of condos are nonetheless going robust and there aren't enough consumers to go around. In NDG/CDN alone there are about 950 condos on the market, and since January 2015, there have been solely 435 sales in these areas. Which implies it took 6 months to sell 1/2 the product on the market. And this space is among the lucky ones.

So what to do?

Buying real estate is a great investment. 12 years in the past after studying "Wealthy Dad, Poor Dad" by Robert Kiyosake, convinced me that I wanted to get into real estate. I bought my license and also purchased my first property. Since then, with the real estate I own, my equity grew from 50,000$ to $300,000. Whether or not or not it's a home, rental or plex, buying the right one make a distinction to your pocket book.

Buying the fitting apartment

Shopping for a condominium is straightforward, it's when you are ready to promote that has the largest impact. No one wants to be selling their rental for 12-24 months, however that's what I see sometimes. To avoid this, there are some 'rule of thumbs' to follow. Right here is my record of essential standards to comply with when buying a rental for eventual resale:

Location, location, location... besides value that is the top of everybody's priority. You want to both purchase in an up and coming area, or an space that's already happening. Close to public transport, outlets, eating places, or some sort of feature that draws individuals like a hospital or market.

Balcony. Any condominium that I promote that doesn't have a balcony, easily deters about 80% of buyers. Individuals like to have the ability to walk out and most significantly BBQ.

Views. You may think home windows facing a parking zone or an ugly constructing does not bother you, nevertheless it'll most buyers. With lots of condos to select from, patrons will choose a great view over a brick wall any day.

Garage. If you're shopping for a condominium, having a storage offers you an edge come resale. Worst case situation, guantee that it has exterior parking. Winters in Montreal are a bitch and other people do not want to be shovelling snow on the road for parking or having to walk an important distance to get from their cars to their door.

One thing special. There are a lot of cookie cutter condos proper now. You understand the ones... excessive rises with every thing looking the same using low quality materials. Discover a condo for sale toronto with a characteristic that is special. A funky brick wall, designer kitchen, patio doors to a balcony... one thing that grabs individuals once they stroll in. One thing that differentiates your condominium from others. Something special that will need to make a purchaser select your apartment over all the others.

Home equipment included. Quite a lot of apartment patrons search for home equipment to be included in the condo. It makes it simpler for the transfer and a large part of the rental industry are new time consumers who will want them.

Size. Size does not really matter. The closer you are to downtown the smaller the condos get for your money. That's expected. However if you're buying a rental and in that space the typical is 1200sq', don't buy a condo for 400sq', until the worth per square foot is a steal. When it comes time for resale, all of your competitors will probably be 3x bigger than yours.

The flow. Get your Feng Shui books out! Only kidding... properly partly anyway. Make sure the condo you buy has a great stream from room to room and that it feels spacious and open and not boxy and confined. Portray all the identical light tone of colour goes a long way in giving it that illusion, nevertheless a rental that doesn't stream well can be noticed by buyers.