Choosing the Right Building
The condo market has really taken off over the last 6 weeks, as we’re seeing record prices in many buildings across the city. With over 50,000 units currently under construction we are going to see a ton of inventory come onto the market. A lot of the new inventory is very cookie cutter. Hence, purchasing a unit in a popular building in the right location is key when buying new.
This applies to re sale as well. Good buildings and popular neighborhoods always sell. Features such as a large outdoor space, a great layout or an amazing view will help sell your condo, over another one.
First of all, make sure to do your homework. There are many buildings in the city that have had lawsuits which can affect a persons decision to buy your condo. Therefore make sure to review your status certificate carefully with your lawyer for any issues. You don’t want to purchase a unit in a poorly managed building or something with a long history of issues. A poorly managed building will result in constant increases in maintenance fees. This will lead to a tougher sell for you.
Graveyards, subsidized housing and shelters can impact how desirable your building is to the general public. Avoid certain developers, yes there are developers out there that repeatedly fail to produce quality buildings.
One current trend we are seeing is larger condos that can house a family. If you can get a 3 bedroom condo right now it’s a great investment. Furthermore as housing prices climb we are seeing more and more people settling for town homes or larger condos that can facilitate a family.
Finally, if you’re wondering how to keep track of all these things, ask your broker. Make sure you get someone that specializes in condos for whatever area of the city your looking in. In conclusion brokers often have the inside scoop on how a building is run, and of any issues in the building. So dont be afraid to ask for some help on your next purchase!
Be smart and buy wisely!