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Well it's no surprise that the condo market is not doing all that good for sellers. Over the last year the statistics show a decrease in sale quantity and cost. Average days to sell a condo is currently 123 days, in comparison to 90 times in 2009. The building of condos are still going strong and there are not enough buyers to go around. Back in NDG/CDN alone there are about 950 condos available, and because January 2015, there were just 435 earnings in those regions. Which means it took 6 weeks to sell 1/2 the product available on the marketplace. And this place is one of the lucky ones.
What to do?
Buying real estate is a great investment. 12 decades ago after reading "Rich Dad, Poor Dad" by Robert Kiyosake, persuaded me that I needed to enter property. I got my permit and also purchased my first house. Ever since that time, with the real estate I have, my equity grew from 50,000$ to $300,000. Whether it be a house, condo or plex, buying the perfect one create a difference to your pocket book.
Purchasing the right condo
Buying a condo is simple, it is when you're prepared to sell that has the largest effect. No one wishes to be selling their condominium for 12-24 months, nevertheless that's what I see occasionally. To prevent this, there are several 'rule of thumbs' to follow along. Here is my list of important criteria to follow when buying a condominium for eventual resale:
Location, location, location... besides price that is the top of everybody's priority. You want to either buy in an up and coming area, or an area that is already happening. Near public transportation, stores, restaurants, or some type of attribute that brings people like a hospital or marketplace.
Balcony. Any condo that I sell that does not have a balcony, easily deters about 80% of buyers. People like to have the ability to walk out and most significantly BBQ.
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Views. You might think windows facing a parking lot or an ugly construction does not bother you, however it will most buyers. With a lot of condos to choose from, buyers can select a great view over a brick wall daily.
Garage. If you're buying a condo, having a garage will provide you an edge come resale. Worst case scenario, make sure that it has exterior parking. Winters in Montreal are a bitch and individuals do not want to be shovelling snow around the road for parking or having to walk a great distance to get away from their cars to their door.
Something special. There are a lot of cookie cutter condos at the moment. You know those... high climbs with everything looking the same with low quality materials. Find a condominium with a characteristic that is special. A Beautiful brick wall, designer kitchen, patio doors to a balcony... something which catches people when they walk in. Something that distinguishes your condo from others. Something special that may want to make a buyer pick your condominium over most of the others.
Appliances included. A whole lot of condo buyers look for appliances to be included in the condo. It makes it easier for the move and a large region of the condo sector are fresh time buyers who'll need 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 are buying a condominium and in that area 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 resalevalue, all of your competition is going to be 3x larger than yours.
The flow. Get your Feng Shui books outside! Only kidding... well partly anyway. Be certain the condo you purchase has a great flow from room to room and that it seems spacious and open and not boxy and restricted. Painting all the exact same light tone of color goes a long way in giving it this illusion, however a condominium that doesn't flow well will probably be seen by buyers.
The entire idea of this list is to have a condominium that will attract everyone. By eliminating a garage or having a bigger sized condominium you may cut some potential buyers off your listing. With the competition today, you want to attract as many potential buyers as possible.