Points to seek in a Financial investment Condo
A friend of mine called me a few weeks ago, and asked me to give him a Market Evaluation on his investment condo. Turns out he had actually acquired a tiny condo concerning a year earlier, and also had actually done so 'independently', a choice he currently regretted for a number of reasons. As we were discussing his investment condo, my mind reviewed the top features any investor should be looking for when purchasing a condo.
1) Area, Area, Loc ...
You have actually heard this in the past. The leading 3 essential things in real estate are ... well, you know. Its no different when purchasing a financial investment condo, or a condo for your very own individual usage. Will it be very easy to re-sell, or does the place hinder your re-sale efforts? If you're going to rent it out, is the condo located near public transport courses? Is the area secure? Lots of aspects enter play.
2) Car parking
Parking, especially in main areas such as midtown, is always at a premium. Even if you are lucky enough to rent your financial investment condo to a person that does not drive their own vehicle, reselling a condo without its own car parking spot is more difficult.
With numerous apartment-to-condo conversions underway, it's very easy to fail to remember that a balcony is still one of the most important attributes asked for by purchasers. Without a spot to sit outdoors, maybe check out a book in the fresh air or throw some beef on the 'que, renters and proprietors will certainly feel trapped inside their condo. Make sure your financial investment condo has a balcony or, if situated on the primary floor, it has a patio room.
4) In-Suite Washing
Less important with single males, yet practically 'important' to female condo customers as well as tenants. Having a secure area to do your very own laundry is, at the very least, a 'wonderful to have' attribute.
The above 4 functions are possibly the most vital ones to think about. Depending upon your price array, you might want to consider numerous much more:
Reward: Concrete Building
Generally a bit more pricey, however well worth the cost. Quieter, more strong as well as stable, a financial investment condo with concrete floorings as well as walls will certainly likewise make for less complicated resale.
Benefit: Central Air
Central air conditioning and also heating is another nice-to-have attribute, making the condo much more comfortable and also much easier to rent out.
Incentive: Secure Auto Parking
Particularly with our winter environment, having underground or indoor parking is an often-requested attribute, albeit at a cost premium
Back to my friend: His exclusive purchase ended up being a really bad bargain, as his financial investment condo had NONE of these features. Situated in a harsh part of town, no car park area, no balcony, no insuite laundry New Condo Near Rivergate and also on the 3rd floor with no lift will make this a really difficult sale, even in a warm market.
Moral of the tale: If you're going to invest some lots of money into property, call a REAL ESTATE AGENT ® BEFORE you pay the cash. I would certainly much rather assist you in the right instructions, than try to aid remedy a mistake currently made.
A buddy of mine called me a couple of weeks back, and also asked me to provide him a Market Evaluation on his financial investment condo. As we were talking concerning his investment condo, my mind went over the leading functions any financier should be looking for when acquiring a condominium.
Its no various when buying a financial investment condo, or a condo for your very own personal usage. Without a spot to rest outside, maybe read a publication in the fresh air or throw some beef on the 'que, proprietors and occupants will certainly feel trapped inside their condo. Make certain your financial investment condo has a balcony or, if located on the primary floor, it has an outdoor patio space.