What to look for when buying a condo

Well, it’s no surprise that the condo market isn’t doing so well for sellers. During the last year, the statistics show a decrease in sales volume and price. The average number of days to sell a condo is now 123 days, compared to 90 days in 2009. Condo construction is still strong and there are not enough buyers to go around. In NDG/CDN alone there are about 950 condos for sale, and as of January 2015, there were only 435 sales in those areas. Which means it took 6 months to sell half of the product on the market. And this area is one of the lucky ones.

So what needs to be done?

Buying real estate is a great investment. 12 years ago after reading “Rich Dad Poor Dad” by Robert Kiyosake, I became convinced that I wanted to get into real estate. I got my license and also bought my first property. Since then, with the real estate I own, my net worth has grown from $50,000 to $300,000. Whether it’s a home, condo, or resort, buying the right one makes all the difference in your pocketbook.

Buy the right condo

Buying a condo is easy, it’s when you’re ready to sell that it has the biggest impact. Nobody wants to sell their condo for 12 to 24 months, however, that’s what I see sometimes. To avoid this, there are some ‘rules of thumb’ to follow. Here is my list of important criteria to follow when purchasing a condo for eventual resale:

Location, location, location… aside from price, this is everyone’s top priority. You want to buy in a promising area or an area that is already happening. Close to public transportation, shops, restaurants, or some kind of feature that draws people in, like a hospital or market.

Balcony. Any condo I sell that doesn’t have a balcony easily determines about 80% of buyers. People like being able to go out and, more importantly, have a barbecue.

Points of view. You may think that windows facing a parking lot or ugly building don’t bother you, however, most buyers will. With many condos to choose from, buyers will choose a great view over a brick wall any day.

Garage. If you’re buying a condo, having a garage will give you an advantage when it comes to resale. In the worst case, make sure it has outside parking. Winters in Montreal suck and people don’t want to be shoveling snow down the street to park or have to walk a long distance to get from their cars to their door.

Something special. There are a lot of cookie cutter condos out there right now. You know those… tall buildings with everything looking the same using low quality materials. Find a condo with a special feature. An original brick wall, a designer kitchen, doors leading to a balcony…something that catches people as they walk in. Something that differentiates your condo from others. Something special that will make a buyer choose his condo over all others.

Appliances included. Many condo buyers are looking for appliances to include in the condo. It makes moving in easy and a large part of the condo industry is new time buyers who will need them.

Size. Size doesn’t really matter. The closer you are to the center of town, the smaller the condos will be for your money. That is to be expected. However, if you’re buying a condo and that area averages 1,200 square feet, don’t buy a 400-square-foot condo unless the price per square foot is a bargain. When it comes time to resell, all your competition will be 3 times bigger than yours.

The flow. Get out your Feng Shui books! Just kidding… well, partly anyway. Make sure the condo you buy has a good flow from room to room and feels spacious and open and not boxy and confined. Painting everything the same light color tone goes a long way in giving it that illusion, however, buyers will notice a condo that doesn’t flow well.

The idea of ​​this list is to have a condo that appeals to everyone. By eliminating a garage or having a smaller condo, you will eliminate some potential buyers from your list. With today’s competition, you want to attract as many potential buyers as possible.