In the Market for a Pre-Construction Condo Investment? 3 Things to Look For
Looking for a Pre-Construction Condo Investment? 3 Things to Look For
So much of the success of your condo investment lies in finding the right opportunity. Here’s what to look for in a pre-construction condo.
Real estate investments are some of the safest investments you can make. And investing in condominiums has a few pros. They’re especially a great option if you don’t want the hassle of keeping up the curb appeal.
If a condo investment is something you’re considering, keep reading. The following factors are a few things to look for before buying.
Are Condos a Good Investment?
If you’re new to real estate investments, a pre-construction condo is a great way to go. Maintenance is low, which means you wouldn’t put a lot of money into fixing things for tenants. And the return value on condos is increasing at a steady rate.
Bottom line, investing in a condo is a safe bet. It’s perfect for anyone looking to make income on the side.
What You Should Look for in a Pre-Construction Condo Investment
Here’s your perfect checklist for finding a pre-construction condo with everything you need.
1. Invest in a Good Builder
When you start looking into pre-construction condos, you don’t have a building on which to base your decision. That means you’re essentially looking at the builder of the condo, not the condo itself.
Ask questions about past developments. Research their prior experience, and find out what kind of difficulties they encountered. That’s a smart way to make your decision about a condo that hasn’t even been built yet.
2. Location is Key
One thing that some people might overlook is the location of a condo. But, it’s a very critical aspect to look for.
People who are buying condos want something more central than housing. How far is it to walk to key locations? What about public transit? Are there good schools nearby? These are all things people will be looking for, which means you should, as well.
What about crime in the area? Ask around, and check local crime rates, yourself.
Appreciation is another factor that plays into the location. Is the neighborhood up-and-coming? Do you see the appreciation of the property increasing over time? This is critical to the value of your investment.
3. What Will You Pay?
How much do condominiums cost? That should be your first question before buying any pre-construction condos. When you know how much they cost once they’re built, you’ll have a better idea of what to spend.
Toronto’s condo prices are increasing, which could mean great things for investors.
When investing in condo’s, price per square feet is the basic formula. You’ll want to look for something that isn’t unreasonable, but that also has potential. Most pre-construction properties are going to run above 600 dollars per square feet.
More Information About Condos
Bottom line, Toronto is one of the best places for condo investment. Appreciation and investment returns are solid when it comes to condominiums. Why hesitate? There are plenty of condos waiting for you.
Need help finding the perfect condo? Take a look at these pre-construction condos ready for purchase.
If you would like to discuss more about the upcoming condo opportunities and have any questions, please book an appointment with Trustcondos Expert.