Considerations Before Buying a Condominium Unit

Investing in a condo unit is one instant way to switch from regular and boring life to a luxurious life at an affordable price. Condo living has been a thing these days as more and more people now prefer to buy a condo unit rather than living in a regular house. Their modern lifestyle and the need for high mobility are two leading reasons why people choose this lifestyle. With all the facilities and benefits, it is safe to say that living in a condo unit is what modern residents need.

Unfortunately, not all people know what to do before the investment. Many of them end up repeating the same and common mistakes, such as falling for the trap of low-quality investment without any prospects whatsoever. Learning about the construction project is one of the first things to do as it uncovers more about the quality of the property. Dundas West Condos project is one example as they put the entire project online so that potential buyers can make inquiries before buying. If you need more help visualizing the plan, you can learn more about the project here.

a large bedroom with furniture

Research

Making inquiries is one thing that buyers should do before making any agreement or transaction. It is to find out what they are getting, including the quality of the property and how it will benefit them in the long run. The above paragraph mentions the importance of knowing the construction project so that you can monitor the development. But it should not be the only thing to inquire about. The value of the market and what facilities you can expect are also vital as it holds the cost to the entire investment. Especially if you intend to live in the unit you are investing in, more practical matters should be your primary concerns.

Hire a Real Estate Agent

Hiring a real estate agent is the best way to start the investment since they know the field well. They will take you to a higher level of investment knowledge to make things easier for you. Yes, you need to pay for the service, but note that it is one early investment that can help you get the best value possible. They will help you make important decisions, such as which units to buy, where to put all your money, and whether you need to get a mortgage or not. They will also give you suggestions related to your funding sources.

Top 5 Strategies For Canadian Real Estate Investors

There are many ways to invest in real estate. As with any investment, each decision comes with unique opportunities, risks, and ease of entry. If you are planning to buy properties in Toronto or any other city in Canada, this article introduces you to some investment approaches to use. The method chosen depends on your personal preferences and of course your purchasing power.

Buy and Hold

A good number of investors in Canada have used the “buy and holdcondo living investment strategy. Ideally, this strategy is mostly used when buying properties that are slightly under market and holding it in anticipation that they will appreciate. As you wait, you might have some tenants live there and help you meet the mortgage costs. This investment strategy is quite common due to its simplicity.

The Flip

The Flip is a popular strategy that is used in Canada and beyond. Ideally, this strategy involves buying a home at an incredibly low price, renovate it, and sell it at a better price. However, the returns offered by this strategy depend on the expertise of the renovator. If by any chance you know someone who does a good job, the rewards can be satisfying.

The Hybrid Strategy

This investment strategy is essentially a combination of the “buy and hold” and the flip. It all starts by finding a property that is reasonably undervalued, renovating it, and holding it for the long term. If the market process seems promising enough in future, the investor then proceeds and sells it at a better price. Investors using this strategy often rely on multiple financing options as the payoffs are not immediate.

Joint Venture

buying a homeFor those that are not comfortable buying a home or property in their home, a joint venture can help you with this. Ideally, this refers to a partnership with someone that shares the same investment goals. For this investment, it is imperative to have an agreement first to avoid disagreements and provide ways of solving any issue in future.

Rent to Own

Another investment strategy that is slowly gaining popularity in Canada is the rent to own. As such, after buying property, the investor looks for a future owner. These are often people with the desire to own a home but do not have the finances to achieve this dream at least in the short term. As such, investors using this strategy often propose an agreement that will see them purchase the home in future.