When looking to buy a condo in Canada, there are many factors that you should put into consideration to ensure that you get the best possible deal. If you are not so careful, there are chances that you might end up falling in a trap despite making all the primary considerations. This happens even to people who have a lot of experience in the real estate industry. Some of the common pitfalls to avoid are highlighted below.
It is quite common for developers to invest a lot of money in promoting and marketing their property, especially during launch. This brings about a hype that is intended to get potential customers excited about investing in the property. If you are not focused, you might end up getting lost in the vortex of all the hype and pay a lot more than you should for the condo. Getting friends and family discount, for example, may not necessarily mean that you are getting a great offer.
Make sure to stay away from investing in any new construction if obtaining a mortgage seems to be a problem for you when the project registers. This is because the current Toronto market is flooded with condo assignments, which results in a majority selling at a lower price than the original purchase price. With the high number of projects that are near completion which increases the supply, the trend is likely to continue.
Before you invest in real estate, you should have a very detailed plan. Hiring the services of a professional to help you come up with the plan is even a better idea. Will you be a passive or active investor? Who will manage the property? How much knowledge do you have about capital gains taxes in Toronto? These are just a few examples of the questions that you should ask yourself during the planning process.
This is a common mistake, mostly done by people who do not have a lot of experience in the industry. Over upgrading may satisfy your taste and preferences, but the value might not necessarily reflect in the property’s market value. It can work well to please the masses but end up being quite costly to you.
Pricing, development logistics, the experience of the developer, and location are some of the major factors to consider while exploring condo options available.
The condo units located at 1221 King St W, Toronto, ON M6K 1G3, Canada are definitely worth every penny that you will invest.