Investing in real estate is probably one of the biggest leaps a young investor can take. It may be intimidating and daunting, but it may as well be a wise decision in this day and age. Properties like land and houses may not be suitable for those who are just getting started, but condos prove to be a more feasible choice for young professionals.
However, Condos usually don’t pay off as desired. Some are be burdened with monthly authorizations along with other bills, while others have lost a large sum of money from scams. In other scenarios, the construction of condos that have been pre-sold doesn’t go through due to bankruptcy and other issues. As a buyer, you are left with no option but to accept your bad investment.
That’s why it is imperative to know the primary considerations before purchasing Edmonton condos for sale.
Keep in mind that sellers present two options for the prospective buyers. One is offering great deals and discounts for preselling Edmonton condos for sale and the second is making the condo units available once they are completed. If the developers have gained an excellent reputation in the industry, then you may want to invest in pre-sold units as most forms sell them with low monthly amortizations.
However, this move comes with a risk. There are developers who are known to scam their buyers or to halt the construction of the units. Another drawback is that you have to wait for long before you can move into the condo.
If you need to move in immediately, searching for ready for occupancy Edmonton condos for sale in an option. These units, however, are sold at a higher price, usually twice or thrice the price of pre-sold units. The down payment is ideally more expensive. If you have the luxury of spending a little extra, this option can be more practical as the period of paying monthly amortizations is shorter.
Apart from the terms of payment that come with these options, you should also consider the following:
The location of the Condo. A condo that is far from desired facilities like pools, clubs and malls tend to be less expensive than those near these places. However, consider your needs before settling on a certain location.
The association dues, often per sq ft basis is another thing to look at.
Reselling price and number of occupants per floor are also some things worth considering.