When
you want to invest in pre-construction condos you have to consider some
important factors to maximize the return on your investment otherwise you may
lose your money. The first factor that you have to think about is “where you
want to have your condo”. Even if you want to live in it or you want it for
resale, location of your condo is very important. This will influence on how
your investment may change in future.
Public
transportation. Having access to
public transportation is an important factor in increasing density
and wealth in any neighborhood. If you want to reside in the unit yourself,
you’ll have to consider better
access to public transportation and shortest
commute times to work, school, around the city, etc. Besides, you have to check
out access to grocery stores, schools, or any other amenities if you want to live
on your own unit.
There are some useful
resources for you to get more information in below:
Potential
of Growth. It’s not easy to be sure
about potential of growth in a specific area but you have to look at signs for
it. Social diversity, commercial/industrial spaces are some of the elements. By
considering these elements you can roughly predict how would be the improvement
of this neighborhood in near future.
Research
rental rates.
You have to get some more information
about predicted rental rate in future if you want to rent your unit to cover your
ownership costs. There is an annual rental market reports that has been
published by The Canada Mortgage and Housing Corporation for regions throughout
Canada, and you can download the 2015 Greater Toronto Area (GTA) report here.
New
Condo Competition. Everyone knows
Toronto has a hot market in condo construction industry. That’s why it’s
important to be wise to buy a pre-construction condo on time in an up-and-coming
area. You’ll also want to make sure that where would be future condos in your
area because the new buildings may obstruct your unit’s view forever.
History
of Sale in the Area. There is a very useful link in below.
It provides you vast information on Toronto’s real estate prices from 2008 to
2014 by individual neighborhood.
http://www.theglobeandmail.com/real-estate/exclusive-how-much-are-homes-in-your-toronto-neighbourhood/article4520994/
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