The real estate market can become quite challenging for most people who are not quite conversant in that sector especially when it comes to selling and buying of condos Toronto. Many would assume that selling and buying of condos are as equal as the selling of a house. This is where these pointers will aid you to ensure that you make the right purchase and a consequent investment or a sale worth more than your initial investment. Below are some guidelines that will assist you to sell and purchase condos like a pro.
1. Pricing
When purchasing or selling a condo unit, a buyer/seller should consider the price of the condo. Higher prices might just be pushing away potential buyers and low prices might lead the seller to incur losses from what they had initially gotten it at. The price of the condo should also consider the neighborhood it is located at and the condition of the condo unit itself.
2. The locality of the condo
As mentioned before the locality and neighborhood is one of the factors that dictate the pricing of a condo, its locality also contributes to the sale or purchase of the condo. Condos in good neighborhoods tend to fetch higher prices than those that are not. This means that the neighborhood should be capable to have the capacity to rent out the condos.
3. Over customizing
Over customizing and over designing of condos is mostly done by first-time buyers who end up wanting to sell their condos in the future. Giving your condo a customized makeover which is costly leads to most potential buyers not satisfied with the condo as it does not appeal to many.
These lead to losses as costs had been put into the upgrade and end up selling the condo at a lower price as the product demand would be lowered and few buyers will be available.
4. Have a motive and plan
If buying a condo with a goal of investing into it and reselling it in future, do not dive in with the notion that you will be able to sell it immediately at higher purchase price than that which you bought it at or assume that it will appreciate immediately. A plan should be drawn out on how the selling will and when will take place. Plans such as who will manage the property and what will happen if taxes go up on capital should all be considered.
5. Do not be Ignorant
Most buyers and sellers will ignore the signs that are in the market and will jump into the first of the many condos they will run into. This might be due to the heavily capitalized advertisements, media, “friends and family discount”. Potential buyers should heavily research on a potential property before purchasing it by reading the industry reports and by also asking the right questions.
