Condo ownership has become very common in Canada. More buyers are savvy about the process that makes a building or unit stand out. Most of the new homes which are under construction are condo units. These units are considered to be more affordable than single-family homes. Living in a condo has also become more desirable in the modern days. In fact, this is regarded as one of the realistic ways of owning a property in the expensive Canada real estate market. The following are the useful tips for purchasing a condo in Canada:
Resale Vs. New Build
Buying a pre-constructed unit is relatively cheaper than purchasing an existing condo. The developer will give you a discount for allowing him to sit with your money for so long. In some instances, the price of existing condos might match that of pre-construction units. If this is the case, then you should consider buying the existing unit. Such a unit can be purchased or rented as soon as the buying process is over, thereby giving the buyer a financial benefit. From a financial perspective, you should purchase a ready-unit than a pre-constructed one.
Large dens can be converted into extra bedrooms. This is the best way of increasing the value of your unit. Installing a door or wall is an inexpensive renovation. When purchasing a condo, you should consider units with large dens. This will give you an opportunity of inexpensively and quickly add value to your unit.
Most of the condo units that were build decade ago have been sharing their amenity space. Owners of such condos can share cost since they enjoy the same amenities. Such units are cheap. Some of the facilities that can be shared include the boardroom and swimming pool. Buying a unit that has shared facilities is one of the smart investments that you can make. Additionally, large amenity spaces are better maintained as compared to other spaces in small buildings.
You should focus on maximizing the available space in the old building. Old buildings have larger floor plans as compared to the new brand buildings. Again, they have a low price per square foot. The only issue with them is their outdated finishes. The process of renovating an old condo is relatively cheaper than renovating a house. You will not require any electrical work, structural work or major plumbing work.