New Condo Real Estate Buying Tips
You’re in the market for a brand new condo? Before you buy new construction, ask the following questions:
- How many other phases will be built in the direct vicinity? Why is it important to ask this question? If you are buying in Phase 1 or 2 of 6 phases going up in the same location, you will have a harder time selling your condo for profit in the near future, especially when the others are going up. Chances are the prices of the brand new ones won’t be far off from what you will expect to sell yours at. Why would someone pay extra for a used one when they can get a brand new one for the same price or close to it?
- Will it be a concrete or wood structure? Concrete is better than a wood structure obviously, but some forget to ask and are surprised to find out once they move in that they can hear their neighbors. And if it is a concrete structure, ask how much thickness will be between floors and also if there will be any soundproofing membrane between the floors.
- What will the percentage loss be of the square footage? In other words, when you are buying off plans, the square footage in the condo is quoted as the GROSS square footage, from wall to wall. Once you move in, the square footage changes to a NET square footage based on the living space. This can decrease by 10%.
- Will any buildings be built around the condo? Are you buying your condo because of the view? Is the view important? Are there any empty lots around the building or shorter buildings? If yes, find out about any future land developments which may affect your view!
There are countless new condo projects in Montreal in various neighborhoods. How do you know which is the right one to invest in? So many factors come into play. You know what they say… location, location, location. Look at the surroundings, Google Map the address to figure out the walk score and see if there is public transport nearby, banks, shops, etc. If the location is too secluded, it will be harder to re-sell.
Hire a real estate broker to help you scoop out the neighborhood and do a quick analysis of the number of condos on the market in the area, what condos are selling for and how long they typically stay on the market.
In reality, these are only a few simple questions to ask and many other factors come into play. Contact me with no obligation should you be in the market to purchase a new condo and have any questions.
Monique Assouline is a Montreal Real Estate Broker working in the field since 2005. She lives, eats and breathes real estate, every single day. She can be reached at 514.219.5897 or firstname.lastname@example.org