Real estate has been one of the most lucrative investment options for ages. Everyone needs a place to live or establish a business, and over the period, the prices do escalate. Real estate is known to provide a significant return on investment, but what if you can maximize this return? Well, yes, you can!
There are also a few tips through which you can get maximum return on your investment in a pre-construction condo. Let us have a look at them in detail:
Tips that can help you maximize return on your pre-construction condo:
1. Buy the cheapest unit of the type you are looking for:
If you are investing in a preconstruction condo, you are already buying a future property at the present price. This, in itself, is a good deal as you get more options to choose condos with the best view, floor, and ideal floor plan according to your budget. However, the way you can maximize your return is by buying the cheapest unit of the type of unit you want to buy. You’ll eventually get the same rent but pay less.
2. Avoid Buying in an established neighbourhood:
Another important tip can be to avoid buying in established neighbourhoods and instead invest in a developing location. The prices in an already hyped place are too high and don’t give much return on investment. Moreover, a developing location gets developed over time. Investing in pre-construction condos gives you enough time while the location develops gradually.
3. Be an early bird:
Be attentive and keep your eye open for upcoming condos in the city. Knowing about an upcoming property can help you invest in the right condo at the right time. Also, you can avail of the early bird offer and have a wider range of options to choose from. Builders generally roll out exclusive offers through VIP pre-sales unit, after which the prices of these condos significantly increase. Therefore, it’s ideal to look for the best VIP sale and grab the one that suits you the best!
4. Wear the renter’s thinking cap:
Yes, putting yourself in a renter’s shoes and looking from that perspective can make it all the more profitable for you. Who wouldn’t love living in a brand new unit? Thus, advertise your unit in advance. You can even furnish the same and ask for a rent premium while you advertise your unit.
5. Don’t compromise on Amenities:
One of the most important reasons a person lives in a condo is to enjoy various amenities that are simply impossible to afford, all at the same time. Condo living is often associated with a ‘full of amenity lifestyle.’ Thus, never compromise on the amenities while you decide to invest in a condo. Modern amenities like a rooftop pool, sauna, exercise room, 24-hour concierge, BBQ, etc. always attract top quality renters. They not only stay happy but readily pay a rent premium for the condos that offer such premium amenities. So, make a clever choice here!
6. Close proximity to transit:
Toronto is a fast city with connected public transport systems like the TTC and Go Trains. Residents love to have easy connectivity and thus, prefer living in condos with good transit score and walking score. Quick connectivity with major highways is also crucial and can be a great factor while deciding on a pre-construction condo investment.
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