Pre-Construction Condos: To Buy or Not to Buy, Charlie West Launches and Sells 70% Within Weeks

We’ve had lots of questions as to whether or not now is the best time to purchase a pre-construction condo unit and how Charlie West fits into that. There’s a lot to love about our new friend Charlie, but just like any new building, certain units are better than others and depending on what your goals are, even if a building is great, another building may be a better fit or be better timing based on your specific situation.

If you’re buying to live in a unit, the basic elements you’ll want to consider are things like floor number, the location, types of amenities, maintenance fees, elevators, garbage and recycling rooms, sun exposure, walkable attractions in the neighbourhood, what’s happening in the neighbourhood, what you enjoy being close to during the week and on the weekends, nearby transit, the current view, what’s planned for development around the building, and what your view may look like in 2 years, 5 years or 10+ years depending on your timelines.

If you’re a condo investor, in addition to the above, cash flow, achievable rents, and overall returns are often top-of-mind. But in either case and beyond the building itself, how do you know which units are likely to have the best resale value when it comes to sell, or what features will help your unit rent or sell quickly and easier when the building is complete or it's time to move on?

We’ve helped many clients over the past few weeks in Charlie West to buy and sell pre-construction condominiums units here and in various other projects over the past several years. The market has changed a lot in that time, but sticking to solid fundamentals helps us advise on the best condo investments time after time. Here’s a few quick tips to get you started.

Buy Pre-Construction Condos Early

While solid opportunities can be found even when a building is 80% sold, the best pre-construction condos are often found when a project is in the early phases of its release. It’s well known that prices typically escalate as units are sold which is part of the equation, but the real advantage to buying early is having a first pick for some of the best layouts, views, and floors in the building and these decisions can make the difference between a good investment and a great one.

Buy For the Future

Location location location as the old saying goes. Everyone wants to live in a great area, but some locations are like a good bottle of wine and get better with time. It’s not to say that you can’t buy in a location that is already established, but look to buy in an area that is on its way up not at the plateau. Transit initiatives, future development plans in the neighbourhood, and new businesses being drawn to the area are great places to start. We’re following these and other key indicators all of the time, so don’t hesitate to drop-in into our Condo Culture Waterloo Store and lean on us for guidance for which areas are poised to be the next to thrive.

Buy on Value not on Price

Price is important but value is even more important. The least expensive unit in a building or a project with the lowest prices aren’t always the best investments. Price is just one part of the equation, and while getting the best price possible is definitely an important part of the overall strategy, helping make sure you are always comparing apples to apples and looking at a variety of factors to ensure you’re buying a unit for what the potential is rather than what the price is, is one way we help make sure the investment you’re making will be a sound investment for years to come.

Interested in learning more about pre-construction condo investing in Charlie West or the upcoming Circa 1877 project on the former Brick Brewery site in Waterloo? Call us at 519-744-8700, send us a message, or visit our inviting store in Uptown Waterloo.