By Condo Culture
We’ve had questions from a lot of you 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, basic elements you’ll want to consider are things like floor height, the location and types of amenities, maintenance fees, elevators and garbage/recycling rooms, sun exposure, walkable amenities in the neighbourhood, what’s planned 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 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 when it comes to sell or what features will help your unit rent or sell quickly and easier when the building is complete or its time to move on? We’ve helped a number of you buy over the past few weeks in Charlie West and buy and sell pre-construction condominiums units in various 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 investments time after time. Here’s a few quick tips to get you started.
Buy Early While solid opportunities can be found even when a building is 80% sold, the best opportunities 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 first pick as 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 Tomorrow over Today · 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 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, the City’s official plan, 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 and lean on us for guidance on which area is poised to be the next to thrive.
Buy on Value not on Price · Price is important but value is more important. The least expensive unit the 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 investing in Charlie West or the upcoming Circa 1877 project on the former Brick Brewery site in Waterloo? Give us a call or drop into a Condo Culture location to get front-line access and develop a true understanding of which units hold the most potential to reach your investment goals. Call us at 519-744-8700 or visit us.
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