A friend of mine called us a couple of weeks ago, and asked about to offer him market Evaluation on his investment Condo for Cash
. Works out he previously got a new small condo with regards to a year ago, and had succeeded in doing so 'privately', a determination lucrative regretted for a number of reasons. As we were talking about his investment condo, my head went outrageous features any investor needs to be trying to find when selecting a condominium.
1) Location, Location, Loc...
You've heard this before. The very best most important things in tangible estate are....well, you realize. Its the same when selecting a great investment condo, or perhaps a condo for your own personal use. Could it be easy to resell, or will the location hamper your re-sale efforts? If you are likely to rent it out, may be the condo located near the bus routes? Will be the neighbourhood safe? Many factors be important.
Parking, particularly in central locations including downtown, is always at a premium. If you are fortunate enough to rent out ignore the condo to someone would you not drive their own vehicle, reselling a flat without its own parking spot is much more difficult.
With several apartment-to-condo conversions underway, it is easy to forget that the balcony is still just about the most important features requested by buyers. Without a location to sit outside, perhaps read a book in the fresh air or throw some beef on the 'que, owners and renters will feel trapped in their condo. Be sure that your investment condo has a balcony or, if located on the main floor, it has a patio space.
4) In-Suite Laundry
Less important with single men, but almost 'vital' to female condo buyers and renters. Creating a secure spot to do your own laundry is, at the very least, a 'nice to have' feature.
The aforementioned 4 features might be the most important ones to think about. Depending on your cost range, you might like to consider several more:
Bonus: Concrete Building
Normally a bit more expensive, but definitely worth the price. Quieter, more solid and stable, a good investment condo with concrete floors and walls will even lead to easier resale.
Bonus: Central Air
Central air conditioning and heating is an additional nice-to-have feature, making the apartment more at ease and much easier to lease out.
Bonus: Secure Parking
Particularly with our winter climate, having underground or indoor parking is an often-requested feature, albeit at a cost premium
Back to my friend: His private purchase turned into an extremely poor deal, as his investment condo had NONE of these features. Positioned in an approximate part of town, no parking spot, no balcony, no insuite laundry and on another floor without elevator can make mtss is a very tough sale, even in a hot market.