Are you planning to invest in real estate? There are numerous options to choose from when investing in residential homes. But if you have a preference for buying a condo, the most pertinent question you should be asking is whether to buy a resale or a pre-construction condominium. A lot depends on the real estate market conditions, so you need to monitor the trends as well when investing in condominiums.
Why don’t you look into new condo developments in Kelowna first? That way, you are sure to get some powerful market insights or trace the best locations where you should own a condo unit.
Here is what you need to know about pre-construction or resale condominiums.
Pre-Construction Condos: Things To Know
Before you try your luck with pre-construction condos, you need to track the size of the unit as well as prepare your strategies. Apart from this, you need to explore multiple listings to find the best investment opportunities. Here are a few points to note if you are getting started with condo investments:
- You may have to make a specific down payment or have to have equity in a property.
- You must have saved adequately to quality for paying the mortgage payments
- Once you buy the Kelowna condo, you become the first owner of the unit and will have the right to personalize the space.
- With pre-construction condos, you will get an opportunity to invest in real estate without breaking the bank.
- You need not pay maintenance charges, property taxes, or mortgages until the completion of the project.
But you need to assess the risks as well as you are investing in a property that is yet to take shape. So, you might miss the hidden dangers lurking in the dark. From the time you decide to buy the unit to the time you move in, a lot of time may pass and you may also miss the possibility of rentals. If you are someone who needs a home right away, investing in a pre-construction condominium would be the right option for buyers. But if you are planning to invest in a condominium, you may not invest hurriedly but explore several options when buying the unit. Often, increased rates of labour, land, and material may shoot the prices of condominiums greatly. So, not all opportunities for investment or homebuying, in particular, may yield the best results. All you need is to analyse your requirements and the availability of condos in your preferred locations to make the right decision.
Resale Condos: What You Need To Know
When it comes to buying resale condominiums, you will have the opportunity to get a home in more developed areas or suitable locations. Just make sure you screen the new condo developments in Kelowna if you are keen to buy there and make sure that you get a good return on investment. Here is why investing in a resale condominium is a better option:
- When you buy a resale property, you can tour it inside out and know what you are paying for eventually. So, you can measure the total space inside the unit and screen the layout to know if the unit fulfills your investment adequately.
- You need not wait for long to move into the house
- For investors, resale homes offer the best chances of liquidity, and earning a rental is possible almost immediately.
- But when you invest money in a used property, keep in mind the repair and maintenance issues and the expenses that add up during the renovation.
- Resale properties usually need you to make a higher down payment, so you need to get an estimate of your finances first before agreeing to sign on the dotted lines.
A good option would be to tour homes based on the listings of your area and none other than Justin O’Connor Group will help you connect with the best realtors of your area before you buy. They also list homes in Kelowna luxury real estate for you to view the best homes before buying.
Should You Buy A Pre-Construction Or A Resale Condo?
When the final moment arrives, decision-making may still seem difficult. Several factors may come into play when you need to invest in one option. The first one is generally the requirements of the buyer. A better way to judge your decision is by assessing the long-term goals and your situation to find the best condominium in the right location.