Why Is Owning a New Condo in Montreal an Advantage
Owning a condo in Montreal is a desirable investment, especially if it is new. If you are going to Canada for a short or long stay, the term condominium will come up quite often when looking for a place to live. Also called condos, these are apartments in the same building but with different owners. In this article, we give you the reasons why it is interesting to invest in this type of housing in Montreal.
What are the advantages of a new condo?
Montreal is the largest metropolis in Quebec and attracts thousands yearly. These people come for business or tourism purposes. The population is growing exponentially while the city’s surface area is limited. To face this demographic boom, condos for sale in Montreal are becoming increasingly popular. You can choose between new or old condos and large and small projects in Montreal.
Personalize the interior of your condo
One of the first advantages of opting for a condo off-plan is that you can personalize it. Many developers of this type of housing allow future owners to give their opinion on the materials and coverings. When you choose a new condo, you will be living in a modern home that looks like you and that you have truly chosen.
Moreover, when a new condo is built according to well-defined rules, you won’t have to do any new work. The unit is delivered to you turnkey with everything you asked for. You will also be satisfied with the thermal and phonic insulation.
Pay fewer immediate costs
An old condo can be under a mortgage or have high fees. By opting for new real estate, you will not have to pay the charges related to a mortgage. In addition, for the first few years, since the equipment used to build the condo is under warranty, you will not have to do any work on the house. All this allows you to save money in the medium term.
Having the possibility of buying the condo for less
An investment in a new home in Montreal can allow you to have discounts on the project’s cost under certain conditions.
For example, you can buy new condos for sale when the project is in its early stages. When the purchase is made before 50% of the sales are completed, it is easier to negotiate the price. To reduce the cost of the condo, you can also compare different promoters and choose the one that offers prices corresponding to your budget.
Montreal also has a municipal program that helps future property buyers. If you are a first-time homebuyer, you can receive a lump sum payment for purchasing a new residential unit. The program can also reimburse you for transfer duties when you meet certain conditions.
Increase in the value of your condo
One of the common advantages of new real estate projects is that they can increase in value over time. The real estate market is still booming, and this will not change with signing your contract. By opting for an off-plan condo, you can set a higher price than the one you bought it at because your property will be able to increase in value. In addition, if there is an increase in value, the condominium will be tax-exempt.
What factors should you consider to purchase a new condo successfully?
Owning a new condo in Montreal is a good idea, but things are not simple. For your investment to be truly profitable, several points must be considered.
The first point that will be important in the profitability of your purchase of a new condo is its location. The property must be located in an area that suits you, i.e., close to places where you often go. The ideal is to opt for a condo close to your workplace.
In addition, you should take a tour of the neighbourhood to ensure your condo is well located. The position of the sun, the landscape as well as the direction of the wind are all points that you must keep in mind. When you make your choice by considering all these elements, your condo can really increase in value.
Next, you need to pay attention to the developer’s various services. One of the things people usually tell themselves is that fewer services mean fewer condo fees. It’s not that obvious. You may find a great condo project that offers many services but a fairly low fee. This is because the fees are shared among many residents.
Another thing you need to consider is the size of the condo. It is ideal to go for a unit with the largest size possible. On this point, you should not only think about the short term. You have to think that you may move later on. Considering this aspect, it is best to have a large condo since it will be worth more when you are looking to sell it. It is generally challenging to resell small condos.
Finally, you should be aware of the rules imposed on condos. Make sure the property rules are suitable for you before you buy. There may be certain prohibitions against pets and decorations. For example, you may be asked not to have large animals in the house or not to put up colourful decorations.
Montreal is a city you will enjoy if you decide to move there. You will have enough real estate opportunities, but opting for a new condo is the best solution. This real estate can be purchased at a reasonable price and sold for more over time. You will also have the possibility of making it your own and living in it comfortably. However, make sure you choose your condo carefully to make your investment profitable.
