Avoid These Traps When Buying a Condo in Montreal

Avoid These Traps When Buying a Condo in Montreal

The Montreal real estate market has been on an upward spiral for the last few years, and this has seen a sharp increase in the demand for condos. Walking around the neighborhoods will treat you to endless signs of condos for sale Montreal, and if you are seriously thinking about acquiring one for yourself, there are certain purchasing traps you must avoid, lest you regret your decision to be a partaker in the hot Montreal real estate scene.

Here are some of the condo buying traps you have to watch out for:

The developer hype

Be advised that developers spend a lot in marketing and promoting new developments and they have every intention to recover and make profits through sales. Consequently, they have a tendency of hyping up everything to make you feel as if you are getting the best deal on the planet. Don’t fall for this greed. Know that you can always pass the “friends and family discounts” and continue with your search if you are not pleased with the condo options you are getting.

The possibility of selling it before it registers

Avoid condos for sale Montreal if you know you are not in a position to secure a mortgage by the time the project builds. You should be aware that the current market is flooded with condo projects and a good number of them are being sold below their original purchase price. So you might as well wait until it registers before you go ahead and make the purchase.

Not having a plan

Just like with any investment, you should not consider condos for sale in Montreal if you have no concrete plan for acquiring the property. Before proceeding with the purchase, consider if you are a passive investor, if you know how to manage the property, if you have a good understanding about the taxes and capital gains and if you have really decided to venture into residential real estate. Without a specific plan, you run the risk of incurring magnanimous losses on that investment.