16 Jun Resale Condos in Toronto and More
Did you ever wonder which resale condominium is a good or great investment? The best possible deals that will result in a substantial return on your money are properties in areas to be developed or revamped.
If you are buying in area where a revitalization project is underway, then you are buying at the wrong time. after the opportunity to earn money has long since passed. The time to buy is before the government or industry partners decided to rebuild a building or redevelop an area.
In the Jane Street area, from Shoreham to Finch is a valuable investment option for any savvy real property investor. Recently a subway stop was constructed at York University and one is underway at Jane Street and Hwy 7. Any property in the surrounding area would be a great investment opportunity.
Once the subway station is completely at Jane and Hwy 7 there will be a major investment by governmental agencies to revitalize the nearby areas. Not long Parkdale was rebuilt with massive grants from various levels of government and construction programs that employed residents, as part of a community development initiative.
If you can buy a condominium anywhere in the Greater Toronto area for less than one-hundred thousand dollars, then you should buy it right away. Condominium prices are sure to continue rise upwards in proportion to the number of levels in the buildings.
Be a smart investor. Buy before other people even realize that there is potential for earnings in any neighborhood. Newmarket area and northbound is a smart option for buying land, which could be used for condominium buildings and townhouse developments, as well as general subdivisions. Mansions could be constructed on any of the current farmland in towns just North of Newmarket, from Sharon to Sutton.
Rezoning may be necessary to obtain a building permit for houses and condominiums, in areas formerly used as farms. Even with the possible expense involved in getting a land rezoned and the long waiting period for so doing, the potential earnings far outweigh any initial costs.
Condominiums may sold due to the the bankruptcy or ill financial position of a condominium board. This situation may be noted as a Assessment, which is related to the assessed rate of an additional fee that residents will need to pay to their management office, supplemental to regular maintenance fees. The Assessment fee will be paid the bank or mortgage company to whom the building or corporation owes money, usually as a result of borrowing for repairs or to maintain the reserve fund. Many residents may not be able to meet the financial obligations of an Assessment fee, especially if they purchased their condominium with a loan and not a mortgage.