CondoPundit.com

Before getting lured into buying a Mississauga condominium based on emotions, talk to me!

Sometimes developers may create a media hype about their condo projects that seems like the best deal in town. This may not always ring true. Like any other professional service, real estate decisions need proper guidance and consulting. You need to understand real estate from different perspectives, if you are a user, investor or a flipper.

Real Estate User

If you are a user; someone who is planning to live in the suite, then your idea of buying should be based on lifestyle. You should consider buying something that you feel comfortable with, a place you can call home, the building that suits your personality, and a neighbourhood you can feel proud of.  Price is an important factor and it should be based upon your income. If you think a high price tag luxury condominium is where you really want to live in, you should be able to afford it. Before “buying a new condominium” consult with me and I will be able to match your lifestyle with what is out there. We can look into many Mississauga’s newly built condos, pre-construction and resale condominiums.

Real Estate Investor

If you are an investor, someone who is investing in real estate for long term, planning to keep a condo for the purpose of renting and paying off the mortgage using rental proceeds, then you need to dig in further. Cash flow and rental yields are important in your case. Real estate investors need to be comfortable being landlords and take good care of  their tenants. You may want to read Landlord Tenant FAQs.

Before you commit to a new builder condominium, you need to evaluate many other options. You may want to do comparison shopping with other similar units from the resale market. You may also want to find out if there are better new builder assignment sales opportunities out there. (Assignment sales, as the name suggests is an assignment of the new builder condominium before the final closing date. The new buyer takes over the builder’s contract from the original buyer). Let me know if you need to find out more about available assignment opportunities in various condo projects in Downtown Mississauga and Toronto.

As a real estate investor you should be aware of many other things, read my blog post “investing in a condominium“. Again, do not go out shopping without professional help, call me for friendly advice and dependable professional service that you deserve!

Real Estate Flipper

If you are a flipper; someone who is speculating on future price increases, planning to sell your new builder condominium immediately upon closing, then you may be out of luck, at least for now.

Flippers had their best runs of the decade until recently. Before buying real estate to flip, you need to work out the math with a professional. You need to understand buying and selling costs involved in real estate. If you are currently locked into a situation where you see no price appreciation of your new builder condominium, you have a few options. You can either convert into a  real estate investor and or transfer/sell your unit to someone you know who is a real estate user (builder’s approval may be required). Again, before you think of doing any of the above, talk to a professional.

First time buyers in Mississauga have many choices

Condominiums continue to attract first-time buyers in Mississauga, condos are most appealing to newcomers and young professionals. Home prices in Mississauga are affordable when comparing similar properties in Toronto.

Currently, the condominium resale market is attracting many first time buyers. Reason, new mortgage rules are churning fewer buyers of expensive homes and affordable condos have become a viable option. There are some great price offerings in store for buyers looking into both resale and new builder condos.

First Time Home Buyers’ Tax Credit, Land Transfer Tax Refund and RRSP Home Buyers’ Plan are great incentives for first-time buyers. Coupled with record low interest rates and so many available listings for sale, the environment is welcoming indeed.

Contact me for your home buying consultation today!

Related post: Mississauga City Centre Condos