Condo Investors: 3 Common Mistakes to Avoid

Thinking about buying a new condo as an investment? Read on to learn some common mistakes that you may want to avoid.

Wrong Tenant

If you’re considering renting out your new condo, do everything in your power to ensure you’re handing over the keys to a good tenant you can trust. A new condo is a big investment after all, and the point is to make money – not spend it on needless repairs. Vet the applicants to the best of your ability through credit checks, quality references (preferably from past landlords – not just friends or family), and by meeting them in person. It’s a good idea to draft a comprehensive lease agreement that covers for damages, and to request proof of contents insurance prior to allowing renters to move in. Finally, take pictures of the condo unit before granting possession to your tenant so there will be no disagreement in the future on the initial condition of the condo. Source: ClaridgeHomes.com

Not Checking Insurance Documents

Not checking insurance documents for flood and windstorm coverage, and whether or not the premiums are financed or paid in full. Inadequate insurance could be costly, and not having enough reserves to pay the insurance premiums can also be very costly. Source: RealtyTimes.com

Over upgrading

Over upgrading is a very common mistake made by amateurs, and one that can be costly. Developers have tried to spearhead this problem by providing palettes, but owners still make this mistake. Over upgrading to your tastes may not be reflected in the market value of the property and likely, do not appeal to the masses. By default, this decreases your buyer pool and demand for the product. Source: TheGlobeAndMail.com

If you want to learn more about condo investments, please give us a call or contact us here.

Contact:

Gary Wong, MBA
Macdonald Realty,
2105 West 38th Avenue,
Vancouver,
V6M 1R8

Phone: 778-862-9787
Office Phone: 604-263-1911
info@www.garywongrealty.com

What Our Clients Say

“I think Gary’s a very professional Realtor, that’s not just coming from me as a Mentor, it’s because I’ve worked with him, he truly cares about the client… You want to work with someone who is caring.”

I know so much realtor, but he’s the best one. Once I talk to him about the investment, he’s thinking, “Okay, this is the only person I trust.” Usually I just refuse to have any connecting with a salesperson or a realtor, but he’s only the exceptional one. Make friends with him.”

“It’s because of [Gary’s] knowledge, his insight, the way that he analyzes and he’s able to put real estate in perspective… he really is genuinely interested in me and what i’m looking for, that blew my mind… because he knows the market and he specializes in the luxury market he’s really able to provide that insight”

“The word professional sums up Gary, extremely knowledgeable… extremely honest, he didn’t sugar coat things… Gary will get it done, he’s done it for me, he’s done it for lots of people I know.”

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With my help, and my team, we’ll make sure the process is smooth, straightforward, and as simple as possible for you. As an award-winning REALTOR®, my team and I work with diligence to help you achieve your goals. We’ll deliver exceptional results with attentive care.

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