Condo investing is considered by many as one of the easiest ways to make money in real estate. On the other hand, it may not always consist of a smooth journey, especially for beginners who do not have sufficient knowledge.
To help those who are looking to start making money from condo investing, here is some of the basic information you should know.
1. Builder’s track record – Before deciding on buying a condo, you should first get all the information you can get from the condo builder including their track record. Find out whether they have launched successful projects that have sold out and whether or not their condo buildings appreciate over time.
2. Condo investing timing – To make more money in a condo investment, you need to know the right time to buy and the right time to sell. You’ll get a fairly good price for a unit from a new condo building, when you buy at pre-sale events; when the new building is first released. These condo units are often priced below the local market value since most builders are raising funds for the first stage of the building’s development and of course, they want to attract as many potential buyers as possible.
3. Floor premium – There are condo builders who price a higher value for every unit that is on a higher floor level. Despite the added cost, it is also important to note that units on higher floor levels are more attractive to the end-user and could be easily sold for a premium over time. The sooner you are able to sell your condo investment, the sooner you’ll receive your profits.
4. The condo building’s location – The location of the condo building where you plan to invest will play a big role in easily selling the unit. The location is a strong motivation for people looking to live in a condo unit. It’s location could relieve you of strong and aggressive sales marketing, enabling you to focus more energy on looking for potential buyers and scouting for profitable investments.
Condos are as profitable and effective form of investment as any type of real estate. However, one would need to be equipped with sufficient information and knowledge to ensure a sound financial investment.
Call Jerry Pinkas Real Estate Experts now to find more information about condo investing.
The Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
Your partners with effective condo investing!