The global real estate market witnessed the downfall of up to 20-30% from the last couple of years, but the price of XO Condos still strong and highly promising. Recent Condos, make up with the vast majority area with new homes for the construction and their prices are still affordable for small as well medium size family. Now with promising price condos are always the best option for many people owning an expensive home in Toronto.
New vs Resale
It is always advisable to purchase already finished homes rather under construction houses. Most of the times under construction homes are costlier then already finished home due to fluctuating construction material prices as well as the uncertainty of building finishing time lines, layouts and final finishing’s.
Value for money
Investors can live and rented out his homes to generate financial benefits against the purchase of homes. In Under construction, Condos takes minimum four to five years to complete so your investment can be blocked almost for the same period. An Average rent of one bedroom XO Condo is more than 2000$ per month. This is the ultimate significant loss of large amount for the period of four to 5 years for the investors. That’s why from a financial perspective, it is always advisable to purchase already made condos rather under construction phase condos.
Existing Amenities to share
This is one the great advantage of existing XO Condos over pre-construction condos. Condo owners can share the same existing amenities under affordable price with the large group of owners. An average maintenance fee of the swimming pool is around 50$ per month and new investors can be benefitted due to global price fall in the construction industry which can be an additional dividend for the new condo owners. Large and well-maintained amenity spaces are an additional bonus for new condo owners.
Old Building advantage
Again, this is special advantages of new owners because older condo buildings are more significant spaces and large floor sizes the newly constructed buildings with lower floor prices as compare to the new one. The only single disadvantage, of these buildings, is that these are more than 10 years older and outdated in design but this can be changed easily. A Condos renovation is a very cost effective investment since no structured work, plumbing and electrical work is required. New owners can convert old XO condos into ultra-modern in gorgeous modern condos at a very reasonable price which is quite lower than the price of newly under construction condos.
Value Added Advantage
New owners are allowed to convert a large size room into an additional extra room. Which is not possible in under construction condos due to their lower size floor plans. This is the smartest way to increase the value of existing XO Condos. Investors can generate additional income from creating additional detached bedroom from condos where tenants can stay comfortably.
Conclusion behind this there is a large number of new Condos creating all over the Toronto their by decreasing the actual beauty of a cosmopolitan city. I hope above advise May help to large numbers of potential condo buyers to decide what is best from the existing market.