Buying a property or condo is one of worth investments that you can make. Buying a property in Canada has become very expensive due to the increasing demand. This is something that has made many people wonder if it is a good idea to invest in real estate. Some of them do not have any idea of what they should consider or watch out for. Even if the decision-making process may differ amongst individuals, there are certain things that need to be taken into account when buying a home. They include the following:
Some of them fear that the market can fall. Those who have bought houses in the past have greatly benefited from the rising prices of houses. However, these prices fall sometimes. For instance, there was a crash in the housing market in 2008 in the US which affected even Canada. Many people lost money, but prices have recovered since then. There was another market crash in Canada from 1990-1996. These are some of the issues that occur when there is a slowdown in the economy.
Local markets differ
The housing markets are known for varying widely from one city to another. For instance, the average price rises by 9.5 % yearly in Calgary, 6 % in Greater Vancouver and 8.3 percent in Toronto. This is according to the data provided by Canadian Real Estate Association. The prices in Vancouver and Toronto are always increasing due to a large number of people who are moving there every year yet space is limited.
Transit lines can boost the property’s value
Homes that are close to the transit line have high value because of their demand. Most people are interested in buying homes that have the shortest commutes. Such places are considered to be very convenient especially for those guys who use public means of transport.
Apart from the existing lines, it is also important to consider the proposed transit lines. The amount of inconvenience during the construction phase should also be taken into account. You should avoid buying a home near new train stations. Otherwise, you will be forced to put up with noise and dust.
Buying an inbuilt property can be very risky at times
Buying a pre-construction is considered to be appealing bat it is very risky. For instance, you might not know what else will be in a building when you buy a condominium from a plan. Other buildings will have renters who are dirtier or noisier than the owners.