Real Estate Investment Tips for Condo Buyers

Buying a condo to add to your real estate portfolio can be an extremely good idea. As condos tend to be located in cities, they are generally in a very favourable location, making them an ideal choice for first time landlords who want to see a real rental return on their investment. But if you have never purchased a condo before, you may not be aware of what to look for. Keep reading for a few tips that apply to all condo buyers, whether you are looking for a condo in Montreal, Vancouver, or Toronto.

Research the Market

If this is your first time buying a condo, you don’t want to simply jump at the first one you find. Instead, take the time to research the market to find out whether condo prices in a certain area are high or low at the current time, and whether this will be changing any time in the immediate future. You might also want to look into new condo developments – whilst these might still be in the process of building, you can often find cheaper prices by signing up for a condo in advance.

Choose the Right Area

The area that your condo is in will determine the rental price that you can choose. For example, a condo in the downtown area of Montreal will attract more renters and a higher rental price than one on the edge of the suburbs. Also take a look at the different neighbourhoods, these all differ depending on the city that you are in. Examine how close your condo is to public transport, schools, and other vital amenities. All of these will go some way to determining what you can charge.

Do the Maths

You want to look for a condo that will offer a good long term investment, so do the maths before signing on the dotted line. Aim for the rent to cover 125% of the mortgage, so that the rental fee will cover your mortgage repayments, any condo association fees, and net you a monthly profit. This is the only way you will be able to get a good return on your investment, both short term and long.

Consider New vs Old

Depending on where you choose to buy, you should be faced with a choice of buying a newly built condo, or one that is older. It’s important to consider the implications of this long term. A newly built condo is likely to be more energy efficient, thus saving your future tenants money on bills, and it will possibly also mean you won’t have to do any maintenance. An older condo will likely be cheaper to buy, but you may have more issues regarding maintenance and repairs. Newer condos are also likely to attract more renters.

Buying a condo can be a very exciting time, but it’s important to take the above things into consideration before signing on the dotted line. Don’t rush into a decision that you may end up regretting.

Most Expensive Homes for Sale

Many individuals will experience the purchase of a new home or at least rent one. However many of us fail to see how ridiculously expensive some houses are out there on the market. We may consider a house in excess of £200,000 as an expensive home, however this is not even a chip off the price of some houses that do exist.

As many of us are aware, the elite rich investors and entrepreneurs have monumental amounts of wealth. To some of those, this becomes a competitive game of who can own the best, who has the most valuable – keeping up with the Joneses idiom comes to mind. However rather than competing on who has the latest model family car, it is who has the most luxurious mansion with all its facilities.

One of these most expensive homes for sale is the Fair Field, located in Sagaponack, New York. This home is owned by Ira Rennert, an industrial billionaire. He made his wealth investing in basic industries such as mining, metals, industrial fixture suppliers and vehicle assembly lines. He originally acquired many of these companies using junk bonds to finance them. This mansion boasts an amazing 29 bedrooms, with a total of 39 bathrooms. If that is not enough water to soak in, it also boasts three pools and to keep this beastly sized home running has its own onsite power plant.

Another home on another continent is the Villa Leopolda which is located in Villefranche-sur-mer, France. This home is owned by Lily Safra, who made most of her wealth through various marriages that had failed. Her home is currently estimated to be worth around 750 million euros. King Leopold the second originally had this home built with an additional series of waterside homes which housed many of his mistresses.

Also one small but powerful country has again some of the most expensive homes known to be sold. Several properties in Central London in the United Kingdom can be placed high up in the list of most expensive houses. In Kensington Palace Gardens, there are several multimillion pound homes. A few of which are owned by Lakshmi Mittal, who has a net worth in excess of 16 billion dollars. His wealth has been made primarily as a magnate in the steel industry. This high security park contains several homes, three of which are believed to be owned by Lakshmi. The purchasing price of the neo-Georgian mansion was approximately £117 million pounds.

These figures can be somewhat unjustifiable, how can bricks and mortar be worth into the several millions however these buildings may have history attached to them such as the Villa Leopolda – as the saying goes a home fit for a king – and some homes have just unbelievable levels of comfort and enrichment for the owner. These home owners are amongst the top richest individuals in the world, so have all of the funds required to purchase and create their dream homes.

3 amazing apartments to buy near Place Vendome

Place Vendome is without doubt one of the most beautiful architectural ensembles in Paris. It is located in the 1st arrondissement of Paris, north of the Tuileries Gardens and east of the church of the Madeleine. The place is truly beautiful, close to the Louvre, the Rue de Rivoli, is a place not to be missed during a first visit to Paris.

Place Vendome is also popular for its fashionable and luxurious hotels, such as those of the Bristol, Park Hyatt and Ritz, even though their entrances are inconspicuous. However, the square itself reserves elegancy, from when many famous designers established their dress shops in the 18th Century. Today, the square still boasts luxury stores and department stores of famous dress designers. Offices of world-renowned institutions are situated here as well.

Did you know that Italian Countess de Castiglione-Virginia Oldoini and Polish music composer Frédéric François Chopin once lived in this area? Have you ever thought how living near this symbol of exquisite luxury, would be like?

If you are in search of an apartment near Place Vendome, here is our selection of luxury real estate for sale in Paris :

  1. Just a step from Place Vendôme, on the 3rd floor with elevator of a nice old building, a 63,73 sqm. apartment (686 sq. ft.) offering : a large living room with an open fitted kitchen, a bedroom with storage space, a bathroom with wc.

This apartment, calm and sunny, offers nice volumes.

  1. Rue du Mont Thabor, in a nice ancient building, this exceptional two level 280 sqm apartment on the 3rd and 4th floor with elevator, in perfect conduit offers:

On the 3rd floor:

An entrance,

A living room, a dining room and open fully equipped kitchen,

A bedroom with its bathroom, a study.

On the 4th floor:

Four bedrooms,

Two bathrooms,

A study or 6th bedroom,

A laundry.

Adjoining: an independent 1-room-apartment, two cellars, possibility of parking for rent.

This apartment was renovated with high quality materials. Very quiet.

  1. Between the Place Vendome and the Tuileries Gardens, in a building built by Mansart, exceptional apartment which combines beautiful original volumes and contemporary decoration.

With an area of 181sqm (176,6sqm Carrez Law), this duplex apartment comprises:

Entrance

Large living room with fireplace

Dining room

Equipped kitchen

Master bedroom suite with bathroom and dressing room

Two other bedrooms and twi bathrooms

Cellar

Quality fittings

High ceilings

If you wish to learn more on these properties, please contact Proprietes Parisiennes, Sotheby’s luxury agency in Paris.