Is a Montreal condo a good investment?

Countless condo developments have sprung up in Montreal in recent years. With so many units on the market, conventional wisdom will tell you it’s a great time to buy! While this may be true, a certain savvy is required to make sure your dream home is also a smart investment. Take the time you need to carefully consider this major life decision.

It’s less expensive than a house

It costs less to buy a condo than a single-family home in the same area. In Rosemont–La-Petite-Patrie, the median cost of a single-family home was $435,000 in early 2017, versus $304,000 for a condo. When you buy a condo, you pay less up front, and that leaves you a little extra breathing room.

Related article : House or condo: What’s right for you?

Buying off-plan

When a developer announces a new project, they need funding quickly to start building. By buying a pre-sale or “off-plan” condo, you can get a lower price. Better yet, that price is locked in the moment you sign the contract. This means that by the time construction is complete and you’re ready to move in, your condo will have already increased in value.

See who’s behind the project

Do your homework and research the developer and architecture firm behind the project. If they have a good reputation and their previous projects were successful, buyers will be lining up. Get in before the crowds and watch your investment grow as the project becomes more popular. And when you buy a condo in a high-quality building designed by top professionals, your unit is sure to increase in value in the long term.

Related article : Finally: A condo community for Montreal families

Check out the building’s certifications

Energy and environmental certifications like LEED and Novoclimat certify the building’s high-quality construction and energy performance. For condo owners, this translates into both short- and long-term savings. Certifications are increasingly sought out by buyers because they add value to the property, while helping you qualify for grants and insurance discounts.

Discover the joys of an up-and-coming neighbourhood

In vibrant up-and-coming areas, property costs are lower and there are often more developments to choose from. It’s usually a good strategy to buy a condo in an area next to an overheated neighbourhood like the Plateau, which borders Rosemont. Your purchase price will be more affordable, and your home’s value will increase faster.

Related article : Rosemont: A vibrant, family-friendly neighbourhood

Compare it to other properties in the neighbourhood

One smart way to evaluate the condo you have your eye on is to compare the price per square foot to other developments in the area. This will help you make sure you’re getting your dream condo at fair market value.

Related article : Finally: A condo community for Montreal families

Looking to buy a home in Montreal? It’s easier than you think!

Looking to buy a home in Montreal? It’s easier than you think! There are still affordable properties in up-and-coming areas, and Rosemont is a great example. At the new Cité Angus development, spacious two-storey condos with three bedrooms and two full bathrooms start at just $322 509 + taxes. Learn more about Cité Angus.

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