Should I Invest In A New Condo This Year?
So you have some money saved up and it’s not doing anything in the bank. You don’t want to get into RRSPs and the stock market is not even on your radar.
Investing in a condo has always been something you’ve thought about, and now you are finally ready to take action. Good!
Now the question that keeps coming up in your head is, “Should I invest in a new condo this year?”
The question behind the question is, “Will I be better off if I wait?”
“Waiting” for the stars to align or trying to “Time the market” is a fools’ game.
Instead, you should first decide you are going to invest in a new condo, then make a plan, then go out and do it.
You absolutely should invest in a new condo this year but there’s a few things you need to know:
Everything that you’ve heard is wrong
The first thing you need to know is that everything you’ve heard about the condo market is wrong.
It seems everyone has an opinion on the real estate market and whether or not there is a condo bubble or something in toronto. We hear the so called experts chiming in just about every week from New York or who-knows-where telling us that our market is 25% or 50% or 2000% overvalued and that it’s all going to crash.
Every party you go to, every family gathering, the topic of real estate seems to come up and everyone has their own opinion or reason why you should NOT invest in a new condo.
The problem with all these opinions is the source: they are all from people who have never invested in the condo market. They have no skin in the game! Asking someone who has never invested in the condo market if you should invest is like asking a vegetarian if you should order a Big Mac or a salad! You know what the answer is going to be.
So put aside all the opinions and advice that you’ve heard or seen and do your own research. Talk to people who are investing in the market right now and figure out what makes sense to you, then act!
Good opportunities are always available
Toronto is a massive city, we are the largest condo market in North America. Whether the market is going up, down, sideways, it doesn’t matter because there are great investment opportunities in every market.
So many people believe the lie that there are only good opportunities when the market is red hot, or you should only buy if the market is severely depressed. Seasoned condo investors know this is not how the market works and they always evaluate every opportunity on it’s own individual merits.
Have a system and follow it
In order to be a successful condo investor, you need to have a system and a plan in place that you follow.
If you are a seasoned condo investor and you have been doing this for a long time already, you likely have your systems in place and you keep following them because they have made you a lot of money.
If you don’t have a system or a plan, or you don’t know where to start, don’t try to re-invent the wheel! Instead, contact a Realtor who is a specialist in the pre-construction condo market, someone who works with investors every day and can help you figure out the best spots to invest in the market and how to make the most money over the long term.
When you follow the path already laid out by those who have come before you, everything becomes easy.