If you ever wanted to invest in a Real Estate market you have probably wondered whether buying a condo would be a great investment opportunity. Lets look at condo investments, the first idea that comes in mind is buying a condo and renting it out or selling it in the future. There are some factors that need to considered, buying the cheapest/smallest unit during pre construction is not the greatest bargain as you might think at the time. You have to think about your future target buyer. Who wants a tiny condo where the couch is practically in the kitchen and a queen bed can not fit in the master bedroom? You would probably not want to live in a unit like this therefore the majority of people out there will not think of it as a great place to live either. The more unique and large your condo unit is, the more buyers/renters you are going to attract. Also think about your competition, yes all those people that bought for low price during pre construction of the condo are planning to rent out their units, and are most likely going to do it all at the same time. This will result in many empty units in the condo waiting to be rented out which will drive prices down, there goes that nice profit that you had originally expected. Another advice is to buy as big a condo as you can afford. This is for two main reasons, so as not to be one of 100 one bedroom units for sale in a building. Another reason is many older couples will be leaving their larger homes and they are not going to want to live in a 550-square-foot one-bedroom condo. Condo buyers who rent out their unit and are not making 10 per cent or more might be better off with other forms of real estate investments.
In conclusion if you are buying a condo for resale potential try to purchase a larger condo with a unique layout and a great view this will definitely raise the demand for your property. If you are planning on renting, you will want to pick an area where vacancy rates are low (due to demand) and choose a condo that people will want to rent. The lease profit should be more then 10% in case of maintenance rates increasing and you do not want to be stuck with a negative cash inflow. All in all some research should be done before hand, let your Real Estate Agent help you with it!
Most sellers want their condo to sell fast and for top dollar. In order for this to happen we need to carefully plan and prepare the unit for potential buyers, here are some great tips.
Dissasosiate yourself with the condo
- Say to yourself, “This is not my now home; it is a condo– a product to be sold much like a box of cookies on the grocery store shelf.
- Let go of emotions and prepare that soon the condo will not be yours.
- Say good bye to every room
- Don’t look backwards look towards the future
- Put away those personal photos, the buyer needs to imagine themselves living in the unit. Its best to also put away any cultural artifacts.
- Start putting away unnecessary items as soon as you decide to sell it is a time consuming process.
- Remove all books from bookcases
- Clean off everything on kitchen counters
Rearrange Bedroom Closets and Kitchen Cabinets
- Buyers love to snoop and nothing will impress them more as organized drawers, they will see it as an organized home.
Remove/Replace Favorite Items
- If you want to take window coverings, built-in appliances or fixtures with you, remove them now.
Make Minor Repairs
- Replace cracked floor or counter tiles.
- Patch holes in walls.
- Fix leaky faucets.
- Fix doors that don’t close properly and kitchen drawers that jam.
- Consider painting your walls neutral colors
- Replace burned-out light bulbs
Make the Condo Sparkle
- Wash windows inside and out.
A professional Real Estate Agent can guide you through this process
Do you want to live close to Mississauga’s up and coming area of Square One?
Look no further, I have all the information that you are looking for.
Do you want to know what condo type suits you the best?
Is space important to you?
Are amenities important?
Do you own a pet and would like to know the restrictions?
Here is a narrow overview of what Square One Condos Have to Offer:
Absolute Ave Condo
Absolute condominiums are located at Hurontario and Burnhamthorpe. There are 5 towers in total, 50 Absolute, 60 Absolute, 70 Absolute, 80 Absolute and 90 Absolute. Each building offers something unique. There is 24 hour security gate that guards all of these towers.
Absolute Club is one of the largest clubs in the Square One Area. It offers:
- Heated Outdoor Pool
- Indoor Pool
- BBQ Area
- Exercise Room
- Indoor Running/Walking Track
- Party Room
- Spa Salon (offer massages)
- Billiard Room
- Squash and Basketball Court
Burnhamthorpe Rd Condos
There are four main condo buildings on Burnhamthorpe:
Older building , however it offers large and spacious floor plans, located
right next to a ravine the condo is very affordable. Amenities include Exercise
Room, Outdoor Pool, Party/Meeting Room, Security System, Visitor Parking
Newer building less than 5 years old, low maintenance fees. Amenities include
Concierge, Guest Suites, Gym, Indoor Pool, Party/Meeting Room, Visitor Parking
The Grand Ovation Of Tridel, excellent location, steps to YMCA. Amenities
include Concierge, Party/Meeting Room, Sauna, Security Guard, Security System, Visitor Parking
‘Ultra Ovation’ By Tridel, less than 5 years old. Amenities include Concierge,
Exercise Room, Guest Suites, Indoor Pool, Party/Meeting Room, Visitor Parking
Duke of York Blvd Condos
Duke of York offers us three very different Condos
3880 Duke of York and 3888 Duke of York – Ovation 2, Located at
the corner of Burnhamthorpe & Duke of York the two building are connected
by a 2-story lobby. The building are around 6 – 10 years old, the units vary
from 1 bedroom to Pent Houses. Club Ovation offers , swimming pool, whirlpool,
4 lane bowling alley, virtual golf, billiards and party room.
3939 Duke of York – ‘City Gate’ building, Fantastic Location Next To City Hall
& Square One & Public. Amenities include 24Hr Concierge, Security
Services, Visitor Parking, Exercise Room, Indoor Pool, Sauna, Recreation Room,
Elm Dr Condos
Elm offers us three condo towers, 1 Elm, 33 Elm and 50 Elm
1 Elm and 33 Elm
They are both connected and share underground parking garage and amenities.
This is an established community, units vary from a bachelor to 3 bedroom
units. This is one of the most affordable condos around Square One. Amenities
include Concierge, Gym, Indoor Pool, Party/Meeting Room, Rooftop Deck/Garden, Security Guard and outdoor hot tub.
50 Elm – Older well
established building, it offers large floor plans. Amenities Exercise rooms,
gym, pool, beautiful kept gardens, (BBQ facilities sometimes offered),
whirlpool, sauna, racquet/tennis/squash, billiards
Enfield Pl Condos
208 Enfield –
Widesuites Condo the building is only 1 year old. Amenities include Bus Ctr
(Wifi Bldg), Exercise Room, Guest Suites, Indoor Pool, Security Guard, Visitor
285 Enfield – Older well established building. Amenities include Gym, Indoor Pool, Party/Meeting Room, Sauna, Security Guard
Hillcrest Ave Mississauga
Hillcrest community has three buildings to offer, this is a very established
neighborhood, great location, walking distance to Cooksville GO station. These
buildings offer large floor plans.
115 Hillcrest Ave
Amenities: Exercise Room, Recreation Room, Sauna, Security Guard, Security
System, Squash/Racquet Court
145 Hillcrest Ave
Exercise Room, Recreation Room, Sauna, Security Guard, Security System
Kaneff Cres Condos
Kaneff community contains older, well established condo buildings, it boasts large spacious units. Nowadays it is rare to find 2 bedroom units with over 1000 sq ft, if this is what you are looking for then Kaneff is a perfect choice. There are 4 main buildings 3590 Kaneff, 3650 Kaneff, 3695 Kaneff, 3700 Kaneff. Amenities include Large heated indoor swimming pool Saunas Gymnasium, Tennis court, Fully equipped billiards room, ping pong room, party room, Large laundry room with comfortable, attractive lounge area, Bicycle storage room
Kariya Dr Mississauga
Kariya Dr offers us 3 unique condo buildings, this development is very new. If you are looking for a newer style condo then Kariya Dr is for you.
Elle – 3525 Kariya Dr. Built AMACON and it is 31 floors high, built in Summer 2010. Elle condos has wide selection of 1, 2 and 3 bedroom apartments. Amenities include 24 Hours Security, Security Guard, Indoor Pool, Gym, Sauna, Media Rm, Guest Suites
Eve – 3515 Kariya Only Two Years New Condo In Prime Location Of Hwy 10 & Central Parkway . It was completed in 2009, 32 story high. 1 to 3 bedroom units available. Eve club includes library,screening room,celebration room,games room,spa,lap pool,hot tub,sauna,fully equipped training room,patio and outdoor BBQ area
Eden -3504 Hurontario St – Eden was completed in 2006. amenities include library,screening room,celebration room,games room,spa,lap pool,hot tub,sauna,fully equipped training room,patio and outdoor BBQ area, underground car was bay and hotel-style guest suites.
Living Arts Dr Condos
4080, 4090 Living Arts Dr, Capital Condos are built by Daniel in 2005, the building is located a short walking distance to Square One, Living Arts Center, City Hall, the Central Library, Sheridan College and the YMCA. It offer 14,000 sq ft recreational centre with amenities including Gym, Pool, Sauna, Bbq Area, Party Room, Concierge, Visitors Parking, And More
330 Princess Royal Dr (North Garden Villa) and 320 City Center (South Garden Villa) – 4 floor connecting building between the two living arts towers.
It offers a quieter environment with separate entrance but it still shares the great amenities that Capital Towers have to offer.
Prince of Wales Condos
385 Prince of Wales – The Chicago is another addition from Daniels to Mississauga skyline. The building was complete in 2011, it is one of the newest condo buildings around Square One. The building offers amazing 17,000 square feet of amenities on the 8th floor including Gym, with Cardio and Weight Equipment, 30 Foot Climbing Wall, Virtual Golf Room, Indoor Pool, Great Meeting Rooms, Indoor/Outdoor Lounge for entertaining
388 Prince of Wales – One Park Tower, 38-story luxurious condo building is one of the most requested buildings to live in, in Mississauga. Club 38 is an entertainment complex which offers party room, lounge and board rooms. Amenities include 24 Hrs Concierge, Indoor Pool, Hot Tub, Fully Equipped Exercise Room and gym
335 Rathburn Universal Condos – Built by The Conservatory Group, this 22 storey building is only 2 years old. Walking distance to Square one, YMCA, Central Library, Theatres and public transport. amenities include a state-of-the-art fitness room, indoor swimming pool, Whirlpool, Sauna, whirlpool, bowling lanes, billiards, Aerobics Room, home theatre, conference centre, Modern Party Room
330 & 350 Rathburn Rd The Centre I and II – Older well established, The two towers are located across the street from Square one Mall, Sheridan College. Amenities: Security Guard, Security System, Indoor Pool, Recreation Room, Exercise Room, Sauna
Mirage – Mississauga’s newest development by the Conservatory Group. Located on Ratburn and Confederation. Contact me directly if you would like more information about this brand new development.
Webb Dr Condos
223 Webb Dr Onyx – Only 1 year old, this 35 storys high condo offers 347 suites and two storey lofts. Amenities: Yoga Studio, Gym, Swimming Pool, Hot Tub, Rooftop Terrace/Party Room.
225 Webb Solstice – Built by Davies Smiths, 375 units including lofts. Suite size start from approx. 500 sq. ft. to 1,500 sq. ft for penthouse suites Amenities: Concierge, Exercise Room, Guest Suites, Gym, Indoor Pool, Sauna
250 Webb – The Odyssey. Amenities include exercise rooms and gym, pool, beautiful kept gardens, (BBQ facilities sometimes offered), whirlpool, sauna, racquet/tennis/squash, billiards
300 Webb –Club One Condos . Amenities: Gym, Party/Meeting Room, Recreation Room, Sauna, Security System
325 & 335 Webb Monarchy – built in late 90s by Monarch Group. Suites do not have open balconies, only enclosed solarium. Amenities include Squash Courts, Indoor Swimming Pool, Men’s & Women’s Sauna , Whirlpool, Exercise Room, Party Room, Lounge area
400 Webb – Large , spacious units with great layouts Amenities include Indoor Pool, Exclusive Locker, Exercise Room, Fitness Centre (Ultra Modern), Recreation Room, Sauna (His/Her), Security, Tennis Court, SPA, Party Room and Kitchens, Great Room,
500 Webb The Phoenix – Amenities include gym, sauna, tennis and racquetball courts, a recreation room and an outdoor pool.
Many people think that investing in Real Estate such as Mississauga Condos is an easy way to make money. If you do the proper research it can be financially rewarding however it is also easy to make errors when selecting the property to invest into.
The trick is to break even or make some profit after paying all the costs and bills.
Research the area that you want to buy into, is it going up or not. A good indication is if a big retailer is building a store in the area such as Wal Mart, Tim Hortons, Lowes. These companies do a lot of research before narrowing down on location so its best to see any trends and upcoming big retailer.
Use a real estate agent who is knowledgeable in the area and has investment properties of their own , you can use their professions such as mortgage agent, property managers and lawyers.
If you own more then 4 units its best to find a property management company you don’t want to be dealing with tenant issues in the middle of the night. A good rule is 10% of rent should go towards property management company. They will also help you find tenants.
Don’t rush renting your unit out if its vacant , take your time qualifying potential candidates. If you rush this process and get a bad tenant it can potentially cost you more than a month of lost rent.
Buy and hold you property for a long term, you want to decrease your mortgage which will in turn build your equity.
Investing in real estate is not easy. But by taking the proper precautions, it can be very rewarding. There is lots of opportunities in investing in Square One Condos. This market has been growing very well.