Two worlds between condo conversion and new condos.

It’s not a secret that new condos have been popping up like mushrooms in recent years. Tower cranes are now part of the Vaughan city landscape. We often hear that there is overbuilding and that the condo market in Canada could collapse at any time. Articles and statistics are proving this to be false every time.

But what about the conversion of the buildings into condos? Is it the same type of investment as the construction of new condos? Building units on land that cost a fortune in downtown Toronto means that you will have to build a lot of units and sell them for several hundred thousand dollars to owner-occupiers if you want to make the project profitable.

New progect in Vaughan

Reselling Pre-construction Condos in Vaughan

It is not at all the same “game” as transforming a used rental triplex into condos and reselling the pre-construction units for $ 150,000 to owner investors. These are two diametrically opposed scenarios. The risks are different. Obviously, the expectations of expected profits are also. The huge profit potential is on the horizon for builders of new condos like Grand at Festival Condos. Maybe huge losses for some of them as well.

But back to the basics. Is it possible to do well as a small investor in the condo world without having to build towers of several dozen floors? Like the Master-planned community by Menkes called Festival. Yes, if you opt for the conversion of existing small buildings in Vaughan.

In this sense, I present to you this week three myths that lead many investors to miss great opportunities due to false beliefs.

 

Grand Festival Vaughan

Choose a condo for less maintenance

A house requires a lot of maintenance, unlike a condo where everything related to exterior maintenance is included.

Homeowners have to take care of several exterior aspects, including landscaping in summer, in addition to snow removal from driveways in winter. If they decide to hire a company to take care of the maintenance, additional costs are added. Homeowners must also pay the full cost of replacing the roof when it needs to be changed, as well as asphalt or uni-stone for parking space.

Either way, homeowners have to spend time and money on maintaining a property in Vaughan.

Co-owners, for their part, do not have to take care of the exterior maintenance of their accommodation. Snow removal from the parking lot and entrances in winter is included, as is yard maintenance during the summer. These are the monthly condominium fee payments that cover the expenses related to the maintenance of the building.