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What is the ONLY time to buy a brand new condo?
Manage episode 360908381 series 2562171
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Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Saturday, April 15th, 2023…
Today is Nat. Laundlry Day, Glazed Spiral Ham Day and take a guess…..its Nat. Take a wild guess day
Should you consider buying a brand-new condo? Wanna make some quick cash by buying pre-construction units?
We’ve all heard the stories of real estate investors and speculators purchasing pre-construction condos in major markets such as Vancouver and Toronto.
The story goes like this: They buy a $700K unit before they are even built, and at possession time, the units are worth 800K, 900k or even more.
I know of some Vancouver investors who came to Winnipeg back in 2008 and tried that with a brand new condo building along wellington Cr.
They were sorely disappointed when they tried to sell a year after possession and couldn’t even get their money back.
Winnipeg’s new condo market can be compared to the new car market. We all know what happens when you drive your new car off the lot, right?
Same thing happens to your brand new condo. Live in it for a year, and it’s no longer brand new, but if you try and sell, you’ll be up against other units in the same building, still being sold by the builder at the brand new prices.
There really is only ONE situation when you should consider buying a brand new condo in Winnipeg:
It’s when you plan on living in that unit for at least 6-10 years. Why?
There is actually a drop in your value for the first couple of years, which should correct itself over time…..say 6-10 yrs.
So if you are certain you’ll own and enjoy your new condo for at least that long…I say go for it.
But if there is a chance you need to sell in the next 5 years, consider a resale condo, where the values have already stabilized.
Thinking of buying? Call me right now to set up a free home buyer consultation, either in person or via zoom. 204-333-2202
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