Realty Tax Consultant

It has been said that “Now is the best time for a condo /Condominimum”   .  Is that so you may well ask ?   Here is such an expert “commentary”: 

 Think about a condo:

There’s a surplus of inventory in the condominium market, so your realtor should be able to negotiate a good deal for you when it comes to buying a condo, Linda says. If you’re buying as an investor, rather than a first-time homebuyer,  you will want to consider leasing out your suite for the next four to five years before selling, she explains. “It’s been suggested that the condo markeBuy and sell your house successfully with 10 tips from a real estate professional.

There are more than a number of factors as to why there is a surplus of this product:

First of all – a house is a house is a house.  A lot of investors got snapped up in all the whirlwind about the baby boomers retiring.  Its all about lifestyle etc etc etc.   Who needs the work of a house ?  Boomers are going to sell their houses and enter the condo market .  So the logic went.

Again a house has its benefits.  On top of that many people do enjoy the yard work and assorted responsibilties of a house after all.  On top of that the management “service”  that is so tightly controlled for costs – in many ways becomes its own business.  Its like the civil service – the larger the budget , the more justifiable is the whole effort.  On top of that the management service can not only justifty itself but takes its charges one way or another in relation to the total budget of the operation.  On top of that if the condo management service was rewarded for efficiencies and costs savings – then the owners might well ( or will balk)  at the charges and costs in relation to costs.

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Next there may well be a lot of condos on the market.  Many of the above investors who planned prudently on cashing in on the trend – are in a situation thanks to the economic downtown and stock market meltdown of having to liquidate assets.  You may well be in the driver’s seat if you are buying a condo for your own use.

However this current economic situation may not be the best for your real estate purchases as well. Its a two edged sword.  You may well find that the tenants adjoining you who are you neighbors – and that you carefully evaluated – may well vacate as welll and be replaced by the new owners by not the same calibre of property owners.

Condo purchasers – tread lightly and gently in 2009.

Glendale Winnipeg