Stay small: a guide to buying an investment condo in Victoria
MARKO JURAS, CITIFIED.CA
An investment condo can be a rewarding opportunity provided investors follow a basic rule that helps ensure the purchase is cash positive and not a drain on personal finances.
Despite the emotional urge to buy a larger unit with better views and a prime layout, in terms of an investment I practice and preach this single most important rule: buy a small, lower priced unit in a quality concrete building within walking distance of downtown Victoria.
As an investor with multiple units purchased for investment purposes and as a Realtor having represented a multitude of clients purchasing pre-sale and new-build condos both as primary residences and as investment properties, I've had the opportunity to see the good, the bad and the ugly as far as investment condos are concerned. If you're thinking of making that leap into the real-estate investment world and a condo is on your list, the following five points relating to my single most important rule noted above will help ensure you make the right decision at the right price and add an income generating asset to your portfolio instead of a financial burden. [Full article]