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Purchase of a previously owned condo
While out showing properties this month, I have been focused on working with an investor; who is viewing the condo market with great opportunity.
Instead of evaluating the condo's on their sales literature and proposed amenities his evaluations are very pragmatic based on the square footage, maintenance costs and historic sales values as compared to square footage and the cash flow available from rentals.
In the process of our analysis we can across a wonderfully improved three bedroom condo unit in Mississauga. Although the maintenance costs were higher, (twenty year old building) the lack of amenities outweighed the fees associated with ownership when one compared the square footage of almost 1600 square feet compared to the new condo's averaging 760 to 880 square feet.
As a pure rental the 1600 square foot three bedroom unit would appeal to a greater tenant pool. This particular unit was owned by a younger fellow who was an electrician by trade. During the course of his ownership he had altered (renovated) some walls to become knee walls (half height) making the unit more spacious and visually pleasing. The ceilings had their stipple finished removed and reapplied when he had improved the ceiling with a line ... more

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