{"id":497,"date":"2019-06-06T14:56:59","date_gmt":"2019-06-06T14:56:59","guid":{"rendered":"https:\/\/rentals.ca\/blog\/?p=497"},"modified":"2022-04-06T20:47:42","modified_gmt":"2022-04-06T20:47:42","slug":"mistakes-pre-construction-condo-investors-make","status":"publish","type":"post","link":"https:\/\/rentals.ca\/blog\/mistakes-pre-construction-condo-investors-make","title":{"rendered":"9 Mistakes Pre-Construction Condo Investors Make"},"content":{"rendered":"

Condos are becoming an increasingly attractive option for real estate investors across Canada. According to a CIBC study, <\/span>nearly half<\/span><\/a> of Toronto condominiums<\/a> were sold to condo investors.<\/span><\/p>\n

This trend isn\u2019t surprising. The reduced maintenance burden frees up the investor\u2019s time while the desirable locations of condo developments help attract quality tenants. Not to mention that condos are much more affordable than single detached homes making it easier to generate monthly cash flow.<\/span><\/p>\n

Buying a pre-construction condo is a great way to lock in a low price on an asset that\u2019s likely going to appreciate the day you take the keys. However, there\u2019s also many traps an investor can fall into when buying pre-construction. Don\u2019t get caught committing these costly mistakes: <\/span><\/p>\n

Buying From an Inexperienced Developer<\/b><\/h2>\n

Today\u2019s hot markets make it enticing for new developers to get in on the action in hopes of making a quick buck. Unfortunately this lack of experience can bring with it all sorts of problems. For example, if the project management team is new, expect delays in delivery dates. Corners were cut on structural or mechanical components? Expect costly special assessments.<\/span><\/p>\n

Buying an investment property from an experienced developer mitigates some of those risks. However, part of a condo investor\u2019s due diligence involves researching even the most experienced developer\u2019s track record. <\/span><\/p>\n

Forgetting About the Cap Rate and Rental Potential<\/b><\/h2>\n

When shopping for pre-construction, look at whether the <\/span>neighborhood has rental potential<\/span><\/a>. Do renters want to move there or does the area need a few more years to gentrify? Nothing spells out negative cash flow like an empty condo.<\/span><\/p>\n

Similarly, part of due diligence involves market research and finding out how much rent you\u2019ll be able to charge per square foot. \u00a0Calculate the cap rate and if the numbers seem tight on paper, they won\u2019t get any better when you take possession of the condo.<\/span><\/p>\n

Miscalculating Rises in Maintenance Fees and Mortgage Interest<\/b><\/h2>\n

So you\u2019ve found a development that meets your desired cap rate and are ready to sign? \u00a0Maybe take a few moments to consider that the condo fees you’re basing your calculations on are estimates by the developer at the time of closing. Once the property incorporates, it\u2019s possible that the residents may vote for a rise in order to build up the contingency fund or pay for changes to common elements the developer skipped out on. \u00a0Not to mention that over time, these <\/span>fees rise year-on-year<\/span><\/a>.<\/span><\/p>\n

The same concept applies to mortgage interest. Remember that since 2007, we\u2019ve had access to cheap money. \u00a0However, mortgage rates can change with economic times. Protect yourself by considering the risk that over the next decade, <\/span>interest could rise<\/span><\/a> which will affect the profitability of your investment.<\/span><\/p>\n

Getting Dazzled by Amenities<\/b><\/h2>\n

Shared amenities like spas, swanky lounges, wine cellars and dog walkers are great add-ons that\u2019ll woo prospective tenants. They\u2019re also going to cost you a fortune in condo fees – those recurring expenses that don\u2019t build equity. <\/span><\/p>\n

You\u2019re not buying this condo for yourself or your family so don\u2019t get caught up in the developer\u2019s hype. \u00a0Fancy amenities may attract the attention of renters but it doesn\u2019t necessarily translate in signing higher leases. \u00a0<\/span>Renters want the basics<\/span><\/a>, but there\u2019s a limit to how much they\u2019ll be willing to pay for the extras. <\/span><\/p>\n

Paying for Upgrades That Aren\u2019t Necessary<\/b><\/h2>\n

Too often, condo investors are under the impression that skipping on a particular upgrade will limit how much income they can generate with the property. \u00a0The truth is, unless you\u2019re in the highest income area of your city, tenants won\u2019t be willing to pay hundreds of dollars more for aesthetic upgrades.<\/span><\/p>\n

Hardwood vs engineered floors, quartz vs granite countertops and high vs low floors are examples of costly upgrades that won\u2019t necessarily translate into higher rents. \u00a0The units will present just as well to prospective tenants. The trick here is to make the selection that is similar to the premium upgrade.<\/span><\/p>\n

Underestimating Closing Costs<\/b><\/h2>\n

Depending on the developer and the market you\u2019re in, some of the closing costs at the time you sign are estimates of what\u2019s due upon possession. \u00a0Legal fees, land transfer tax and pre-paid property taxes are relatively easy to predict. However, expenses like municipal development levies may unexpectedly be due.<\/span><\/p>\n

Development levies are paid by the developer to the municipality and were estimates when the developer applied for the permit. \u00a0Between the time the project is approved and when you get the keys, these can go up and amount to <\/span>thousands of dollars<\/span><\/a>. \u00a0Negotiate a cap on such variable closing costs when possible. \u00a0Otherwise, plan a contingency fund for such a situation. <\/span><\/p>\n

Involving Your Lawyer Too Late<\/b><\/h2>\n

Pre-construction condo investors sometimes feel that they\u2019re on the verge of losing on a good deal if they don\u2019t close quickly. \u00a0If the numbers look good and the research is solid, why not sign right away?<\/span><\/p>\n

The problem is that not having your lawyer review the documentation could increase your exposure to risk. \u00a0A good lawyer will identify liabilities such as no caps on municipal levies (see above), loose delivery date clauses and flexible floor plan statements.<\/span><\/p>\n

In some provinces, the buyer is entitled to a 10 day cooling-off period. \u00a0So if you\u2019re in a competitive market and truly feel you\u2019ll miss out, use this to your advantage and have your lawyer review the contract during this period.<\/span><\/p>\n

Not Reviewing the Preliminary Bylaws<\/b><\/h2>\n

Some condo developments outright ban rentals. While this is rare, it\u2019s nonetheless a reality that could cost a condo investor. \u00a0In most cases, the developer would have informed you beforehand of his bylaw. However, if it\u2019s in the bylaws at the time you signed the sales agreement, you have no recourse. \u00a0Involving a lawyer from the start of the process (see above) virtually eliminates this mistake.<\/span><\/p>\n

Purchasing For Short-Term Rental Without Due Diligence<\/b><\/h2>\n

If you\u2019re planning on buying an investment for AirBnB or other forms of short-term rentals, make sure the preliminary bylaws allow you to do so. Keep in mind that many developments ban short-term rentals once the residents incorporate.<\/span><\/p>\n

In some cases, the developer can be convinced to include grandfather clauses for short-term rentals. However, it\u2019s best to consult with your real estate lawyer beforehand as situations change from province to province.<\/span><\/p>\n

Wrapping This Up<\/b><\/h2>\n

Condo investors buying pre-construction have a lot to gain, especially in booming markets. That said, the age-old golden rules of real estate investing: due diligence, numbers over emotions and impeccable research, still hold true.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Condos are becoming an increasingly attractive option for real estate investors across Canada. According to a CIBC study, nearly half of Toronto condominiums were sold to condo investors. This trend isn\u2019t surprising. The reduced maintenance burden frees up the investor\u2019s time while the desirable locations of condo developments help attract quality tenants. Not to mention […]<\/p>\n","protected":false},"author":20,"featured_media":499,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[5,1],"tags":[],"coauthors":[38],"class_list":["post-497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-landlords","category-rental-guides"],"yoast_head":"\n9 Mistakes Pre-Construction Condo Investors Make<\/title>\n<meta name=\"description\" content=\"Condos are becoming an increasingly attractive option for real estate investors across Canada. 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