Hi
Sorry about being off topic but thought I may get some good info/advice here...
I am thinking about investing in my first condo with my brother. It is in Downtown Edmonton and is a new 30 storey building. The buzz has been very good as it on Jasper and 104th (right in the center of downtown). However the prices are also high for YEG (~215K for a 1 bedroom).
We are thinking of buying and perhaps renting it out. Hopefully about 20-25% downpayment. We have to give 10% now and then rest on possession in Summer 2008 when the building will be complete.
Any advice for first time real estate investors or links to places to get some info or advice?
Thanks
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Hi,
I live in Edmonton and I live in a DT condo on Jasper and 110th. I have a 3 bedroom 1300 SQ FT.
In terms of the price for the 1 bedroom that's pretty pricey. One thing you have to remember is that you are buying in a building with 30 floors that may make it harder to rent and sell, as there will be others buying and trying to do the same thing you are. There is also an existing condo building north of it by the same builder. What you should do is check out that building and see how many people are renting and selling.
If you are buying in a new building chances are the value will go up as prices tend to be lower before construction to encourage purchases. But being in a building with so many units that may supress prices.
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You might want to see if there are other buildings more west, I haven't looked in a while now.
The other problem you might have is that a one bedroom unit tends to be harder to sell and rent.
Just my humble opinion, I have been thinking about looking for another condo as an investment though, just need to find the right building. The Illuminada was one I was looking at to move into and rent out my existing unit.
How much to do you figure you would need to rent it for to cover the mortgage and condo fees? If your answer is much over $900/month you will have a very hard time renting it. The rental market in Edmonton is not "high end". Someone who can afford $900/month in Edmonton can buy their own place.
I would suggest a cheaper place that you can rent out cheaper.
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OT: investing in YEG condo