It is important for you to investigate the city neighborhoods when you have made up your mind to invest in a property. Ask yourself this question: ‘Will investing in a swanky neighborhood be cost-effective as a form of investment?’ Generally condos in an expensive part of town will cost too much and are not worth your money. While you may be able to find rare gems and bargains once in a while, it is safer to purchase a home in a less classy Ottawa neighborhood.
Be cautious of communities where there are too many condos for sale. There could be an underlying reason for this situation. Perhaps everyone is leaving the town for greener pastures elsewhere since they do not feel safe living there any longer. You do not want to come in and take over such a condo.
Visit the local police to ask for crime statistics of the neighborhood to determine if it is a safe place to reside. If you take a look at the multiple listing service or MLS, you can also assess recent condo sales in the area. Make an appointment with a real estate evaluator to check for the price averages in recent years and ask if that neighborhood is a good place to invest in condo.
Network with fellow real estate investors and get a feel for the value of certain neighborhoods. Ask for recent trends of a given Ottawa area and find out its future potential value.
HomeLife Capital Realty Inc., Brokerage*
