Being able to select the properties that could yield the maximum appreciation even during a downturn is based on considering certain criteria. If these criteria are not met then the property could depreciate and could cause a big loss when selling it. When shopping for properties, I believe you should buy them for what they are worth and, not what others say they are worth. And because of this I might be able to save you from choosing the wrong property that could hurt your net worth.
To make it simple these criteria cause the property to be classified as follows:
- Platinum (Rare) – yields the highest and they don’t go on the market much perhaps once every 5 to 10 years. They are usually commercial
- Gold (Rare) – They can be commercial or residential. In terms of investment returns they could be very rewarding
- Silver – is what could be available. Silver Properties can hold their value even if the market slows or goes down
- Bronze – I do not sell. They can cause a loss in your assets
In my expertise through the years I have discovered that almost 80% of properties that come on the market, that to be honest I would not encourage others to invest or buy. 1%-20% of the homes on the market are the properties that would meet the Silver criteria (worth buying that could maximize on the appreciation.)
So if you want to invest in a home whether as a first time buyer or investment property I can help you find the Silver ones. It all depends on what your needs are and what fits you. I understand that it sometimes takes longer to find the qualities and prerequisites of a house that you should look for when buying a house. It is important to remember: that these qualities affect the evaluation of it. However, because of my extensive knowledge I am able to select the properties that could yield the maximum appreciation.
In regards to condos, I am not a big fan of them as there is the element of a third party that has the control over the day to day management and service of the building or complex.
Perhaps, the building was not properly built and you invested in it. It could cost you a lot of money. If the funds to maintain the complex are not spent wisely it could have an impact on the value of the condo. Also condo fees can really hinder the value of the property and it could depreciate it if the condo fees are high. You could have a hard time getting your money back and in a slow market. However, you can still do Okay if the “homework” is properly done.
As a realtor, I am aware of the reputations of most condominium associations or things have happened. I can help you take the appropriate precautions as we approach. Because some of them can cause a huge loss if due diligence is not done properly and correctly.
REMEMBER: In the end, you know how you did – not when you buy but, when you sell. As this a direct reflection if you did your homework properly and followed the correct counselling from your realtor (if he has the expertise and the knowledge and is honest).