Condo Quality vs. Price Paid Per Square Foot
Question: Patrice, when I buy a condo, do I assess the quality of my purchase solely on the price paid per square foot?
SEE VIDEO – If you take the analogy of cars for example, based on this principle it would mean that everyone would be driving around in a mini van because the best space/price ratio is obviously a mini van. So why do so many people buy something other than a mini van? Because of the engine performance, quality of finishing options, soundproofing, taking all these factors into account to see the value in a property, just like a car.
So when you buy a condo, do not limit yourself to the area, inquire about the quality of construction, about the location. Obviously, if you buy a property near a railroad track vs. a park, the value is not the same per square foot.
Just a tip from Pat!
Patrice Groleau , owner & certified real estate broker
Patrice Groleau was born and raised in Quebec. He completed a Bachelor’s degree in human resources at the Université du Québec à Montréal, as well as a graduate degree in Entrepreneurship at the Université de Sherbrooke and in Advanced Project Management from McGill University in Montreal. Patrice Groleau obtained licenses in Risk Management from the Université du Québec à Montréal and Canadian Securities from the Canadian Securities Institute, as well as a Real Estate Agent degree and a Chartered Real Estate Broker’s & Agency Excecutive Officer (AEO) degree from the Collège de l’immobilier du Québec.
Member of the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) and of the Greater Montreal Real Estate Board, Mr. Groleau also has a solid background in finance, having worked for several major financial institutions.