First time buyer question

[littlewenzi]

Good evening all. So I am starting to look into buying a real estate property for investment (sub $250,000). So far it looks like 1 bedroom apartment would be the ideal candidate. Is there any ideas as to where or which tower I should buy. I went by Park Avenue the other day, their tower one is almost sold out of the one bed room (only couple of lower floor left). I liked the location, but heard of nothing good about the developer (Concorde). The unit is quite affordable (~$200,000), but I am having second thoughts about this tower after I heard of stories about Concorde. Since I will be renting out after the tower is completed, I will not be able to get the first time home owner benefits. According to my estimation, that is about $3500 lost. But then, I can rent it out for the first year, so it is worth it.

I am open to options as long as the value of the property would keep up with inflation and I can rent it out pretty easy. One good thing about the Park Ave is it wont be complete till 2016. So I have time to pay the deposit in multiple increments.

Your help and suggestion is greatly appreciated, the last thing I want is a bad first time investment.

Wenzi

[casper]

Originally Posted by littlewenzi

Good evening all. So I am starting to look into buying a real estate property for investment (sub $250,000). So far it looks like 1 bedroom apartment would be the ideal candidate. Is there any ideas as to where or which tower I should buy. I went by Park Avenue the other day, their tower one is almost sold out of the one bed room (only couple of lower floor left). I liked the location, but heard of nothing good about the developer (Concorde). The unit is quite affordable (~$200,000), but I am having second thoughts about this tower after I heard of stories about Concorde. Since I will be renting out after the tower is completed, I will not be able to get the first time home owner benefits. According to my estimation, that is about $3500 lost. But then, I can rent it out for the first year, so it is worth it.

I am open to options as long as the value of the property would keep up with inflation and I can rent it out pretty easy. One good thing about the Park Ave is it wont be complete till 2016. So I have time to pay the deposit in multiple increments.

Your help and suggestion is greatly appreciated, the last thing I want is a bad first time investment.

Wenzi

You may want to consider posting into the city forum for the city you are interested in (just a few more readers looking there).