A lot of the condos for sale in Montreal are actually still in the planning and building stages. That means you may have to wait a few years before you can move in. In contrast, with “move in ready” condo units you won’t have to wait as long. As the term implies, you can move in immediately.
If you’re planning to buy one of these move-in ready condos, here are some tips that can help:
1. There Aren’t Enough
What you must accept beforehand is that there aren’t all that many move in ready condos in the market. That’s just the way it is in Montreal, where many buyers are actually looking for investment property to rent out. That makes move in ready units very attractive targets as they can be rented out immediately and the investors make money right away.
This means you may not have all that time to dawdle. If you’re determined to buy a move in ready condo, you may have to act quickly. Hesitating may let other buyers get in before you do.
2. Is It Really Move In Ready?
Hyperbole in advertising exists in just about every industry, and the condo real estate market is no exception. Sometimes the problem is that sellers may not have the same definition of “move in ready” as you do.
So you have to check exactly how move in ready the unit actually is. Some sellers offer complete sets of furniture and appliances for every room. Other sellers say that their unit is “move in ready” simply because it’s already built but there aren’t any furniture or appliances. Sure, you can move in immediately, but you have to move in with your own furniture and appliances.
3. Find Out About the Price of the Furniture and Appliances
You should know what you’re paying for when you buy a “move in ready” condo. This means you should discover the price of an empty unit to see exactly how much you’re paying for the furniture and appliances.
Some sellers actually offer a discount; meaning that if you had paid retail prices for all the items already installed then you would have paid more. Others make off with a tidy profit, justifying this by saying that you benefit by not having to use up time and effort in choosing and installing the furniture and appliances.
It’s up to you whether the extra fee you’re paying is worth the furnishings already installed. But you should know exactly what you’re paying for.
4. Check the State of the Furniture and Appliances
Some units are “move in ready” simply because the previous owner is leaving their furnishings in the condo. They avoid the hassle of getting rid of the old furniture and appliances, and they may even make a profit out of them.
It’s up to you if you insist only on brand new furnishings. If you do accept these second-hand items, see if the warranties are transferable, and check that they all work. Some may be damaged or worn down and you’d then have to replace them in the near future if they’re not covered by warranties anymore.
5. Replace the Front Door Lock
It doesn’t matter if you’re satisfied with the furnishings, the color of the walls and ceilings, and the state of the furniture and appliances. It doesn’t matter if you already have security guards and cameras in the building. You have to change the front door lock and out in new deadbolts.
6. Use a Professional for Renovations
Many people like “move in ready” condo units because they don’t want to exert any more effort before they live in the place. So use a pro when you want additional renovations like floating shelves or chandeliers. A pro can make sure that they don’t hit any electrical wiring.