Although many people may think otherwise, Montreal is a very good and not-that-expensive location to purchase real estate properties: the city still shows a favorable market trend. Today, having no longer the demand it used to have years ago, the only slack segment in the real estate market is that of luxury homes. It is true that in Montreal the majority of owners don’t want to sell, which results in low availability of properties for sale and a consequently increasing demand, which makes the prices grow. But it is also true that prices are still affordable, especially for families; and, besides, nowadays the part of the income to be used for the purchase of a property is a lot smaller than it was years ago. Not to mention the fact that buying a property in Montreal is even more convenient when seeking in foreclosure real estate listings.
Everybody can purchase a real estate property in Montreal, even foreigners: there are no restrictions. Actually, when the Canadian dollar was weaker, Montreal real estate market saw many American buyers. Now is the European investors turn, mostly from France and United Kingdom. However, even if the wallet is not that fat, Quebec lenders offer very low interest rates, allowing everyone to fulfill his/her dream. In addition, down-payments, taxes and fees – depending on purchase price and mortgage amount – are more than reasonable here.
Montreal is a buyer’s market choice
Obviously, as in any other investment, in real estate buying process a risk is always there: a property is worth to buy only if its value appreciates with the time. If this is your concern you can feel comfortable, since Montreal real estate market keeps showing a trend of a steady growth, which makes any investment stable. Besides, businesses and facilities, as well as amenities close to the property assure even higher attractiveness. On top of that, although in the past years the amount of reclaimed real estate dropped a little bit, foreclosure listings in Montreal include all sorts of properties: from houses and condominiums to rentals, lots, and farms, so that you can still make your choice.
Purchase of a foreclosure property in Montreal allows saving 10 to 30 percent (sometimes more) on the property value, which means tens of thousand dollars actually, so the wallet won’t bleed white. Besides, there could be another economic advantage: buying a revenue property will add to the saved money a good annual income, making the investment even more lucrative; and in Montreal, especially in the old part of the city, very good deals for revenue properties still can be found. However, this depends on the reason of the purchase since it is not the same to buy a property for sole investment or for residential use, or for both. Purchase criteria differ, but everybody can take good advantage from bank foreclosures.
It is true that sometimes buyers don’t have a possibility of inspecting a foreclosure real estate property before the offer, but, if there is that chance, suxh must be carried out with the utmost attention, for different reasons: first, the structure may require repair or renovation; second, the property may still be occupied by the owner or a tenant; and last but not least, the bank cannot be held responsible for any defect found after the transaction has been made already. To make a really great deal, serious property buyer must consider everything. Do not take a chance – consult a professional real estate broker today!