{"id":209,"date":"2007-10-04T08:04:01","date_gmt":"2007-10-04T08:04:01","guid":{"rendered":"http:\/\/www.montreal-realestate.ca\/english\/2007\/10\/before-you-build-for-resale\/"},"modified":"2019-03-11T21:44:22","modified_gmt":"2019-03-11T21:44:22","slug":"before-you-build-for-resale","status":"publish","type":"post","link":"https:\/\/www.montreal-realestate.ca\/english\/before-you-build-for-resale\/","title":{"rendered":"Before you Build for Resale"},"content":{"rendered":"

The plan before you buy<\/strong>
\n1) What has sold in the past year in the area?
\n2) What is the buying pattern of<\/p>\n\n\n\n
\n
<\/div>\n

the current area?
\n3) What is the average cost per square foot?
\n4) Who is your target market?\u00a0 (before deciding the sizes, decide who is your market)
\n– Stats Canada \u2013 age, income, vacancy rate, marital status, children, cars per household, condo sales in past 6 months, average price, size<\/p>\n

Offer similar products for the area.\u00a0 If there are other properties that are selling well in the area, they must be doing something right.<\/p>\n

Before you build<\/strong>
\nExterior finishing needs to be timeless.
\n– Determined by the neighborhood
\n– Pricing done with distributors
\n– Brick
\n– Windows
\n– Roofing<\/p>\n

Interior finishing needs to\u00a0match market.\u00a0 For example,\u00a0to attract\u00a0young buyers, finish should be\u00a0inexpensive, sleek, modern, fashionable and fun.
\n– Flooring
\n– Tiles
\n– Kitchen cabinets
\n– Bathroom cabinets
\n– Cabinet hardware
\n– Doors
\n– Sinks\/ faucets\/ tub\/ toilet
\n– Heating system
\n– Moldings
\n– Fireplace
\n– Lighting<\/p>\n

Math<\/strong>
\nGiven\u2026
\n– The interior and exterior finish
\n– The location
\n– The commission rate for an agent
\n– The closing costs
\n– Your profit margin
\n– Advertising
\nYou must now determine a selling price
\n***Prices must be highly competitive<\/p>\n

Legal stuff<\/strong>
\n– Condo by-laws \/ reserve fund \/ condo fees
\n– Get city\/school tax quote
\n– Get insurance quote
\n– Make copies of documents or give them to agent
\n– Sign brokerage contract, and determine commission rate
\n– Determine construction\u00a0start date and\u00a0completion date<\/p>\n

Preliminary contract\/proposal<\/strong>
\n– Drawn up by developer\/notary
\n– Lists completion date and building standards\/materials
\n– Deposit is non-refundable ($ negotiated by builder)<\/p>\n

Marketing before you build<\/strong>
\n– Have mock-up done of interior and exterior
\n– Marketing budget for sales
\n– Trailer
\n– Monthly expenses related (phone, electrical, Internet, heat)
\n– Set up (lighting, desk, phone, computer, file cabinet, display table, paint, d\u00e9cor)
\n– Business Cards, Folders, Pamphlets
\n– Website
\n– Floor plan photocopies A-B-C-D apartments, MLS listing, sold sheet
\n– Get all samples for agent or for trailer and for artist
\n– Watercolours mounted
\n– Printed computer generated glossy
\n– 12\u2019x6\u2019 sign
\n– Broker information
\n– Open house (catering?)
\n– Show room
\n– Advertising
\n– Commission 5% (include promotion 4% – must pay upfront for material)
\n– Hours for trailer<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n


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I wrote this article because I love real estate. If you would you like me to work for you, call me 514-402-8444<\/a> or EMAIL ME<\/u><\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

The plan before you buy 1) What has sold in the past year in the area? 2) What is the buying pattern of<\/p>\n","protected":false},"author":2,"featured_media":8591,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6,40],"tags":[],"class_list":["post-209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-investing","category-selling"],"yoast_head":"\nBefore you Build for Resale - Montreal Real Estate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.montreal-realestate.ca\/english\/before-you-build-for-resale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Before you Build for Resale - 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