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I’ve purchased an investment condo in the summer and I’m thinking of selling...

“I’ve purchased an investment condo in the summer and I’m thinking of selling it to make a profit. Is it a good time to be thinking about that or should I hold onto it and wait for the market to increase?”

-Francis, Toronto


Dear Francis,

The decision to purchase or sell a property – even though it’s for investment purposes – is usually a personal decision first before it is a business decision. That being said, if you have to sell because you need the money for example, then anytime is a good time to sell because you have no choice. If you have the option of holding the property and are thinking of liquidating because you’re afraid of what may happen to the market, then your guess is about as good as any economist’s!

They’ve been predicting a big crash since 2001 now, but things have kept going and there’s no saying how much longer it will go on for. To complicate matters even more, it really depends on the type of property you have, where it is located, how much you got it for, etc. So the best advice I can give is to analyze your personal situation first and then it’ll be a lot easier to figure out if the opportunity cost and risk of having your money in the condo still makes sense for you. If you would like further advice, please contact me at joanna@thinktorontohomes.com

Jo
Posted on Thursday, November 2, 2006 at 03:38PM by Registered CommenterElaine in | CommentsPost a Comment

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