I am planning on buying a second condo, with the hope of selling it for a profit as soon as the construction is finished (i.e. flipping it). My questions are:
What significant risks are there in flipping a new condominium?
Is buying a condo under construction a better idea than to buy from a previous owner and then trying to sell it for a profit?
In the former case (buying when under construction), do I keep paying the mortgage until the construction is complete, or do the payments start only after the construction is complete?
In Canada, when you wish to buy a condo from another owner, you can use the MLS.ca property search tools. To find one to buy under construction, is there a particular site you can use? I don't want to be driving around looking for condos under construction. :)
Are the closing costs for buying and selling the same in the 2 cases?