Five Things to Know About Buying a Condo in Toronto

It is a known fact that the real estate market in Toronto is flourishing, with more and more condominiums reaching up for the sky, imposing on the skyline of the financial district of Canada. The housing prices, too, are touching the sky, in such a way that the thought of buying a condo is worth considering.

Buying a condo can be considered as a smart move as they are low on maintenance with the added security of locked entries, doorkeepers, or even security professionals for residents which are often being offered at a very affordable and reasonable price. In addition, there are all kinds of comforts like a pool, a fitness center, or simply a game night at the community clubhouse. You can also get many condo residents amenities that are out of reach for the average homeowner. These amenities also add to the socializing experience and make it much easier to acquaint oneself with the neighbors, which can be a great perk.

But before jumping to any decision and to enjoy these benefits of moving into a condo, here are the 5 things to know about buying a condo in Toronto.

Location:

This is the most crucial aspect to consider, as it is going to have far-reaching implications. Before deciding on the location you must have made up your mind whether it’s a long term or a short term plan to move in. Also, the area or the neighborhood must be selected very wisely as it has a direct impact on your lifestyle. For example, how close the grocery stores, markets, and transit options, schools in the area, etc. must be looked into thoroughly. The last thing you want to make sure before buying a condo is its resale value.

“I will forever believe that buying a home is a great investment. Why? Because you can’t live in a stock certificate. You can’t live in a mutual fund” says Oprah Winfrey, talk show host, and philanthropist.

Do your research:

There must be research to avoid buying a property in a building that’s in debt, or from a developer who has a past of mismanagement of funds. Hence one must buy from a reputable developer like Mizrahi Developers who are making the news for their ongoing project The One Toronto at 1 Bloor West or the Tridel which has registered 171 condo buildings in Toronto and the GTA up to date. One of their newest projects, Ten York, is a 65 story building that offers spacious suites and some stunning lake views. Hence, always research to avoid making a mistake that could incur a loss of a substantial amount of money.

Occupancy fees and Condo fees:

You must also keep an eye on both the occupancy fees and condo fees. This is because the fees have to be paid before officially taking ownership of a condo. An experienced developer, as mentioned, can save you from spending extra money. Beyond occupancy fees, you are also expected to pay a condo fee on a monthly basis for maintenance and services. You must make clear in advance about what and how these fees are supposed to be paid so that your budget isn’t disturbed later on.

Don’t lose your view:

Many condo towers come in twos or threes or more. You must keep an eye on what’s being built nearby, as another oversized residential building could cost you the beautiful lake view from your balcony; this is especially seen in the downtown condo development areas.

Parking:

Like the location, the parking also helps with a condo’s resale value. Though if there is a vehicle or not, paying for a parking spot can turn out to be a good investment. As potential buyers will be dissuaded from buying the condo if it does not have a parking spot.