There are several things you got to know when buying Toronto condos. Some factors you must think about are-
The view you see out your windows is extremely important, thus do your analysis and find out about any future development plans within the area. Demographics are a lot more important; you want to be close to transit, a hospital, grocery stores, parks, and great schools.
The value and market price for a condo are driven up by how good the schools are within the area. Sensible schools produce more potential buyers and more multiple offers. you can purchase a condo in a nice neighborhood and end up realizing that the school has either reached full capacity and your kid will be bused to a different district’s school.
The exact size/square footage of your condo unit is vital. Do your homework and calculate the acquisition worth in about the dimensions and find the value per/sq. ft. Compare this with past sales within the neighborhood before making your purchase.
You need to connect with a mortgage consultant or a financial adviser to find out what you’ll be able to afford and make sure you can cover the mortgage and also the monthly prices.
When buying an older condo, you must be aware of the monthly/annual repair prices, and you must keep all the financial documents given to you by the condo corporation.
Condo amenities could also be one of your key necessities, but be very careful regarding what you wish for as this could drastically drive up your monthly maintenance fees. it’s always necessary to own security and/or 24hr caretaker services, a storeroom or locker, ample visitor parking and perhaps a barbecue area for those nice summer days.
The higher you purchase, the more it’ll cost, and it’ll sell for a higher value when you’re ready to sell. Not only will you have a much better view on the next floor, but it’ll also cost you greatly if you’re considering a pre-construction purchase. The developer is liberal to set and select what share of a typical expense they need to charge every unit, and usually, those on the upper levels pay more.
Age of Condo:
Older Toronto condos, apart from being generally a bit dated in the appearance and finishing, could have very high condo maintenance fees (sometimes over $1,000 per month). On the plus side, if well maintained, older condos (e.g. 10-15 years) may be good in terms of square footage and plan.
Having too few elevators or slow elevators may lead to painfully long waiting times, particularly throughout prime times, like early mornings and evenings. Taking an elevator to the upper floors will give you an idea of the elevators’ speed. checking out elevators during different times of the day can give you an idea of what’s waiting for you once you reside there.
Make sure to check all the Toronto condos out!