An increasing number of people are choosing to buy condos in Toronto, and it’s easy to see why. Aside from the exciting urban locations and desirable range of available buildings and units, purchasing a condo in the city can be a valuable investment. However, this isn’t always the case and making a bad decision can end up costing you a lot of money.
Keeping the following tips in mind will help you to avoid making a mistake and ensure that everything runs smoothly with your purchase. Read on for our top tips for buying a condo in Toronto.
1. Find out About Fees and Budget for Them
There will be a period between you taking ownership of your new condo, and taking occupancy of it, during which you will be required to pay occupancy fees which do not go towards your mortgage. Condo owners are also required to pay monthly condo fees which go towards maintenance, repairs, and services, and these vary between buildings.
2. Choose Your Neighborhood Wisely
Toronto is made up of many neighborhoods which each have a unique personality and charm. Make sure that you choose a community that fits with your lifestyle, and check the proximity to work, grocery stores, transit options and other amenities before committing to buy.
3. Decide What You Will and Won’t Compromise On
In this competitive market, the chances of finding a condo which ticks every item on your wish list for the right price are slim. Decide on a realistic budget and stick to it, then decide what you will and won’t compromise on to avoid being swept away and making a decision you will regret.
4. Research the Developer
Do your research to avoid buying a property in a building that’s in debt, or from a developer who you can’t trust. Buy from a reputable developer to avoid making a mistake that could cost you a lot of money.
5. Ask Your Realtor About the Units’ History and Future Projections
If you are buying a pre-owned condo, find out how much it previously sold for, and try to determine how much it may be worth in the future. Market trends change, but it helps to have an idea before buying.
6. Research Future Developments in the Area
Find out what is being built in the area in the near future, as this could affect your decision. If a high-rise building will pop up in a couple of years and block your view, this could significantly decrease the value of your property.
7. Find out What's Included
Find out if your property comes with a parking spot and storage locker – if not then it’s often worth paying extra for in order to make the property easier to sell in future. You may also be able to rent these out for extra cash. Check the amenities in the building. If, for example, there’s a gym in the building, this could save you money if you cancel your existing membership.