Looking to Buy a Condo in Toronto? Here are Some Things You Should Know
Thursday Jun 01st, 2017
There is no doubt about the fact that Toronto’s condo market is experiencing an incredible surge. The clear evidence of this can be seen in the rapid building of condominium towers in the city.
Although buying a condo in Toronto can be an incredible investment decision, there are still things you should know about. Here are some of them:
This one’s pretty obvious but is worth a separate mention. The neighbourhood you choose to live will have several lifestyles implications. For instance, you need to be sure that your neighbourhood has grocery stores, easy transits routes, schools, etc. in close proximity.
For this, you might find help in online resources, such as The Globe and Mail’s ranking of 140 neighbourhoods in Toronto. Also, you might want to hire a reliable real estate agent to guide you along the process.
The Building’s Reputation
The building’s reputation refers to its desirability in the market. You might want to know if the units in the building sell easily. Also, if the condo you are buying is priced lower than normal, you might want to find out the reasons for that.
Make sure you have weighed all pros and cons before finally deciding.
The Interim Occupancy Period
When the condominium has been built and is ready for occupancy, there is a time period in which the buyer can live in the condo but does not own it. For this interim occupancy period, the buyer has to pay an amount that is roughly equal to mortgage payment, fees of the condo and other taxes.
The Condo Fees
As a resident of the condo, you will have to pay a series of monthly fees. The fees cover costs of maintenance and amenities.
From gyms and swimming pools to security and cleaning, the amount will depend on facilities available at your condo.
Repairs and Insurance
Canada’s construction industry is moving towards a sustainable approach. This is the reason you see a lot of floor-to-ceiling windows in condo towers (they are made of glass). Before buying, contact the condo corporation and discuss repairs and maintenance costs. Also, find out what your insurance will be covering.
Condo boards in Toronto have restrictions regarding renovation, décor and pet sizes. If you need substantial renovation, you will have to consult the board. Make sure you follow all the rules and regulations stated by the board to avoid trouble.
MLS Listing GTA allows you to search for real estate in Toronto. The website owner Amin Khoshnoud, a real estate broker, helps Toronto dwellers find just the right condo in just the perfect location. Here are some condos for sale.