Top 10 Things to Consider While Purchasing a Condo at Toronto
Thinking of purchasing a condo in Toronto?
Here are some thing to think about...
1. Building Amenities,
In Toronto, we have obtained condos with bowling alleys, Fitness centers, yoga rooms, dog washing stations, billiards rooms, networking centers, golf driving ranges, pools, roof top patios and the list goes on. When choosing the condo that you need to purchase, think hard and long about what you may use. Those hot amenities are enjoyable to brag about but do not forget you'll be paying for them each month as part of your condo fees.
2. Parking
Not all of the condos in Toronto have parking. In reality, the majority of new condo developments do not even provide parking spaces to suites smaller than one bedroom.
Parking spots especially in the Downtown area can be pricey. We have seen contractors charging anywhere from $75,000-$95,000+ for a parking space.
If you do not need parking, this might be a chance to save a little cash -- however it might hurt
your resale. Should you need parking, however, the location you love does not have a place,
the possibility of leasing in the building (check the bulletin board in the reception). If you purchase a unit with a spot that you do not need you can lease it out for a monthly fee.
3. Storage
Builders appear to be getting more intelligent about this, but the reality is that numerous condos don't have a great deal of storage. Would you need a locker? Can you assemble in storage? Could it be time to purge high school yearbooks? This is simialar to parking if you purchase a unit with storage and do not need it, you can lease it out for a monthly fee.
4. Quality of Construction
We say it all the time: in Toronto, you will find good condos, and there are awful condos -- purchase a good one. The standard of the structure does not only affect appearance -- it affects upkeep, prices, sound and resale values. Work with a REALTOR who is knowledgeable about the condos and contractors in your intended field -- they will understand a whole lot about the buildings which might not be obvious for you.
5. Unattractive Capabilities
When shopping for a condo, consider items that might detract from value -- little windows and dim spaces with minimal all-natural light, poor odours coming from neighbouring sounds and businesses out of ground-level tenants.
6. Owner/Occupiers vs Tenants
Given you are likely a renter at the moment, you have probably never considered the effect tenants might have on land values. Broadly, the greater the proportion of owners that reside within their suites, the greater preserved that the building (which generally equates into a greater grasp of costs). Owners often take good care of the ordinary components (grills, halls, the fitness center, etc.) since they know that should they need to be replaced, it is their $$$. The proportion of tenanted units is identified from the condominium's status certification -- greater than 25% might be the cause of concern (unless of course, you are an investor, in which case that might be a good thing).
7. Management
Property management businesses change in grade, and well-managed buildings maintain their value much better, let alone are far more agreeable to reside in. Your condo board is liable for hiring and managing the home management firm, which then hires the employees (on-site home manager, concierge, cleaning business, etc...)
8. Location
I am sure you have heard the saying, Location, location, location.
Consider transportation alternatives, demographics in the region and building and also the stage of growth of the area. Proximity to grocery shops, schools, parks and night-life are not just crucial to your pleasure, but they are crucial for resale.
9. View
Becarful getting attached to some view (unless it is the lake,or a historical park). In a city that is changing as quickly as Toronto, anything could happen. Above all, if you see a large parking lot there will most likely be a condo there in a couple of decades. You might have paid to get a fantastic city perspective when you purchased the condo,However, that new building using a 20-foot setback may influence the resale value of your property.
10. Building Appearance and Maintenance
Toronto is home to a number of the nicest -- and also the ugliest -- condos. Will the building you are thinking about purchasing in be appealing to other buyers? Will it be in a good state of repair? When you walk in the lobby after a long day in the workplace, will it feel like home?
These are just a few things to think about when purchasing a condo.
Message me for help when buying a new or resale condo.
