Are you thinking of buying a condo in Toronto? If so, you're making a wise investment. Condos are popping up all over the city, and for good reason: they're in high demand.
Condos provide buyers with a number of benefits. They're more affordable than single-family homes, for starters. They also tend to be located close to city centres and employment opportunities.
Condos are also ideal for those who don't necessarily want to spend all of their spare time maintaining their properties, and they also typically offer a slew of on-site amenities - such as swimming pools, fitness centres, guest suites, party rooms, rooftop decks, and saunas - that you don't always find with more traditional housing.
But before you dive into a condo purchase, you'll want to do a little homework first. There are a few things you should know about buying a condo first, including the following.
Find Out How Many Renters There Are
It's important to find out what the ratio of renters versus owners is in the condo you're considering buying. Generally speaking, owners tend to take better care of their properties than renters, though that's not necessarily always the case. Owning and living in a condo that's got a high proportion of college kids, for instance, versus young professionals will create a much different environment. It's certainly something to think about.
Act Like You Already Live There
In order to get a sense of what it would be like to live in a specific condominium building, consider visiting the area a few times. Go on different days of the week and different times of the day to get a feel for what it would be like to live there full-time.
Visit amenities nearby, such as grocery stores, parks, banks, shops, bakeries, and so forth, to see what daily life would be like and to verify whether or not the area is something that will cater to your needs and lifestyle.
Find Out What the Condo Fees Are
Condos are great because they come with a host of on-site amenities at your fingertips, as was already mentioned. But these amenities don't come for free. There are condo fees that you will have to pay every month, and a good chunk of that money goes towards covering the cost of maintenance of these common areas. To make sure the condo is within your budget, be sure to find out what these fees are right from the get-go.
Consider the View
Each unit will come with its own view, whether it's of the parking lot, cityscape, lake, or other units across the way. Obviously, a nicer view is better, but that can always be ruined if there are any future developments in the works. Make sure to ask your real estate agent to look into whether any future developments are in the works that would block your current view.
Take the Unit's Exposure Into Consideration
In addition to the view of the condo, you will also want to consider its exposure. For instance, a south-facing unit will have plenty of sun oozing in throughout the summer, which means your unit might get a bit warm. The same is true during the winter where the windows will get pretty chilly from the sub-zero temperatures. Also consider east-facing or west-facing views, as this will affect when your unit will get the most sun.
Find Out if Your Pet is Invited
If you're the proud owner of a furry friend, as is common among Torontonians, be sure to inquire whether or not pets are permitted. Further, be sure to ask what types of restrictions may be placed on pet rules, such as the maximum size of dogs or the types of breeds that may not be permitted.
Find Out What Types of Amenities Are on the Premises
We've already touched upon building amenities, but not all condos have the same ones. Usually, more amenities tend to translate into higher condo fees, which is something to consider. Another thing to consider is the type of amenities that the building offers and whether it's got what you need. For instance, if you live to swim and work out, you'll probably want a condo that offers a fitness centre and pool.
Hire an Experienced Real Estate Professional
Never start your search for a condo without having a seasoned real estate agent by your side. These professionals will know the area inside and out and will be well-versed in buying and selling condos. Having someone with this type of insider knowledge can help your hunt for your next condo be much easier, helping you find the perfect unit for you.
Don't hesitate to book a consultation with a Realtor today!