Condos continue to be in high-demand in Toronto. More and more people are rediscovering the joys of living in the Toronto down town core. From new grads to working parents, it’s now the place to be. I could write a huge list of why a condo in the city is a great buy, but I’m more concerned with how it’s bought. When it comes to buying a unit, there are some important things you need to consider. And with it being a stressful time, some of them can slip your mind.
Here’s a list to keep on hand when you start viewing condos, visiting neighbourhoods, chatting with your real estate agent and getting ready to put in an offer. If you use this as a reference guide, you can be confident that you’re making a great decision.
1. Visit the neighbourhood and condo at different times of the day and evening - this will give a sense of what it’s like to live there, not just at one specific time. Noise, light and the overall feeling can change throughout the day.
2. Choose a million-dollar view. Not only will it make your mornings that much nicer, it’s great for resale later on in life.
3. A parking space, even if you don’t own a car, can be a great amenity - you could always rent it out to help with those monthly costs. Its all about resale value and have a parking spot is becoming more an more a must with less parking being created in the new condo buildings.
4. A unit with one or two lockers is recommended. From experience, trust me, there is never enough storage space in a condo.
5. What’s below you counts too. Avoid a unit that looks out over the garbage pick-up area or garage entrance.
6. Keep in mind that although a southern exposure can bring a lot of natural light into the unit, it can make Toronto’s humid summers very hot and electricity bills even hotter!
7. Find out about visitor parking. Can people stay overnight, is it free and how many spaces are available? If there isn’t enough room, it can make having guests over a pain in the neck.
8. Do some canvassing - ask current occupants about the building. They have nothing to lose so they’ll give you the dirt...if there is any.
9. Find out who lives in the building - is it mainly renters or owners? You’ll want more owners because they’ll care more about what happens in their building.
10. With a resale condo, pay close attention to appliances and wear and tear on doors, floors and baseboards. Make sure you're getting what you're paying for. Don't forget to find out where all your favorite amenities are too.
Buying a condo and owning a piece of the Toronto skyline is a fun experience. Keep these things in mind and I’m sure it will pay off for you in the long run.
Most importantly, speak with your trusted realtor - ask them tons of questions and voice any concerns you may have. They'll point you in the right direction! If you don't have an agent yet, send me a note. I'd be more than happy to help!
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