Condo Living Can Be Great, But We Have Some Tips For You
Buying a condo is one of the best financial investments that you can make. With most condos in Toronto, you get a lot of perks. For instance, most buildings have a maintenance freeze for five years on top of a long warranty on certain appliances. These buildings also usually offer some sort of condo board fee along with ownership of the land itself, making it a bargain in the eyes of potential buyers. However, when buying a condo in Toronto there are some tips that you should keep in mind in order to get the best deal.
1. Before buying a condo you should check out the market in your area. With this in mind, you will be able to tell if a property is overpriced or not. Look at the average price per square foot for similar units in your desired neighborhood to see how comparable properties stack up. It is a good idea to look at some of the recent sales in the area to get an idea of what to expect in terms of demand and pricing from buyers.
2. Check into the condo association that is being offered to you. The amenities and services that the buildings have to offer are important to you. You don’t want to sign on the dotted line if you don’t like the facilities and services being offered. Some condos require an extra membership fee but these can be worthwhile depending on the building.
3. Do your research. While the property does hold some appeal it is important to know that the property you are going to be living in is not one of those rare finds in Toronto. Many times a property will be a red flag for future home buyers because of its low value. It is worth some research so that you can avoid this type of property when looking for your first home.
4. Make sure that you are getting the full value for your dollar. In the end, whether or not you will be saving money is not decided for you by looking at the condo’s list price. The best way to save is to ensure that you get more than you pay for.
Overall, buying a condo – the good things aren’t always so pleasant. When you do make that purchase consider what it is you are getting. Not all condos will be right for your needs. So get your facts straight and know what you’re getting!