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10 Tips for Buying a Condo in Toronto

by Marco Co

Purchasing a condo in Toronto is a dream that most people have. Toronto is known for its fast-growing economy and a cozy environment. While buying one is a valuable investment, there are some things that you will need to consider and know before deciding to buy a condo. In this article, you will be able to read about the 10 tips that will save you both time and money. Let’s take a look at the list:

1. Know your location

You probably already know where you would like the condo to be located, however, before you actually buy it, make sure to check the proximity to stores, public transport, your office, hospital, and other important things.

2. Do not be afraid to ask or pay for upgrades

If you will invest a lot of money for a pre-owned condo, you should not hesitate to ask the previous owners for upgrades before you move in. If you are buying a pre-constructed condo, it is better to invest money into the right upgrades right away than when you move in.

 

3. Assess the building’s overall condition, inside and out

Some defects are easy to spot, while others are more challenging. You could opt to hire a home inspector that will inspect the building and the condo you are planning to buy and they come at an affordable price that ranges from 100 to 200 dollars. They could help you prevent a lot of problems in the future.

4. Meet the building staff

If you like the people that work in the staff, you will love living there even more. Also, if something goes wrong with your apartment, it will be good to have the staff on your side.

5. Research the condo developer and corporation

You do not want to buy something from a developer that has little experience in building buildings, nor do you want to invest in an apartment that is loaded with debt. Researching the company who is behind the construction of the condo is important.

6. Make sure that you do not lose the view

What is being built next to or across the building? If it a sky-high building that threatens to block your view, you might want to stay away from the building you planned on buying the condo at.

7. Evaluate the current residence

Do the current residents seem loud or intolerable? The building demographic could have an impact on the resale value, not to mention your happiness while living there. This cannot be researched on the Internet, you will want to talk to the building staff and the current residents.

8. Ask your realtor to provide you with a history of the place

According to the expert team from TorontoCondoTeam, you should find out how much the condo has been sold for previously and you should try to determine how much money you can expect in the future if you plan on selling the condo.

9. Buy a parking space if you can

Even if you do not own a car, you will want to buy a parking space with the condo. When it comes to selling the condo in the future, you will thank yourself for purchasing a parking space since it will boost the sale value.

10. Be aware of the occupancy fees

There will come a time when you take occupancy of your apartment and when it becomes registered in Ontario. During that time, you will need to pay occupancy fees that are also referred to as “phantom rent”. This cannot be avoided, but you should keep in mind that you will need to cash out money for that as well.

Conclusion

By following these steps, you will be able to make the whole process of buying a condo in Toronto easier, less time and money-consuming, as well as less stressful for you.

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