December 5, 2018
Here are 7 things you should look for when making your Toronto condo purchase:
1. Is it the right location?
Location is one of the key elements to consider when buying your next condo, as it’s something that can’t be changed. If you’re not already familiar with the neighbourhood, spend some time there during the day, night, and weekends if possible to see how the area changes. Does the street get rowdy on a Friday night? Would you feel safe walking home after dark? How long will your commute to work be? These are all the kinds of questions to ask when buying a condo to ensure you’re making the right purchase.
2. How will your view change?
Your location may be permanent, but having one of the best condo views in Toronto may not be. Depending on your floor, the direction your unit faces, and your neighbourhood, it’s possible that what you see during your first viewing isn’t what you will see a few years from now. When we work together, you’ll know all about the new businesses and developments that are planned for the neighbourhood, as they may impact your future property value and your view.
3. Who are your neighbours?
Living in a building full of student renters will result in a very different experience compared to living in a building with families who own their condos, or a building with mixed-use units. You want to make sure you’re moving into a building with a like-minded community, built to enhance your everyday life.
4. What’s the building’s reputation?
Is the developer known for quality work? Does management respond to repairs in a timely manner? How many days does the average listing stay on the marker for in the building? Asking all of these questions (and others) can help you determine the quality of a prospective building, whether it’s a new construction or a resale unit.
5. What are the bylaws and rules?
Be aware of the building’s bylaws, rules, and conditions when buying a condo. They can differ depending on your contract and building, but they often include strict guidelines on décor, renovations, pet sizes, what can go on the balcony, window coverings, and rules related to running a home-based business.
6. What are the amenities like?
Take the time to see all of the building’s amenities in-person to ensure they’re what you expected and that they’re in good shape. Double-check the essentials, such as the number of parking spaces you’ll have and where the locker units are located (if available).
7. What’s included in the condo fees?
Your condo fees and what they cover will depend on your building and contract. Typically, they cover maintenance costs for the amenities, snow and garbage removal, security, cleaners, gardening, concierge services, your utilities, a portion of the building’s reserve fund, and more. If you’re buying new construction, you can see what’s included in your monthly condo fees in your disclosure statement. If you’re buying a resale unit, they will be included in your status certificate.
As you search for your next home, bring this along with you to use as your luxury condo purchase checklist. If you have any further questions about what to look for when buying a condo or would like to start the condo buying process, contact me here.
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