With a buzzing market for condos owing to the many new condos for sale in Toronto, you should definitely have a look at these guidelines which will help you to decide How to Buy a Condo in Toronto.A “condominium” for those of you unfamiliar with legalities, is a form of ownership. In legal terms, a real estate ownership is called an apartment and the proper name is a condominium apartment. People have, over time, started using “condos” which essentially means the same thing. Here are a few tips, tricks, and expert guidelines to buy a condo in Toronto and this will result in faster and smoother buying experience.
Location matters most
With many new condos for sale in Toronto, you must figure out where exactly you want to stay. Toronto’s neighborhood rankings are something you should have a good look at before finalizing. Choose after careful introspection in areas like proximity to schools or workplace, grocery stores, and other facilities.
Know your builder
With plenty of big and small firms to choose from, you should first find out details of your builder. This is crucial as they might delay delivery of final product by too long or make undesirable changes. While parts of this are normal and acceptable, do your research well to avoid harassment later on. Also remember, that this builder will also implement your desired changes like changes in the layout, structure and more. So sit down and explain things in detail to not get things too wrong.
Knowing the lingo and your unit well
Each unit will have its own benefits and downsides. When you’re choosing from pre-built or pre-owned condos, there are several factors you should look at. Firstly, do not hesitate to ask for an upgrade before your move-in date from the previous owners. Secondly, met the building staff like the parking personnel and security men to understand the company you’ll be seeing most. In case of trouble, it is always advisable to have these people on your team. Thirdly, understand condo lingo well. Maintenance fees, common elements, parking membrane, Condo board and other terms are words you’ll hear often so familiarize yourself with those before heading off to buy one.
The view outside
One common aspect many have complained about is the blockage of a good view when another big condo comes up beside it. So look around and see which side of your condo boasts of a good view and make sure there are no chances of another establishment coming up right there.
Why choose a condo over a house?
Since costs of a condo are lesser than that of single-family houses, buyers in a lower income category can invest too. Condo fees are paid on a monthly basis by everyone residing in the building. It depends upon factors like six of condo, parking space taken up and locker facility availed. Newer buildings have fewer fees as maintaining older ones are costlier. With numbers of single family homes becoming lesser and lesser, it is a good option to choose a condo in Toronto.
Why is buying a condo right now in Toronto a good idea?
Studies show that the younger populations on a rise and with those aiming to work downtown, condos are the most viable option. If you are considering this more an investment, do the market research thoroughly or get a realtor to do this aspect of the job for you.
Is a real estate agent important in this process of buying a condo?
Most definitely as they will do most of the groundwork and research for you. With many formalities and legalities involved in the buying process, getting muddled, fooled or confused isn’t very difficult. Hence it is best to hire a real estate agent who will make the process easier and smoother for you.
Buying a condo right now is definitely a good option for people living in Toronto. However, the entire process of settling on a final one is a long and complicated process. This is generally not a very short term affair so doing your research thoroughly is of prime importance. Remember to ask as many questions as you want during the process and don’t give up the search for the perfect condo till you are absolutely satisfied. This article hopefully helped you resolved some common doubts and queries in your head.