An increasing number of people are buying condos in Toronto and while it can be a great investment, there are also some pitfalls you could suffer. You need to be able to make an informed decision regarding the building and unit you choose. Read on to learn nine tips about saving time, money, and stress.
1. Don’t be afraid to ask for and pay for upgrades.
If you’re paying for a pre-owned condo, don’t be shy about asking for upgrades before you move in. This could include updated finishes in the kitchen and bathroom, new appliances, or more. If you’re buying new, invest in the right upgrades from the beginning.
2. Know the location.
You probably already have an idea of where you want to live but before you sign anything, make sure you check out the neighbourhood and how close the condo is to transit, schools, grocery stores, or other amenities you want. Check out the city of Toronto’s neighbourhood rankings, the TDSB’s school finder site, and a neighbourhood guide.
3. Be certain you won’t lose your view.
Do you know what’s being built next door? If another high-rise condo will be built and will block your amazing view, avoid buying. You might be able to find this out just by going on a tour of the neighbourhood on foot, but you can also check the Toronto Development Applications site.
4. Meet the staff.
If you like the people who work at the building, chances are good you will like living there. If anything goes wrong in your unit, you want the staff to be on your side.
5. Learn about the current residents of the building.
Are most of the tenants renters? Do they seem loud or the type who don’t want to hear any noise at all from other units? Demographics of your condo will have some impact on resale value as well as your happiness while you’re there. Talk to current residents and staff to get an idea.
6. Buy a parking space.
Even if you don’t have a car now, this will be a huge advantage when you go to sell.
7. Ask for a detailed history of the unit as well as a future projection of the resale price.
Your real estate agent can find out how much the unit sold for previously, and how much it is likely to bring in when you decide to sell.
8. Research the developer and corporation.
Make sure the developer has experience building condos and avoid condo corporations that are buried in debt. Know what company manages the condo building.
9. Assess the condition of the building both inside and out.
Always hire a home inspector. He or she will look over things that could cost you a lot of money down the road.