Tips on Buying Condos in Toronto
May 17, 2019There has been an increase in people buying condos in Toronto than ever before. And while purchasing a condo in the heart of the city might be the perfect investment, there are also some cons about doing so, especially if you did not do some research on the building and unit. If you keep the following tips in mind, you will be able to save money, time, and the trauma of investing in something that you will regret later.
In order for you to make a decision, here is a list of tips that you should keep in mind when searching for an apartment:
1. Know your location
You probably already have a plan on where you would like to live. However, before actually purchasing the flat, you should check its proximity to other locations, such as schools, transit, stores, or any other place that you might need. Some of the information can be found on various websites that provide neighborhood guides or you could check Toronto’s neighborhood rankings.
2. Do not be afraid to ask or pay for upgrades
source: urbantoronto.ca
If you are planning on cashing out a lot of money for the apartment, do not be afraid to ask the owners for upgrades before you move in. If you are buying a pre-constructed condo, it pays off to invest money in the right upgrade from the start. You will be able to reap the rewards later.
3. Check the building’s physical conditions, inside and out
Some issues can be easy to spot, however, some might be more challenging to notice. You could hire someone to inspect the condo units which will save you a lot of headaches in the future.
4. Meet the building staff
If you like the people who work there, you will be able to enjoy living there more. Also, if there is anything that goes wrong with your apartment in the future, you will be able to call someone to help.
5. Buy a parking space if you can
source: communities.dmcihomes.com
It might not sound like a good idea since more and more people are giving up on car-focused lifestyles, but even if you do not drive a car, you should get a parking space if possible. If you decide on selling the apartment in the future, you will not regret investing in a parking space.
6. Do not forget the occupancy fees
There will be a period of time between you moving in and when the building becomes registered in Ontario, during which you will need to pay the so-called “phantom fee”. Keep in mind that you cannot avoid paying the occupancy fee.
7. Do not be afraid to ask for help from professionals
If you are a first-time buyer, do not hesitate to ask professionals for help. For example, the Torontocondoteam.ca team would be able to help you with choosing the right home for you. You will be able to browse through their user-friendly website. Also, this company is a long-standing one, hence, you will be able to read the positive experiences that other customers have.
Conclusion
These were some tips on what to pay attention to when choosing a new apartment for you. And, do not forget, if you are not completely sure about some things, do not hesitate to ask for help.
