Buying an individual property have nearly become impossible for most of the people living in metro cities. The main reason for reduced demand of property is ever-rising prices of real estate market. In this situation, Condos have become a popular form of real estate ownership around the world. They are the most affordable option for those who are looking to buy their own property, especially in top-notch cities like Toronto. Also, such kind of real estate options have low maintenance cost and are available without much hassles of legal formalities.
Ownership of Toronto condos allows the person to own a specific unit in a building, while having a shared ownership of the other parts of the building such as the common room, hallways, gym centers, storage basements, parking and other recreational facility rooms. However, condos are very much in demand nowadays and selecting a good one in Toronto can be a stressful task for potential homeowners. In this article, we will talk about some factors that you should keep in mind when purchasing a condo unit in Toronto.
Things To Consider Before Buying a Condo
1) Price/Budget: Price and budget play a major role in initiating a purchase process. There are several questions that you should answer before planning to step out to buy a condo. How much can you afford to pay for a condo? What all facilities will you get in the price of the condo unit? Also, make sure you do not spend your hard earned money on something which you would regret later. Plan a fixed budget and communicate the same to your real estate agent.
2) Facilities and Amenities: Many condos provide additional amenities like squash courts, screening rooms, party halls, and rooftop patios, gyms, swimming pools for which the residents have to pay a high maintenance fee every month. If you consider to buy a condo unit only because of the facilities it is providing, then you will have to use them for your lifetime to make your investment worthwhile. Moreover, the membership fee has to be paid regardless of the time and frequency with which you use the facilities.
3) Location: The major advantage of looking for a condo in toronto is that you can get every type of condo in almost every neighbourhood of the city. You can find a good, decent condo across any popular market place so you do not have to walk down the street to fulfill your day to day requirements. On the other hand, if you are a quiet person and prefer living away from the busy city life, then look for a condo building constructed near beaches, with calm atmosphere and not too far from the downtown.
4) Security: Look for the level of security your condo is providing. Well-maintained condos usually provide 24 hours on-site security to the residents. However, having an onsite- security guard ensures added security, it also increase the maintenance fee.
Toronto condos are a great alternative to buy a freehold property, if you are looking for an affordable and convenient real estate options. Make sure you consider above mentioned factors before initiating your condo search.