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Tips for Buying a Condo in the Greater Toronto Area

 

The number of people that are buying condos in the city has significantly increased over the past couple of years to groundbreaking heights. And while acquiring one in the city and surrounding areas can prove to be a pretty valuable investment in the long run, there are also a couple of pitfalls that could come out of the situation if one doesn't make an informed decision during purchase. In this article, we are going to explore a few tips that will not only help you save time but also money and the mental trauma that comes with the purchase.

  • Know your location well

Although by the time of purchase you already know where it is that you want to live, it still helps to ensure that every amenity is well within reach before you finally strike a deal. For instance, if you have kids it goes without saying that you would want the schools to be well within the vicinity so as to avoid a long tedious ride to a school that is miles away.

  • Assess the overall physical condition of the building both inside and out

Assessing the building is a very integral part of the due diligence because it saves you the headache of having to do repairs down the line.

  • Research the condo developer and property management corporation

Making an investment such as this means that you are basically placing your trust in the developer that constructed the establishment. And trust me the last thing that anyone wants to do is put their faith and trust in a developer with a warrented bad reputation.

  • Make sure you have a view you can live with

Agreeably, in the frenzy of all the excitement at the thought of getting a new condo, we at times miss out on looking at some of the most vital things including the view of where it is that you want to live. Is there another sky-high condo that could block your hard-earned view? What else is being built next door?

  • Evaluate the buildings, current residents

Often times when we buy a condo, it is only after we have moved in that we realize that the other residents are actually in quite a different stage of life then you.  And while a good mix of demographics is good, if say the condo more caters to seniors or young families it may not be your cup of tea. 

  • Ask your realtor to provide you with a detailed history of the place and the future projection of the resale price

Although there are literally a plethora of places where you can get lots of information on the condo you intend to buy.  Your Realtor will be able to provide an inside take on all there is to know about the condo including whether it’s been sold before, how much it was sold for and their input on potential future value. 

In conclusion, finding your dream condo isn't the easiest of things to do at all. On the contrary, it can be a tedious affair that takes up time, patience and guidance. Hopefully, with these tips, you will be better placed to find one that suits your needs in the long run.



 

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Toronto Real Estate Board - IDX Last Updated: 12/17/2017 6:17:05 PM