Buying A Toronto Condo? Is it worth the Investment?
A condominium also popularly known as the condo is similar to an apartment but is independently sellable. Condos make for a substantial part of the real estate in Toronto. It is a fact that the housing market was down in the previous year. But this did not hamper the demand for condos. Buying a condo is a good idea of investing in the real estate market in Toronto for the condominium market is on a high. Also, they form a significant part of the housing projects in the city. But considering the cost factor, the decision of buying can be a tough one. Below are some tips to consider when buying a codon in Toronto.
New Vs Resale:
The first point of consideration should be to decide if you wish to buy a new build or resale property. Cost can the reason of purchase can be the deciding factor here. If you are looking to buy one for immediate occupation consider buying a resale property. Ideally, a resale property might cost more than the ones in the pre-construction phase. But sometimes you might just get lucky to grab a good deal on the resale property.
It plays an important factor while deciding to buy any property in the real estate sector. This is more so when you are contemplating to buy a codon keeping the cost factor in mind. Access to basic amenities like grocery stores, hospitals, public transport, and other such factors play a crucial role in choosing the location.
Real estate Developer:
This is important if you are looking to buy a property that is in the pre-construction stage. The reputation of the developer can be a reflection of the quality of the construction they offer. A little amount of research on the internet can help you decide. Also reaching out to the existing owners in the property can be of great help.
Amenities and Perks:
When you intend to buy a codon it is equally important to consider the amenities and perks that come along with the property. A covered parking, swimming pool, tennis court or a gymnasium is always welcome.
Fees and Other Charges:
Sometimes the amenities can come with nominal charges. Hence before making a buying decision ensure that you are aware of all such charges.
Property Management Company:
Ensure that the property you wish to buy is run by a professional property management company. This is required to keep the property in good shape. Also, it is a good idea to check out the track record of the company.
Lastly, if you are looking for some big spaces in an affordable budget consider buying an old property. In comparison to the latest newly built properties, the older ones had bigger floor plans. Since such properties are ideally more than 10 years old you can get a good deal. The only drawback here could be the finish of the property. But you always have the choice of renovating it as per your convenience.
Advantages of Buying a Condo
Owning a condo in Toronto comes with myriad advantages both in terms of personal occupation and also an investment. Some of them are listed below;
- Security is a major advantage when you decide to own and live in a condo. They have gated entries guarded by security professionals. Also in a situation of emergency, you have got help next door.
- Amenities: All condo projects today come with the facility of shared amenities. These are an advantage from the cost point of view. An average homeowner cannot single-handedly own them.
- Affordability: In comparison to single family homes condominiums are much more affordable. They can be a significant step towards owning your own house.
- Maintenance: There are professional property management companies who manage the amenities and other areas of the property. This can be a major advantage because as a homeowner you can virtually remain stress-free.
- From the investment perspective as well owning a condo can be a lucrative opportunity. The opportunities for renting them is higher. Also, there will be a substantial appreciation in the property cost in the future.
There are no major cons of buying a Condon with privacy being the only factor. Unlike single family homes, condos lack privacy as you have neighbors on the other side of the wall. Overall buying Condo is a good decision in terms of investing in real estate in Toronto.