How to Choose a Great Condo in Toronto?
Toronto is predominantly pacing ahead in becoming a hub for multi-cultural society with people of the city extending their warmth and friendliness to people from across the globe. Besides, the rapid progress of corporate institutions and financial organizations across the city are paving way for more and more number of career opportunities that are drawing the attention of professionals from various parts of the country and worldwide.
On these grounds, the real estate is becoming a hot venture – both in investment and in demand. Surprisingly, it is the condos market that is zooming with greatest speed than other real estate ventures. Experts observed that increasingly customers and investors are tending towards condos, as they have many great advantages than their counterparts.
If you are a first buyer of a condo in Toronto or looking for your next dream condo, here is a detailed guide that lets you pick that next condo with confidence.
Purpose of Purchase
First, be clear on this. Why are you planning for the purchase of a condo? Is it for your own living sake or you want to make it as an investment? This clarity is essential before you move ahead in the further process of choosing a best condo.
Since 2017, the condo market is showing an exponential growth and is attracting the investors across the globe. The demand is owing to their affordability compared to single family dwellings or spacious villas, with many unimaginable amenities and benefits. Thus, if it is for your own purpose of living or for the sake of investment, a condo is always a good choice to go ahead with.
List out Developers
Use any source – Google search, real estate agents, friends’ suggestions, newspaper listings and ads, mouth of word news – use anything. But make a good list of the developers in and around the city you are looking to buy a condo. It all takes time and patience, but remember the fruits of patience are always sweet.
At the end of this stage, you end up with a good list of condo builders and now you are ready to spring into next step to find your dream condo.
Once you have the list of builders, start calling them or visiting them in person. Pose them number of questions and get all your doubts clarified:
- How many years they have been in the business of building condos?
- What are their previous projects?
- Can they give you the contact numbers of their happy customers?
- What promises are they making?
- What are the brands they are using for fixtures, flooring, paints, electrical and plumbing and other items?
- Can they assure that your condo unit would be handed over on specified time?
- What amenities are they providing compared to other builders?
- Do you get an exclusive parking spot for your four wheelers?
- Is the project eco-friendly?
- What are the finance options available with the builder?
- Is this legally accepted project with no criminal aspects?
- What about insurances, quality guarantee and return on investments?
- What about after-sales customer service with them?
Once you are done taking all the answers, don’t just settle with one builder. Move to the next builder on the list and repeat the same. Doing so, you will understand what is what in the condo selection and you can be assured that your final choice is never wrong.
Dig into Discounts
Do not just get away with the glamour the word ‘discount’ has. When a condo builder is offering you a discount, ask them how they are able to offer discounts in the competitive market around them. Definitely a compromise would be made in quality in the name of discount, which a happy owner of condo never welcomes in real time. Hence, it is important to get clarity about discounts and hidden fees, if any.
This is another important criterion before settling on a condo. Make sure that the condo unit you are picking is in a great location that is reachable in all aspects. Work, schools, hospitals, groceries, transit services and commutation options – everything should be considered. It would be a wiser idea to consider condos such as Sugar wharf and Via condos as they have all these in the reach.
Study the Amenities
How many of us really need amenities such as helipads or private jets in our daily life? If your builder is proudly providing a big list of amenities, question yourself how many of them would you really need in your daily life?
A good football stadium or a swimming pool, state of art gym and walking or cycling track with a good club house are some of the things that can be worth considerable. The rest options, think twice whether you really need them. After all, do not forget that you are paying for them too at the end.
Fees and other Expenses
Buying a condo is slightly different than buying an individual house in the aspect of fees and insurance. You should clearly have an idea on this.
For a condo, you have something called homeowners’ association fees that you should pay as a member of the whole condo group. This fee would generally include landscaping, security maintenance, common amenities, repair and maintenance of common area and utilities, etc.
It is better to get a clear idea about this membership fee and what the builder is providing under this. Also, get a detailed idea about what the commoninsurance provides to you as a member of the condo group when such a situation arises.
If the builder is listing other charges, seek a clarity what exactly they are for? Are they taxes as per the state law? Are they for parking space that would be allotted to you? Is any portion of the fee refundable if you meet specified criteria?
Return on Investment
If you are considering to buy a condo as an investment, seek the idea of builder. Study how successful the returns can be and whether you would find good tenants in that location.
- Is the area preferred by tenants and can they stay happily with the surroundings and ambience?
- How are the other owners who bought other condos in this group as investment feeling now?
Purchasing a condo should never be a hurried task. You have to consider all these aspects and make a wise decision to enjoy that pride of being the owner of super smart and sexy condo. After all, who doesn’t want to buy that dream condo that would stand for generations ahead?
All the best in your condo search!!