Six factors to consider when buying a condo in Toronto

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Do you wish to purchase a condo unit? Well, most buyers just focus on the price and forget all the other factors that they should put into consideration. Price is a significant issue, but that doesn’t mean that its the only issue. Below are some of the pointers that you should put into consideration when choosing a condo unit in Toronto.

Location

When purchasing a condo unit, the location is a significant factor that should top your list. The location of a condo will significantly influence its price if you wish to sell it after purchase. For instance, condos located along the beach have always proven to be worth investing in because of the enormous returns. In simple terms, the location will determine essential issues like accessibility, convenience just to mention a few.

The reputation of the builder

gdgd6d4If you are contemplating to buy a condo that is still under construction, then the reputation of the developer matters a lot. For instance, if you pick a terrible developer then the chances are that the condo might not be completed on time. In worst cases where the condos are not completed getting back, your cash would be a challenging task.

To ensure that you will get a good deal, pick the best builder. You can visit their official website and check out what they have to offer.

Parking

Check the parking space that is available before purchasing any condo. Gone are the days when you had to part with lots of cash buying a condo unit with less or no parking space at all. Parking is essential mainly if you own more than one vehicle. For that reason, dont mind parting with more cash for a property with ample parking.

Amenities

Some condos might be expensive because of the amenities that it provides. Standard amenities include a gym, swimming pool, children’s playground just to mention a few. You must make sure that the money that you are parting with is equal to the amenities that you get in return. If many people live in the condo that you have chosen, then the chances are that you won’t enjoy using the amenities as you wish. In short, if you pick an overpopulated condo then you will experience lots of inconveniences because you will be forced to share the facilities with many people.

Service fee

When you choose to buy a condo then its worth noting that you will incur additional expense each month. For instance, you will have to part with money for hared costs incurred by all other condo owners like water used in swimming pool, electricity in common areas, wages for guards and maintenance workers and the likes. So, before choosing to purchase a condo unit you need to find out more about the service fee that you will have to part with each month.

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Rules and regulations

All condos have rules and regulations that should be followed to the latter by the buyers or tenants. For instance, some condos don’t allow the residents to keep pets or animals. And that is not all. Some also prohibit tearing down your unit or changing its color, using amenities like the swimming pool during odd hours. Know the condo rules before buying to avoid nasty surprises in the end.

Reference:

http://the1yongecondo.ca/