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Looking to move into a condominium unit in Toronto? Or are you interested in buying an entire building? Whatever your requirements may be, this article will help you figure out everything you need to know about buying a condo in Toronto, Canada.
There are a lot of benefits of having a condo as a home, office, or recreational space. Not only is it a relatively cheaper option in terms of real estate, but it can also offer residents hassle-free maintenance for a cost as well as provide a safe and secure space.
Moreover, condos also come with their amenities, such as a swimming pool and a gym or fitness center. Furthermore, a building can also have shared spaces where the resident community can interact with one another.
But where shall I start? Do not worry. Here are all the questions you should be asking when preparing to buy a condo in Toronto.
Before finalizing on a space, you must know what the community surrounding your respective unit or building is like. You must, therefore, ask the question, what does this area offer you? Or what needs does it fulfill?
Answers to these questions may look like a commercial area near the condo from where you could purchase all necessary items i.e., groceries, toiletries, etc.
Similarly, you may want to know how many owners live in the area, as opposed to tenants. This information can be useful in knowing how well the entire building is looked after, as owners tend to better care for their properties.
Another critical question to consider would be on how friendly or involved are the people of this community in each other’s lives. For example, you may wish to know whether people of a specific building or area keep to themselves more or whether they participate in communal gatherings.
Lastly, if you are a family, you will have to ask if the condo is children-friendly and if there are amenities available for children’s entertainment in the space.
If you are looking to invest in a building, the questions you need to ask will be slightly different from those you may be concerned with when looking for a single unit.
When buying a single unit, you should know before the purchase the facilities that the condo comes with, such as electrical appliances, furniture, parking space, internet services, etc. Additionally, you should know what conditions the tools and other amenities are in i.e. whether electrical appliances need repairs or replacements etc.
For A Condo Unit
For a single unit, you should also visit the place multiple times to see if you can find things that may be a matter of concern later. For example, are the neighbours noisy? Can you smell or hear unusual sounds or smells? Do the floor furnishings and ceilings require any repairs or reconstruction?
Part of looking for a unit will require you to consider what you may be able to live with. Take for example this scenario: if your condo comes with a spacious balcony, but does not have a decent view, can you compromise on this?
Other questions to ask can include the availability of internet or cell service connections or the quality of plumbing in the condo. You should also know what expenses will be your responsibility besides rent and maintenance, as well as any specific rules and regulations that you will have to adhere to as a resident.
When looking at buildings, you will first need to finalize a range or fixed amount to deposit for the condo. You may also want to look at pre-construction condos as they may be cheaper in comparison to constructed ones.
For A Building
For an entire building, you should begin by assessing how commercial the area is in which the building is situated. Look for nearby facilities such as restaurants, cafes, gyms, bars, malls etc. Consider if these places are too close (causing discomfort to residents via smells and noises), or if they are too far (inconveniencing residents).
Moreover, you should also ask around about the reputation of the builders as well as the project management company. You may also want information on whether pets are allowed if visitors get some space for parking their vehicles and if there are any special laws or restrictions that apply i.e. smoking, drinking, etc.
Perhaps one of the most pertinent things to consider in all cases is the facilities or amenities that come with the condo. At this stage, you should ask questions about the security of the residence area, as well as how it is ensured and maintained.
You should also be looking into hygiene of shared spaces, and eco-friendliness of services and activities inside the facility. In addition, you may also be interested in knowing how well the pool and gym services (if they exist) are being managed.
As someone who wishes to purchase the building, you should ideally research the expectations that potential residents will bring from the space and you. Part of this will include making sure all services being offered are done so with efficiency and fairness to all.
As a resident of a condo, you should know what is expected of you by the community. For example, you should ask whether there are any community projects that you may be required to partake in.
Be it an entire building or a single unit, buying a condo in Toronto can be an expensive ordeal. Therefore, the first matter that you must finalize upon is the cost you are willing to pay.
During the year, there will be times that are best to purchase terms of cost management. To know the best time to buy a condo, you may need to speak to real estate agents and other experts in the field.