Buy Condos Like an Expert: 12 Things to Consider
Monday Jul 20th, 2020
The Toronto condos for sale are just getting better with each passing day! With the population in the city shifting towards condo living, the developers are incorporating amazing features in the development of condominiums. Whether it is about designer interiors, or amazing amenities available for access, the builders and architects are paying close attention to the minutest of details. This, however, creates a bigger confusion in the minds of condo buyers.
It is common for most homebuyers to get attached to a particular condo they check out. Or, when it is about investors, there are other details that come into mind. Thus, to make it simpler for you to buy condos in the city, Toronto Condo Team has researched and curated a list of the essential considerations for you. Check these out and get a better understanding of your condo purchase.
Factors to consider when planning to buy Toronto condos
Buying a condominium is a huge purchase. Therefore, there comes an added pressure to make the right decision when finalizing on any of the Toronto condos for sale. Here are the most crucial aspects listed down for you.
1. The location of the development
Without a doubt, the location of the neighborhood in which a condo is being developed is the most crucial factor. When considering the region, understand the different elements associated with it in-depth. For instance, you should have an idea about future developments coming into the neighborhood. This could hamper your views from the unit. Or, it could mean added facilities in the area.
At the same time, the availability of basic utilities, transit options, entertainment places, etc. is also important. Before you purchase any Toronto condos, look into this aspect carefully.
2. The floor plans available
It is crucial for you to know the exact size (or area) of the unit you are planning to purchase. When you know the total size in square feet, calculate the unit price, that is, cost per square feet for your condo suite.
Make a proper comparison of this base price with the other Toronto condos for sale in the neighborhood. There isn't any fixed rate for this either. Also, remember that the pricing per square foot is going to vary depending upon the floor plans and other services too.
Here’s what you need to check out when considering the floor plan:
- Every bedroom should have at least one window for natural light.
- There shouldn’t be any wasted space in the unit.
- The structure should be symmetrical for your furniture placement.
3. The amenities on offer
When looking for Toronto condos, amenities are every buyer's key requirements. One thing to keep in mind here is that every amenity comes at a price. There are condo maintenance fees involved. So, more the number of facilities, higher will be the fees you will have to pay.
You can consider the basic amenities that are important for luxurious living, depending upon your budget. You can also add a few more choices; just take care of the budget aspect carefully.
4. The price of the condominium unit
The financial aspect is another important consideration. Investing in a condo requires a large sum of money, and thus, you can't really afford mistakes. It is advisable that you get in touch with a financial/ mortgage advisor to understand the structure of payments better. Also, get a proper estimation to know if you can really afford the condo you are eyeing.
There are other costs such as taxes, repair costs, maintenance fees, etc. that are a part of purchasing any of the Toronto condos.
5. Proximity to schools, universities, and workplace
The cost of Toronto condos for sale is determined by the neighborhood, and the facilities available nearby too. The availability of educational institutions and workplaces in the close proximity drive up the pricing of the condominiums greatly.
Also, keep one thing in mind, you might not need a particular aspect as of now, but the future is as important as your present needs. For instance, you might not require a good school in close vicinity at this stage, but what about the future? Similarly, your workplace should be accessible from the condo you pick for a living.
6. The condo fees you will be accounted for
What after you have successfully decided upon a mortgage plan and purchased your dream condo? Does that end your spending? The answer is most certainly a No. You will still have all the monthly utility fees for provisions such as hydro, water, gas, and even electricity in some cases.
These costs associated with Toronto condos are in addition to the monthly maintenance fees incurred. The usual maintenance charges only cover repairs, cleaning, services pertaining to common areas, amenities, etc. The additional expenses are all to be paid by the owner of the condominium, that is, you.
7. The view from your condo
The exposure that your condo has might not be one of the most highlighted factors in your list, but it matters too. In which direction does the bedroom balcony or window face? The main reason behind looking into this is to know about the source of light. How much will natural light actually enter your condo?
Apart from the natural light, the exposure of Toronto condos determines their heating or cooling factors too. The exposure further causes variation in the pricing of the condominium units. Southwestern exposure is considered to be the best one to date, and thus, costs higher too.
8. Which floor are you planning for?
Generally, the Toronto condos for sale on higher floors cost more than the lower ones. Adding to that, the resale for such condominiums is higher too. This is as per a very simple rule; the higher the floor, the better will be the view.
For instance, if you are planning to opt for a condo in the pre-construction stage, the developers usually hike the price of the condominiums on each floor by 1000 USD. Along with an advantage of a stellar view, the pollution and noise are lesser on the higher storeys.
9. The inclusion of equipment and appliances
The luxury Toronto condos have high-quality appliances included as a part of the units. These good quality appliances add to the luxury and make living smooth and easy. All these appliances come at a price too.
Also, it isn’t just the quality of appliances, equipment present as a part of the suite matters as well. For instance, the type of lighting used, or the faucets in the bathrooms play an equally important role. This variation contributes to different pricing of the condominiums.
10. The future development plans for the locality
There are chances that a particular neighborhood might not have excellent commute options available at present. However, there might be some development plans in place for the community in the future. You can consider these aspects when shortlisting the Toronto condos for sale.
Look for LRT projects, an upcoming GO Station, or other transit options in the region in the future. At the same time, how well the market will be developed in the coming years can also be looked into. After analyzing these attributes, settle on the condo for purchase.
11. Demographics of the region
If you are planning to buy a condo and stay there rather than just for investment purposes, this point is more crucial for you. The type of crowd you have around in the same building, community, or neighborhood does play a role.
For instance, the demographics in downtown Toronto are predominantly occupied by youth. Therefore, those with families might not want to shift there. Or, at least, it won’t be their first option. Similarly, a retired couple would want to settle in the suburbs for a good view and a peaceful life away from the noise.
12. Proximity to entertainment spots and essential stores
Looking into the walk score of the region is essential. This determines the closeness of basic utilities from the Toronto condos for sale you might be eyeing. The priorities in this aspect are dependent on the lifestyle that you have. Again, these will vary depending upon the type of requirements you have.
A young crowd would want more cafes, pubs, etc. nearby. On the other hand, the older crowd would want more parks and recreational spots in the neighborhood. There might be some who are fond of the waterfront as well.
There are certain common preferences too. Everyone would like to have grocery stores, malls, and medical facilities present at a feasible distance.
Summing it up
Toronto Condo Team analyzed the multiple aspects in depth to come up with the most crucial factors to look into when purchasing condominiums. There are quite a few other factors involved as well, such as energy efficiency, parking spaces available, etc. that determine the condo-buying decision. Therefore, it is advisable to be wise when investing in a condominium. List down your needs properly and thoughtfully. Once you have a proper idea for that, then start searching for Toronto condos for sale. Narrow down your options, starting with the location, proximity, amenities, and then other aspects.