What to Consider Before Purchasing Toronto Condos for Sale?
Friday Oct 19th, 2018Share
Have you lately been contemplating purchasing a condo? Especially if you have unearthed the perfect condo in an up-and-coming neighborhood, you need to decide before the prices hitch again. You might be looking to downsize your home or perhaps you keep bemoaning the fact that you cannot paint the walls of your apartment on your whims and are looking to venture a foot forward into home ownership.
Whatever the reason is, a lot of people cannot stop gushing over condo living. You pay your dues to a condo association, which takes care of all the landscaping and exterior building maintenance, not to mention you get a chance to own a house, get access to a security team, a fitness center, and most often a pool, without getting your hands dirty in caretaking responsibilities or fretting over mowing a lawn or painting your window frames.
However, it’s important to grasp what you’re getting into before you take the plunge. If you have been hitherto used to single-family dwellings, Toronto lofts may be another story. This is why it is important to consider all aspects before you choose the condo life. Here are a few considerations to keep in mind before looking for Toronto condos for sale:
1.Condos Translate into Shared Responsibility
The option of sharing responsibilities in terms of insurance purposes and repairs attracts most people to this choice. The associations of most condominium communities take on all upgrades and repairs of the building's exterior features, such as roofs, sidings, and windows.
2.Condos Have Cheaper Insurance
As compared to the homeowners of single-family dwellings of similar value, condo owners are able to find insurance at lower rates since the master policy of most condo associations covers parts of the home’s structure. While this depends on the type of master policy purchased by the association, be sure to check out the association's policy to see if you can be relieved of insurance responsibilities. Before buying Toronto Condos for sale, be sure to speak to an independent agent.
3. Condos Are Often More Affordable
Condos prove a more pocket-friendly alternative to single family homes in densely populated, urban areas. Compare the price of a three-bedroom condominium to a three-bedroom home, and you would be saving up on thousands of Dollars. If you cannot afford a house with a backyard and a picket fence, condo living proves to be a more affordable option.
5. Condos are Subject to Association Rules
In addition to a different process for purchase agreements and master insurance policy, condo residents have to abide by the association’s rules. The catch is that these rules can sometimes turn out to be extensive. Condo associations can ask you to register guests with the security personnel or keep the music volumes low after 10 p.m. so as not to disturb other residents. Other condo associations may thwart you from conducting business in the unit or even from keeping pets. You need to review all the condo rules in detail to see if you can live with these.
6. Condos May Include Hidden Fees
In contrast to traditional home mortgages, your monthly condo payments may seem more affordable, but most condo associations charge their maintenance fee. This monthly expense can cover anything from shared property maintenance to gate security. Before signing a purchase agreement, it is prudent to factor in additional expenses.
7. Condos Offer Utmost Convenience
Condo buyers don’t just make the choice due to affordability and price. Some people like the convenience of having someone else to correct an under the sink plumbing problem or sweat behind the lawn mower. If you want to enjoy home ownership without having to contend with the hassles of home maintenance, condo living is the perfect choice for you.
8. Condos Have Reserve Funds
Before purchasing a Toronto loft, it is prudent to inquire into the condo association’s reserve funds. Associations set aside financials lest a repair job springs up on any part of the shared property. If their dangerously low reserve funds are waving a red flag, it speaks volumes about their poor maintenance and unpreparedness. In case of any damages inflicted by natural calamities or fire, the association will have no choice but to send all home owners an assessment letter, asking for money to help with the repair costs.
9.Size of the Condo
When you are buying a Toronto loft, size matters big deal. Measure the exact footage so that your furniture and other paraphernalia will fit in your new condo. Especially, if you are buying pre-construction, this becomes all the more important. Imagine moving into your new condo and invest a fortune in shifting, only to find out that your condo proves a tad too small for your taste! You wouldn’t like that now, don’t you?