A condominium or condo is an apartment in a building that can be rented or owned. Often, the condo has walls inside which separate every part. The majority of people assume that a condo is different from the house because the latter has a yard while the former doesn’t.
But there is more to this. There are a lot of condo deals out there. In urban places such as Toronto people are discovering again the delight of being downtown, alongside the simple way of life which comes with having a home in the sky.
Perhaps you’re looking to live in a certain neighborhood. But before you seal the deal make sure you check out proximity to schools, grocery stores and other related amenities. In order to make the process easy for you, we have some tips you can consider in buying a Toronto condo.
Evaluate the Overall Condition of the Building Inside and Outside
A number of faults are easy to spot while others can be challenging. Never judge a building by how it looks from the outside. Hiring a home inspector is not very common for condo units; however, the investment is usually minimal and could save you from a lot of headaches.
Check the View
Know if there is another construction going on adjacent to the building. If there is, make sure it does not impact the view from your condominium. You will want to ensure you are not deprived of the stunning sunlight in the morning.
Know About Occupancy Fees
There is a period between taking occupancy of the condo and the building gets registered during which you need to pay occupancy fees. This is something you cannot avoid; however, the period is shorter if you deal with experienced developers like Tridel.
Purchase a Parking Space If Possible
This seems counterintuitive with people living in condos giving up on car-focused lifestyles. But, if you are purchasing one of the new condos in Toronto, ensure you buy a parking space even if you do not drive. It is likely that you will sell this space for a high profit margin later.
Assess the Current Residents of the Building
Do the residents seem calm or loud? The demographics of a condo may have some impact on the resale value as well as on your happiness and comfort while you live there. So make sure they suit your standard.