Anyone in Toronto now will tell you that the real estate market in the state is on fire. Businesses are continuing to rise in Toronto and if you haven’t gotten yourself a condo yet, then better do so. Toronto condos are becoming very trendy in the Real Estate Market. There are a few points and tips that you need to take into consideration before you take the step to buy a condo. Here are some guiding facts that you ought to know before you purchase a condo.
Before you purchase a condo, you need to know the location where it is, and also its neighbors. It doesn’t matter whether you are getting a long-term or a short-term plan. You need to know about the area where you will be living and its surroundings. Know where the grocery stores are, the transit options in the area, the markets, and also the schools located in the area.
- Do your research
Before you decide to buy a condo, you need to do thorough research on the condo developer and even the corporation behind its construction and management. You would you want to put blind faith in an unexperienced developer and end up regretting the decision to purchase the condo in the first place. Doing thorough research will also alert you if the condo is drowning in debt or not. Research can help you a great deal as these are some of the worst situations you can want to find yourself in at any point with your new condo.
- Know the residents around the area
After you have looked at the surrounding neighborhood and cities and decided you can work with what you have, the next step is to look into the immediate neighbors around the condo. In most cases, you will find that most condo buyers are usually the young folks who are looking to venture into the real estate market.
- There is also the occupancy fee that you have to pay
You need to know that there is always a duration between the time that you take ownership of the new condo and the time that you occupy it. It is during this period that you have to pay the occupancy fee, sometimes called the “phantom rent.” Since this fee never contributes toward your mortgage. Usually, these fees last for between four and six months.
- Condo fees
Apart from the occupancy fees, you will also notice that there is the condo fee. This is the monthly fee that you have to pay and us connected to your condo building as well as its maintenance and services. You need to know, in advance, how these charges are calculated and paid before you buy that new condo. Know the operating and service costs that are included in the condo fee and whether there are any other costs that you will need to pay in advance. Usually, these fees include security, gardens, party rooms, swimming pools, concierge services, and fitness facilities among others.
- Repairs and insurance
Currently, there is an ongoing concern about sustainability and quality of the condo towers that are storming the city. Most of these new condos have floor-to-ceiling windows which makes them very delicate as they are mostly made of glass. Here, you must identify who is liable for any of the repairs and maintenance of the condo you are about to buy. Is it your responsibility of that of the condo corporation?
- Don’t lose your view
You need to consider whether there is a new building that is being built nearby that will block that beautiful view that was also the main reason why you want to buy the condo in the first place. You can do this by yourself and determine whether there is a new building being built next to or beside your balcony that will ruin your view.