Tips for First-Time Condo Buyers in Toronto
Written by: Erica Mary Smith
Posted on: April 1, 2016
For first-time condo buyers looking for a property in Toronto, the process can be very intimidating. Condos are often the first step for couples or young professionals looking to step into the real estate market, but it can be hard to know what to look for or how to make the right decision. Condos are a big, life-changing investment and require a lot of thought.
Here are some tips to help first-time buyers make the right decision when finding their new Toronto home.
Determine Whether a Condo is the Right Choice
Living in a condo is different than living in a house. The first thing anyone has to consider when thinking about purchasing a condo is whether the lifestyle is right of them. Condos are a less solitary type of home. In a condo, you will have many neighbours, as well as various community amenities (such as pools, gyms, party rooms, and terraces) that will be shared with other condo owners. As well, while houses typically require more upkeep, some homeowners like being able to work on gardens, lawns, or renovation projects. With a condo, most maintenance is handled by the condo board.
Hire an Experienced Realtor in Toronto
When you are looking to buy a condo, you should be thinking about more than just securing a good price. While it’s important to get your condo at the best rate possible, there are other considerations too. Condos have different rules and regulations when it comes to payment, move-in dates, contracts, and ongoing fees. For instance, condos typically have maintenance fees. As well, pre-construction condos may have move-in dates that are years down the line. If you’re buying a condo, you need an experienced realtor that can help you understand the process and ensure you are making the right decision.
It is actually more difficult to obtain financing for a condo due to the rules and regulations. Condo purchases often require larger down payments than those for houses. It’s important to be pre-approved before searching for your condo. Work with your realtor to determine if you have the right financing in place to make a condo purchase.
Know What the Condo Includes
One of the big perks about condos is that they often come with many amenities, additional features, and included services. Before buying a condo, always look into what your condo comes with, beyond just the floorplan and the most noticeable features. For instance, does your condo unit come with a parking space, as well as additional spots for guests? Does the condo come with additional storage space for you to use? What about condo amenities? Many condominium buildings feature access to pools, gyms, sports rooms, and other great amenities. Your condo is more than just the condo unit.
Condo Chicks from Stomp Realty Inc. is a dedicated team of realtors who are behind some of the most prestigious and prominent condominium sales in the Greater Toronto Area. We take pride in negotiating on your behalf to represent your best interest. For more information, please call us at (416) 366-3033.