Before buying a new condo in downtown Toronto, you should know a few basic rules in real estate. Location is king, and you don’t want to be stuck there forever. Consider the property’s long-term resale value. The view and neighborhood are two critical factors. If a property has a spectacular view, look for development that doesn’t block the view. The last thing you want is to be stuck with a condo that has no view.
Consider whether it is a co-op or a condo:
One of the most important things you should look for in a new condominium is whether it is a co-op or a condo. These properties share floors and walls, and you should know whether you’ll be living next to a lot of construction. If you prefer a view of the sunset, consider purchasing a condo in a building where construction will likely occur. Also, be sure to ask about the board’s personality and whether they are welcoming to newcomers.
Costs of owning a condo:
If you consider purchasing a condominium, you should know the costs involved in owning a unit. These costs can range from utilities to homeowners association fees to insurance. However, you should also factor in the costs associated with maintenance and repairs. Some condos have recurring maintenance costs, such as repairs to the furnace. A real estate agent can help you prepare a budget for these expenses and any repairs or emergencies.
Location of a condo:
You should also be aware of the future development plans of the area in which you want to live. Many condos sell for a high price because of the plans for the area, so it is essential to research this aspect before buying. Also, make sure that the condos you consider are well connected to the city center and nearby attractions. Buying in a trendy neighborhood is not necessarily the best option because demographics are more important.
Size of a condo unit:
The size of a condo unit is a critical factor in determining the purchase price. By measuring how much space the unit has, you can calculate the price per square foot. A good floor plan is also essential to the overall enjoyment of the condo. Recent studies have shown that buyers prefer floor plans with good flow. Therefore, ask the developer how the size of a condo unit was calculated. The next step is to consider the amenities provided by the condominium.