Thinking about buying a condo in Toronto? You’re not alone!
Condo life is hugely popular in the city, with new developments popping up daily (or so it seems). From King West to Queen East, it’s easy to find a unit that has the modern touches and convenient amenities you want. But how do you get started?
First things first: find an agent to work with–I can recommend a fantastic realtor who’d love to help! Jumping into any kind of real estate transaction is scary without the proper guidance. I know what makes a good condo a great home, and how to navigate through every line of the closing contracts and fee agreements.
If you’re serious about purchasing a condo, then make sure you can answer these questions before you start your search.
WHAT'S YOUR IDEAL LOCATION?The right neighbourhood will make a world of difference. Whether you want a short commute to work or a short walk to the trendiest bars, there’s a condo for you. But don’t just think about what you want now–buying a condo is a long-term investment, so make sure you’re buying in an area that you’re likely to enjoy for a few years.
WHAT'S YOUR BUDGET?Establishing a realistic budget is one of the very first steps you should take if you’re thinking about purchasing a condo in Toronto. Get pre-approved for a mortgage to see how much you are qualified for, and remember to set funds for unexpected expenses that might pop up.
WHAT AMENITIES ARE YOU LOOKING FOR?Rooftop pool? Indoor sauna? Pet spa? Trust me, Toronto condos have everything. From the basics to the extravagant, making a list of what you need, and what would be nice, is a great place to start.
WHO WILL YOUR NEIGHBOUR BE?With a condo, it’s not just who lives beside you that matters, you’ll want to know who’s above and below you, too. Noisy neighbours can ruin a living experience, so check who will be living nearby or ask the property manager what the common tenant is like to get an idea.
WHAT ARE THE CONDO FEES?A lot of buyers, especially first-timers, aren’t aware of the different fees that come with a condo purchase, such as monthly condo fees, property taxes, occupancy fees, legal fees, and more. I can walk you through what each of these mean and what you can expect to pay for them.