While opting for a condo is perhaps the biggest investment of a human being.
The average price for a condo in Toronto and Vancouver is $520,000 and $650,000 respectively. Often people jump into buying a condo they like without considering other factors.
We are providing 22 things, you must consider before opting for a condo:
Location
The view outside of your windows is a crucial thing. So do thorough research about the area where you are thinking of buying a condo. Consider the scope of future developments in the area.
Though you won’t own the condo for the rest of your life, consider resale options available. Toronto condos by Tridel have just the perfect location you are looking for. Public schools, markets, grocery stores, shopping malls, etc. are in close vicinity.
Proximity and Quality of Schools
Usually, the better the location of the condo the more is its price. The location of schools is an important factor affecting the price of the condo. Being suited close to schools increases the resale cost of the building.
Size/Floor Plan
Knowing the exact square or size footage of the condo unit is essential. Check the prices and compare the previous sales in the neighbourhood before you make a purchase. Make sure every bedroom has windows. Also, ensure the floor plan includes minimal space that has been wasted.
Price
Since buying a condo is a huge investment, it’s good to verify the prices and fees before you make payments. Also, you are advised to consult a financial advisor to get help if you are capable of paying the mortgage and other costs.
You also have to pay additional costs like lawyer fees, closing costs, monthly utility fees, levies, maintenance fees, property taxes, and insurance.
Floor
A higher floor will offer you a better view of the surrounding. Also, the higher the floor, the higher is the return value on sale. Also, people residing in the top floors are free from the noise and chaos of city life. Your expenses will also vary depending on which floor you reside in.
Condo Fees
Months utility includes your gas, water, and hydro fees. The maintenance fees cover cleaning, security, amenities, general repairs, parking fees, etc.
Condo Amenities
Another key factor to be considered is the range of amenities that you will get. Check if there are basic utilities like basketball courts, TV watching, gardens, lounge area, swimming pools, gyms, mini putting, laundry room, storeroom, concierge services, abundant parking space, etc.
Condo Unit aesthetics
Make sure the direction of your balcony is faced toward the direction of sunlight. If you are looking forward to reducing your hydroelectricity bills, ample natural sunlight must penetrate inside the rooms. The best direction is southwestern which is best in all aspects.
Condo Finishings
If you are purchasing an under-construction Toronto Condos by Tridel, be sure to inquire about the amount of light on ceiling fixtures you will get. Also check if they are offering porcelain tiles, premium countertops, updated kitchen cabinets, and smooth ceilings.
Condo Age
Know that new isn’t always better. What’s important for you to calculate is the monthly cost you have to incur. Don’t buy a condo having a high maintenance cost. It will be difficult for you to get prospective buyers when it comes to selling the condo in the future.
Appliances Offered
Another factor worth considering is the range of condo appliances you will be getting. Advanced condo appliances help to attain a special touch to your condo, reflecting its value. Look for good quality lighting, faucets of brands like Bosch, Jenn air, etc.
Maintenance History
If the corporation for a condo doesn’t have an abundance of reserve funds, it’s the residents who will have to face problems. If any issue pops up, the maintenance costs can get doubled, resulting in losses for the condo owners.
Condominium Reserve Fund
The condo corporation looks after the maintenance of the condo. If there is any need for large replacements and repairs, this corporation is responsible for getting the work done. Before buying a condo, always check if the condo corporation has an abundance of reserve funds.
City’s Development Plans for the Neighborhood
Condos located near public transport systems have a higher value. Hence, it’s a good idea to buy condos located beside stations and bus stands. You can also get a good value on reselling it. Toronto condos by Tridel are at an extremely advantageous location in this regard.
Commercial Condo Insurance Policy
A condo corporation usually owns a commercial condo insurance policy, which provides coverage to the building. Now, being a resident of that condo, you must know how much coverage does that policy provides.
Check if it’s enough. You must also ensure that you are insured against additional charges the condo corporation decided to pass to you.
Elevator Infrastructure
If your condo unit has very few elevators, it results in long queues and disappointments. If you are looking for a condo, always check how good the elevator service is. Also, check its speed.
Type of Occupants
Condos in various parts of the globe are occupied by various types of people. For instance, condos located in downtown, Toronto is mostly occupied by youngsters.
This, however, has its advantages and disadvantages. If you are going to live with your kids in that condo unit, think twice before making payments.
Guest Parking
A lot of condos don’t offer free guest parking spaces. This is a serious cause of inconvenience. If it provides a parking lot, enquire about its size.
Separate Thermostats
If you are sharing your condo with another person, there might arise differences regarding the room temperature. You might prefer a warm room temperature while your partner might like cool temperatures.
This leads to conflicts. Hence look for condos offering two thermostats for two rooms.
Energy Efficiency
Most buyers tend to neglect this feature, but regret after seeing their high bills. Condo with energy-efficient features includes energy-saving lighting and tools, etc. These consume less electricity, thus saving your money on monthly electricity bills.
Society and Living Standard Around Your Condo
Every condo has undesirable spots. Always avoid buying such locations. It will affect negatively your condo living experience. Don’t choose condos beside elevators, hall rooms, garbage chutes, etc.
Distance from Favorite Places
Look for general places of interest in and around the condo. It can be parks, theatres, tourist locations, etc. A good location will fetch you more returns if you think of reselling the condo.
Opting for a condo is an interesting and exciting journey. Toronto condos by Tridel have all the advantageous features we just mentioned above. With their wide range of amenities and advanced living conditions, they are sure to make sure your stay is a memorable one.
