Living in a condo is a different experience. These buildings offer attractive facilities and amenities to customers. However, if you are buying new condos for sale in Toronto, it is vital to consider your monthly budget and the amenities the building offers. You’ll want to know if the price includes access to the private gym or pool, and you should know how much HOA fees will cost. Some condos include these in the listing price, so make sure you ask. There are some things you can’t get in a single unit, such as parking space and storage space.
Location:
Location is one of the most important factors to consider when buying condos. It determines the price of the property and whether it’s close to important locations. The more convenient the location is, the higher the property’s value will be in the future. Whether you want to rent the condo or sell it, location is an important factor to consider.
Amenities:
When buying a condo, it’s important to consider the amenities that you want. Some of these amenities can cost a lot, but they may be worth it if you use them frequently. If you don’t have time to maintain your swimming pool or join a gym, you might want to consider buying a condo instead.
Price:
Price is an important factor to consider when buying a new condo. While resale value is important, other factors also play a part in the purchase decision. For example, proximity to a good school district will increase a condo’s value. Another important consideration is the size of the unit. More square footage means a higher price. Also, if a unit has a good layout, it can be worth more than an apartment with a smaller floor plan.
CC&Rs:
Before buying a condo, it’s important to read the CC&Rs. This is because they often contain information about the property and its rules. Besides the basics of ownership, the CC&Rs may also specify certain rules and obligations for residents. It’s important to read them carefully, even if it is time-consuming.
Maintenance fees:
If you’re planning to purchase a condominium, it’s important to understand how maintenance fees work. Generally, these fees are based on the proportion of the building you own. Some condos charge a higher maintenance fee than others. The fees also cover a variety of small things, such as garbage pickup and property management. It’s also important to consider the age of the building. Older buildings need more maintenance than new ones.
