Thinking about purchasing your first condo in Toronto? Well, you’ve come to the right place! We curated the top five things to know before purchasing a condo in the south core waterfront. We hope this list will give you an idea if investing in a condo is right for you.
- Maintenance Fees
Every condo owner will need to pay monthly condo fees. These fees include the maintenance of the common areas such as the amenities, trash removal services, regular repairs, concierge services, property management and etc. Your condo fees are also determined by the square footage of each unit such as $0.30/sqft or $0.60/sqft. Building age is also a factor – the older the building is, the more it needs to be maintained which accounts for extra condo fees. The fact is the fewer maintenance fees, the more attractive the condo is to the market.
2. Affordability
If you’re looking for a property with a lower budget or to downsize, a condo is a good option as compared to detached and townhomes. The value of a condo is dependent on the location, age of the building, nearby amenities and the overall reputation.
3. Access To Condo Amenities
Another good advantage for a condo resident is the shared amenities such as the gym, swimming pool, party room, meeting room, billiard room, bike storage and etc. These amenities are shared areas included in the common elements fees.
4. Regulations & Restrictions
Depending on the condominium, each building has different condo bylaws, rules, and declarations that each resident needs to follow. For example, pet restrictions and common area rights. Each resident will be handed a copy of condo bylaws upon moving.
5. Opportunities To Connect
If you want to meet new people, you can take advantage of condo board meetings, spontaneous elevator chats, or even meet new friends at the gym! A good tip is to go on Facebook and search for your building’s Facebook group (if any) and you can connect and discuss with residents alike about building matters. It’s a great way to connect with your local residences.
6. Work With A Realtor Who Specializes In Condos
Working with a realtor who knows the Toronto condo market will alleviate your stress and they’ll help you land your dream condo!
If you’re thinking about purchasing or investing in a condo, please contact us at nicolejenly@gmail.com or submit your info in the contact form down below! We’ll get back to you as soon as we can.
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