With dozens of neighborhoods to choose from, Toronto is a huge market for finding new condo development projects. Both aspiring homeowners and investors should look to this region for new horizons.
But what can potential buyers do to maximize their chances of finding a suitable condo? Here are five main considerations to make prior to signing the contract.
It’s All About Location
Think about the grocery stores, shops, and transportation services you need before deciding on a location. Maybe a nearby bus service removes the need for a parking spot. Take out a map or look through websites and brochures to ensure you’ll have easy access to all your favored amenities.
Research the People in Charge
Get to know the developer prior to choosing a condo. Online resources like digital databases and government websites keep track records of every condo developer in the area. You can also reach out to homeowners’ associations as well as past buyers. Look for positive references from past clients, especially ones that mention punctual condo delivery and generally good service.
Often, you’ll find property management companies running the show in new condo development projects but not as much in older condos. Again, do your research on who’s in charge and look at reviews. Local news outlets might offer real estate advice. If not, consider talking with the locals with real estate knowledge. Any information you get is worth the effort, as a condo will be your new home for quite a while.
Familiarize Yourself with the Rules
You can make your own rules in your own house. However, a condo will have by-laws and regulations imposed by the condo association in order to make living more comfortable and make the condos more attractive to new buyers.
Don’t forget to read up on your condo’s rules. You don’t want to sign up without knowing your pet dog isn’t allowed on the premises or quiet hours aren’t enforced when you need them most.
Balance the Fees
Condos naturally come with homeowners’ association fees that cover essential services like maintenance, insurance, and landscaping. Before finalizing a sale with a developer, ask about the fees and find out if they fit your budget.
Fees also pay for amenities. While that pool or gymnasium might sound nice now, remember that it will be included in your final bill. Try to avoid condos with too many amenities you won’t be using but will be paying for nonetheless.
Is a Condo a Good Fit for You?
Different living preferences distinguish standard residential homeowners from condo owners. Sure, having lawn maintenance done for you is nice, but many people prefer to customize their own gardening. Maybe you enjoy having a backyard to yourself.
Neighboring condos might be directly attached to yours, resulting in a living space rather close to others. Residential homes, on the other hand, are at a moderate distance from neighboring houses. Get as informed as possible and know what you’re getting into before investing in a new condo development project.
This is where TOmycity comes in.
TOmycity | New Condo Development Projects in Toronto & the GTA
Information is key to a successful search in the condo market. If you’re looking at new condo development projects in Toronto and the GTA, subscribe to the Tomycity exclusive newsletter that will give you in-depth early access into Toronto’s newest condo projects.
● Do you think buying a condo is as easy as picking up a new coat? Experienced condo buyers consider multiple things before deciding.
● From location to management to rules to fees, take some time to research the condos around your area. The decision of where to live is a major one.
● For an early, exclusive look into new condo development projects in Toronto and the GTA, subscribe to Tomycity’s newsletter.
