So you’ve decided to buy a condo – what an
exciting time! However there are a
number of things to consider when buying a condo that you should consider
before signing on the dotted line.
1. Generally when you buy
something that isn’t yours you’ll want to change it up a bit to make it your
own. However in condos you need to know
the ownership rules, and the
modifications that you can or cannot do.
Sometimes you can’t just remove a wall, so considering worse case
scenario as not able to do any major renovations, you need to think about if it
is worth the investment.
2. Condos are smaller than
houses. There aren’t many nooks or
crannies to hide things away, or even much space to move around much. Size
is something that you need heavily consider when you are buying a
condo. Will all of your clothes fit into
the closets? Is the kitchen big
enough? These are all questions that you
need to consider. It doesn’t change, and
there is no chance of it changing either.
3. One thing that differs with
condos and houses are the condo fees. These vary from condo to condo depending on
the amenities offered, and age of the condo.
In older condos the condo fees are generally more expensive, as there is
more upkeep to maintain. But also make
sure it is worth what you are paying as well, and that if you are paying for
extras that you will make use of them.
As mentioned above – Amenities are something that
every first time condo buyer needs to consider.
Amenities come in a smorgasbord of options, sometimes barebones,
sometimes the full monty. It really
depends on what you prefer. Keep in mind
that you will be paying extra the more amenities that you have.
Noise and Neighbours, are something
that house owners don’t really have to think about – however in a condo things
are very different. You can sometimes be
surrounded with neighbours on either side of you plus above you. It can be a big adjustment to start hearing
others around you. If your neighbours
have an unusual schedule and decide to shower at 3am, sometimes you will hear
that. Or if you have rowdy neighbours
who like to party, bass thumping may be an everyday thing that you need to get
used to.
Condo associations deal with all
aspects of the condo. It’s a good idea
to check out the latest minutes of the meetings, or if possible attend one of
the meetings to see what future plans are in the pipeline, or even complaints
that tenants may have and how the association deals with them.
The last thing to consider with
buying anything, not just a condo, is the location. It all comes down to location, location,
location. It’s a good idea to buy a
condo in a developed, or developing area and not in an isolated area. Location should also be considered when it
comes to community surroundings and ease of access to different things such as
shops, entertainment and schooling.
Buying a condo isn’t an easy task. It’s important to make sure you know what you
want before you go into it. It’s ok to
change things up a bit, but having a base and working from that is the best way
to ensure you get what you really want.
The Toronto condo market is varied and there are numerous options for
you to choose from. Let’s chat about
what your needs and wants are and find something that makes you love the space
you are in.
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Sherry Dabir is a real estate broker with
HomeLife, and specializes in Pre Construction Condos within the GTA. She
is currently ranked in the top 5% in Canada and has exclusive VIP access to and
experience with Pre Construction Condo projects. Contact her today to
learn more.
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