For people who are in the market to own their own property but don’t necessarily want a house, a condo can be the next best investment. Since there are slew of new condos going up along the Toronto Waterfront and other exclusive areas (i.e. Young and Bloor) condos are proving to be prime real estate investments. However, before you pull out the pen and get ready to sign the deposit cheque, there are some things that you should know.
1. Ensure that it fits your needs – if you are going to be living in the condo instead of renting it out, you will need to make sure that the condo fits the style that you are looking for. Condos range from high to low rises, from townhouses to triplexes and knowing what you want to helps to narrow down the search for the right one.
2. Find out what costs are included – for instance, is parking extra? What about amenities like use of the party room or swimming pool? Are finishes included in the purchase price? Are utilities covered in the monthly condo fees (aka maintenance fees)? All of these are questions that you need to have answered. They can make or break a deal if you as a buyer assumes what is included in the purchase price of the condo without asking first.
3. Be aware of the rules and regulations – most condos have boards that regulate the condos and create by-laws associated with the upkeep and maintenance of the condominium complex. There can be restrictions on anything from pets to parking. The by-laws are designed to protect homeowners from living in a non-harmonious environment.
4. Find out about the boundaries – in a freehold, bare or vacant land condos the individual unit consists of the entire house, including exterior walls, roof and the land surrounding it. Before making a purchase, be sure to understand where your unit will begin and end.
Finding the right condo takes research but as with any home search it starts with what you want and what you would like to have. Familiarize yourself with the condo market by searching listings that are on MLS.ca and of course be sure to follow up with your agent for any properties that you may be interested in. You can also download a Condominium Buyers Guide from CHMC’s website.
For more information, leave a comment or email Elli.
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- Elli Davis, Sales Representative for Royal LePage
- In the summer of 1983, I began my real estate career. Within 3 weeks, I sold my first home, a condominium at the well-established 'Granite Place' at Yonge & St. Clair. It was at this point I realized that Real Estate was my true love. I have now been in real estate for 29 years, specializing in Central Toronto areas such as Forest Hill, Rosedale, the Yonge Street Corridor, Waterfront, Moore Park, Lawrence Park, Deer Park, Chaplin Estates, Allenby and the Avenue Road/Lawrence area.
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