Are you a first-time condo buyer? If you are, you should probably do your due diligence and try to find out all you can before diving into the condo real estate market. This housing market is, without a doubt, the strongest in Canada. So if by any chance you were contemplating about various investment options, buying a condo in Toronto is definitely something worth looking into. Unfortunately, if you’re a first-time condo buyer, you’ll encounter different challenges along the way that will pop up out of nowhere. You’ll also realize that condos for sale in Toronto are highly priced. This is another reminder that the housing market on this side of the globe is practically on fire.
To Effectively Navigate The Market, These Are The Five Things You Need To Know Beforehand:
You’d think that there’s no point of noting this factor down considering everyone settles where they most feel comfortable but you’ll be shocked to learn that we have people who focus on the type of condo they want and forget all about the neighborhood. You have to know everything there is to know about the area you’re going to live in. Of course, this is going to have an impact on the cost.
You also have to know what type of people reside in the building. Even though it might not be such a huge deal to some condo buyers, living in a building that houses couples in their late 60’s while you’re still at your prime might have a psychological effect on you. You’ll want to be surrounded by like-minded people who are still psyched up about what life has to offer. It basically boils down to the type of lifestyle one is looking for. Are you in your 20’s looking for a party atmosphere or in your 60’s looking for a tranquil environment?
This was bound to pop up eventually because we all know money influences most decisions that we make in life. So how much are you planning to spend on the condo? Most buyers are usually inclined towards new pre-constructed condos not knowing that they can get more from the older ones. Chances are you can get one at a cheaper price because the seller will be desperate to sell. Most people will overlook old condos and want to know more about the newer shiny models. Plus, these old properties always have more square footage in the layouts than newer ones.
Amenities and the layout
The common misconception is in this market is that fewer amenities in the area is an indicator of low condo costs. Surprisingly, that’s not always the case. Figure out the size you want and then find out how easily you can access various amenities. Walk your realtor through the condo design you’re looking for, or what you find essential. There will be restrictions on renovations so you have to consult with the condo board before working on the décor.
Find out the building reputation
You have to know it’s desirability in the market. You can do this by finding out what other buyers are willing to pay for units in that building versus units in other areas. If there’s a fluctuation in prices, find out why and only move forward if you’re okay with the reason.
The bottom line is, as a first-time condo buyer, you should always be cautious.