Buying a condo is often the most important purchase of your life, especially given the current real estate situation and prices in many Canadian cities. Here are some statistics:
It’s easy to become emotionally attached to visiting a condo unit that you really love. Nevertheless, you must consider many things when you make such a purchase.
We have compiled a list of few things you should know when buying a condo.
Location, location, location!
This is the most important factor when you make a condo purchase. The view you see through your windows is very important, so do your research with help and find out about future development projects in the area. Sometimes, the units are put on sale at a great price, because the owners are aware of the future condo project that will block the view and natural light. Although you do not own your condo forever, it’s important to think about future resale plans. Sometimes a neighborhood can be fashionable and popular, but do not rely too much on that. Demographics are more important. You want to be close to public transportation, a hospital, grocery stores, parks and good schools.
Proximity and quality of schools:
In most cases, the value and market price of a condo depends on the quality of the schools in the area. In fact, good schools create more potential buyers and more multiple offers. This is a very important factor to consider when buying a condo because if you do not have a child now, you may want a future. Being close to good schools also helps the resale value of the unit.
On the other hand, however, you can buy a condo in a fantastic neighborhood and find out that the school has reached full capacity and that your child will be bussed to another district school. t qualify your child to attend the school of your choice because of many factors, including the low annual property tax.
Size/Plan:
The exact size / area of your condo unit is important. Do your homework and calculate the purchase price in relation to the size and find the price at / sq. ft. Compare that with past sales in the neighborhood before you make your purchase. Sometimes a better floor plan is worth more if it makes you happier and more comfortable to live in space. Recent studies have indicated that a floor plan with a good flow was at the top of the list of potential buyers.
Price:
This purchase could very well be the biggest financial purchase you make in your life, so it’s important to know the final price and the fees you will pay. You need to contact a mortgage advisor or financial advisor to find out what you can afford and to make sure you cover the mortgage and the monthly costs. The financial portfolio of each and the type of condominium purchase will be different, and many mortgage options are available to you. You can also take help from any experienced real estate developer. Talking about the real estate developers you might have heard about A Toronto based real estate developer from has broken ground, he is working on The One which will be the tallest residential and retail tower in Canada, slated to be 308 meters tall and 85 stories high.
