What to consider before buying a new condo in Toronto?

March 16, 2022

A new Pre-construction condo is one of the hottest real estate investments today. Our popular blog posts include everything from market analysis and trends to tips and tricks on the best ways to buy a condo in Toronto and around the world.

As the housing market keeps anticipating to rise, many people are buying new condos in Toronto. When you buy a new condo, there are many things to consider before you buy it. Below, you will find the top things to consider before buying a new condo in Toronto.

1. Find out about the condo developments maintenance fees.

When you buy a new condo, you will need to know the maintenance fees to see if this is something that is feasible on a monthly basis.

Furthermore, Some buildings have a higher maintenance fee than others. Be sure to check out other nearby competitive buildings in the neighbourhood as a comparison. A sales agent can help you with this!

2. Ask about the amenities.

Get to know the amenities that’s being offered in the building by asking a new condo sales agent. You will need to know about all the amenities before you buy a new condo. This will help you decide whether the building is a right place for you and if its suited to your lifestyle.

3. Ask about the building’s floor-plans.

Ask a new condo sales agent about the floor plans of the building. You will need to know about the prices and floor-plans before you buy a new construction condo to see if it fits your budget and criteria.

How to buy a condo in Toronto?

Take the case of condo-buyers who are moving from Toronto to another city, like Ottawa, for work. In this case, there are two types of condo buyers.

The first type is the ones who are planning to buy a condo in Toronto. They will buy a condo in Toronto as their primary residence. The second type of buyer is the ones who are planning to buy a condo in Toronto as an investment purpose or as a secondary residence.

Why you should buy a condo in Toronto?

Formerly, there were only two reasons to buy a condo in Toronto. The first reason is to buy a condo in Toronto as a secondary residence. The second reason is to buy a condo in Toronto for investment purposes.

Selling your condo in Toronto?

If you are planning to sell your condo in Toronto, always keep the following in mind.

1. Be aware of the city’s growth rate.

As the city’s population grows, the more demand it can potentially bring to the condo or housing market. Especially if the market has limited supply with lots of competition, then prices can potentially rise due to demand.

If the market does not have a supply issue, then it can potentially make your condo take longer to sell as there’s more competing projects. But this isn’t always the case, it is better to have a trusted real estate sales representative to bring you guidance on how to sell your condo during the current market conditions of when your ready to sell.

If your selling a pre-construction condo, you can either sell or lease it when its completely finished or during occupancy. Please keep note; Assignments usually gives you the opportunity to sell your condo before you close on the purchase. Make sure to consult with a lawyer to understand the guidelines stipulated by the builder, and to understand what assignments are, and you also have a chance to bring a trusted real estate representative to help you during the assignment process.

2. Having Trusted Sources.

There are many reasons why having a condo sales agent, lawyer, appraisers, home-stagers, etc. to be beneficial during the selling process, it can potentially bring you more guidance when selling your condo and/or help you market your property in various ways. It's better to have experts helping you, consider these experts your “team’ to help you get the most potential value for your property during the current time and market conditions. And lastly, make sure these are professionals you can trust.

3. Understand the current Real Estate Market Conditions.

If you want to sell your condo in Toronto, you will need to understand the current market conditions to see if its something that you're ready to do, and if it fits your criteria. Feel free to consult with a real estate expert when you're potentially looking to sell your condo to get a secondary opinion of the current market conditions.

When to sell your condo in Toronto?

In fact, there are many different reasons to sell your condo in Toronto.below you will find basic reasons as to when you want to sell your condo.

The following below are the reasons to sell your condo in Toronto.

The first reason people may want to sell their condo in Toronto is because of the increase of value. If you see the potential value of selling your condo then it may be a good idea to sell it for more capital or to look forward to another purchase.

The second reason you may want to sell your condo in Toronto is get into something larger for more personal reasons, Or to move away from the city and move towards a neighbourhood that’s considered more suburban. The options vary by many, when it comes living purposes.

Buying a condo in Toronto for investment purpose?

Further, there are new different ways to invest in real estate.

You can invest in real estate through buying pre-construction condos. But, You will need to understand the pros and cons of buying pre-construction condos

The pros of investing in a pre-construction condo are as follows.

The first pro is that you will be able to pay your deposits in increments, giving you the chance to spread out your deposits and give you time for your down-payments. Making investing in real estate a lot easier.

The second pro is that you will be able to diversify your portfolio and this gives you the chance to own the condo in the future and have a chance to put the property for rent, sale or living purposes. Since you will be waiting for your pre-construction condo to be completed, if the market keeps doing well, your condo can potentially be worth more value by the time it’s completed, based from capital appreciation.

Real estate in general is considered a more long-term investment, and just like the famous quote that Andrew Carnegie said. “Ninety percent of all millionaires become so through owning real estate”.

The cons of investing in a pre-reconstruction condo are as follows;

The first con is that sometimes builders cancel the development project, and you can potentially be waiting so long, just to hear.. its sadly no-longer being completed. And even though this is considered a risk, make sure you have a lawyer review the builders agreements to help guide you through and understand the risks of buying pre-construction

The second con is that not every builder is alike. some builders cancel, delay completion, and other potential risks, This is very crucial to know, and it is much better to buy from a trusted and reputable builder that has a good history. Make sure to have trusted real estate professionals that you trust to help you get a suite from a reputable builder during the pre-construction phase, and for a lawyer to help you review the builders agreements. This can help you make a better decision when buying a pre-construction condo.

Buying a condo in Toronto for residence purposes?

This is important because if you want to buy a condo in Toronto for living, you will need to understand the location, prices, and make choices suited to your lifestyle for living/work purposes

  1. Make sure you get to know the neighbourhood, and see if it fits your lifestyle. When it comes to work, school or any other important tasks. Measure the estimated distance for commuting and see if its your current lifestyle conditions.
  2. Explore and see if there’s any nearby parks, schools, malls, etc. Thus in return, can make your days/nights more enjoyable when living in a new location.
  3. Be sure to know the neighbourhoods average price-range, to see if it fits your criteria when it comes to buying a condo.

Buying a condo has many potential benefits, if you want more assistance. Feel free to consult with someone at CondoLobby.com today!

All information provided in this blog is for conceptual purposes only, and will not be deemed reliable. Please consult with a trusted professional before making any decisions.

 

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