If you’re currently looking for a condo in Toronto or the GTA, it’s important to be well prepared before renting or purchasing your unit. Your condo is a massive investment which requires a lot of time, patience, and the right mindset. Living in Toronto will give you easy access to award-winning restaurants, world-renowned cultural institutions, and exciting attractions. Today, let’s take a look at the most important Factors to Consider when Looking for new condos in Toronto and the GTA.
Determine your Budget
In 2015, the condo market in Toronto has seen a dramatic increase in price due to its high demand. This is why it’s vital to determine your budget from the very beginning. Planning a specific budget for your upcoming purchase will ensure that you’ll have the appropriate financial means to sustain it.
It is always recommended to consult a financial advisor who will be able to guide you regarding the most suitable mortgage you’re qualified.
Check the owner to renter ratio
One of an essential factors to consider which most people forget to check is the owner to renter ratio. Owners are usually more caring about their units and other common areas within the building. Renters who are usually students or young professionals are more carefree about their living environment. Learning about the demographics of the building will give you an idea of how comfortable you’ll be while living there.
Scan the neighborhood
Choosing a condo doesn’t only involve the unit itself. It also includes the community surrounding it. It’s important to visit different establishments within the area so that you’ll get a feel of what it’s like to live there. It’s always recommended to visit at various times of the day so that you can learn about potential traffic problems or safety issues. Ensure that the condo has essential services near the area such as banks, dry cleaning and grocery stores.
MAINTENANCE FEES & PROPERTY TAXES
Learning about the maintenance fees and property taxes will help ensure that the expenses will fit your budget. Some condo units may offer lower rates compared to others, but it may only include basic utilities.
The building may also be incorporating a strategy wherein they’ll only be collecting low fees at the beginning but will eventually increase them significantly in the next few years. This is why it’s vital to double check the policies and regulations of the building before purchasing your unit.