Do your Toronto condo homework
By Pat Baker - New Dream Homes and Condos
For many people, a condo is the largest single purchase they will make in their lifetime. If you are thinking of buying into the Toronto condo lifestyle like so many other savvy owners have done, welcome aboard.
But remember, before you sign on the dotted line, you have “home”work to do in order to ensure you make the very best choice.
Start by determining what you can afford to spend on your new condo suite. Today’s mortgage pre-approval capability can save guesswork on your part. Armed with that piece of information, decide next which area you’d like to live in, and take a good look at what the competition is offering there.
As you browse sales offices, model suites and floorplans, think about what you want in a building and a condo. Do you like the look of a traditional building, or do clean, modern lines appeal to you more? When you walk into your lobby, would you prefer to feel like you’re in a boutique hotel in Paris, or a sleek Miesian space? Your building’s lobby is essentially your front door, so you want it to reflect your concept of “home.” It should present an inviting first impression.
Remember, too, that building amenities are essentially extensions of your living space. If you work out regularly, you probably want a building with a well-equipped exercise room. Or if you like to swim laps to start your day, find out whether the condo has a pool.
As for the suites themselves, be sure to find out what features and finishes are considered standard, and what upgrades are available to you. Think through how you like to live, and determine whether you will be happy with the standards or will want to spend a lot to upgrade your living space. Remember, you have to work within the purchase price you can afford. Does the layout work for you realistically? If you have a home-based business, you may need a room you can dedicate as an office.
Taking into consideration the location, building design, amenities, suite layout and features, does the potential choice have resale value? Will it appeal to others? As you collect your notes, be sure to compare condos fairly - apples and apples and all that.
It takes some work, but finding the perfect Toronto condo is well worth the effort.
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