Is Toronto Condo Living For You?
From first-time buyers wanting to take advantage of low mortgage interest rates, to empty nesters looking to downsize, condo living is becoming an increasingly popular option for more and more people in Toronto.
In addition to a relatively affordable, carefree and low-maintenance lifestyle, many Toronto condos can also offer enhanced security over single-family homes, as well as a wide range of social, entertainment and recreational activities.
If you’re considering buying a Toronto condo, there are a few things you should think about to make sure your condo matches your expectations, your family and your lifestyle.
To help you make a more informed decision, Canada Mortgage and Housing Corporation (CMHC) has a number of questions you may want to ask yourself first, including:
* What type of Toronto condo is right for your family? While most of us think of condos as high-rise apartment-style buildings, condominiums actually come in all shapes and sizes, from high- and low-rise buildings to town or row houses, duplexes, triplexes, single detached homes, freehold plots or even mixed-use condominiums, that combine residential with partly commercial buildings.
* How close is the condo to work or transit, schools, shopping, and cultural or recreational facilities?
* What price range are you looking at? When would you need to move in? And would you prefer a new or resale condo, or a Toronto loft conversion?
* Does the condo you’re considering have any amenities, such as balconies, parking, storage lockers, a swimming pool, and front or rear lawns? If so, how is the access to these amenities controlled and paid for?
* What condition is the condo in, both physically and financially?
* Whom should you have on your Toronto condo purchasing team? For example, you may want to consider enlisting the services of a real estate agent, a lawyer, a qualified home inspector, and a banker or financial adviser, preferably all with Toronto condo experience.
* Are there any special provisions to limit pets, parking or noise?
* What are the boundaries of your unit? Do they end behind the interior drywall of the dividing walls, or only go as far as the centre line? For freehold condominiums, does the unit include the exterior walls, roof or even the land surrounding it?
* How are the condo units heated, cooled and ventilated? Is the building energy efficient? How are energy and water paid for? Who operates and maintains the heating and air conditioning systems?
* Are there other charges over and above the purchase price? Are utilities covered in the monthly condo fees, or not?
Toronto condos are the right choice for a lot of people, make sure it is right for you.
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Contact the Jeffrey Team for more information - 416-388-1960
