What You Need to Know Before You Buy A Condo in Toronto
Interest in the downtown Toronto condo market has soared in the past year and industry watchers predict that demand and prices for condos in our city will continue to rise. Forest Hill Yorkville realtors are landing luxury condos for clients daily and if there’s one way to sum up their best advice to buyers it’s to look past the pretty. It’s easy to be seduced by a chic lobby in a Yorkville condo, modern luxurious loft condos in the Annex or a stellar view of the skyline on Lakeshore but buying a condo is a unique transaction that involves a detailed look at various factors that are not so sexy. Working with a realtor will give you incredible insight into specific buildings and so you know precisely what you are getting with the sale.
Here are a few ways our Forest Hill Yorkville realtors can you save you time, money and determine which resale condo will be a valuable investment for you down the road:
1. Research the Condo Developer and Corporation
Our Forest Hill Yorkville team are experienced with the local real estate market and have the added advantage of also working very closely with major players in the luxury condo market. Researching who is behind the construction and management of your condo is critical. Our realtors do the leg work for you to ensure local developers have successful track records. You don’t want to be buying into a place that’s loaded with debt.
2. Ask for the Condo’s Status Certificate
Your realtor will be familiar with condo status certificates – the most important document in a condo deal. A condo’s status certificate answers many questions about the condo unit and building. This document answers everything from whether a unit legally owns a parking spot or locker to the condo’s pet policies and pool hours. It also details the condo’s reserve fund for future repairs, any special assessments if there is not enough money to pay for repairs and whether anybody is suing the condominium. Reviewing a condo’s status certificate prior to placing an offer can avoid a lot of potential disappointing news down the road. You want to make sure you are getting what you bargained for and our Forest Hill Yorkville realtors are experts in this field!
3. Learn the Ratio of Condo Owners to Renters
Your realtor will be able to arm you with the condo’s demographics and owner-to-renter ratio. Since owners typically take greater care of their units and common spaces it’s a ratio that can impact your living environment and resale value. If you are investing in a luxury condo unit you want to try to avoid a high turnover in the building. If you are looking to purchase a condo as a long-term investment property you should also be aware of any restrictions on leasing units in the building.
4. Make Sure You Won’t Lose Your View
A big bonus when it comes to condo living in Toronto is the potential for a million-dollar view of our city. With all the development sites popping up all over Toronto it is wise to ask your realtor to research any planned builds that could potentially obstruct your view, be it of Yorkville, the Lake or the CN Tower in the future.
5. Explain Your Condo Fees
Your realtor can help your breakdown your condo fees to find out what services, utilities and operating costs are included. This will equip you with the math you need to determine on-going costs of the unit and whether it falls within your budget.
6. Arrange to Meet the Building Staff
Your realtor can arrange for you to meet the building staff to ensure you are content with the team that will be running the building on a daily basis. If you like the team, there’s a good chance you will also like living in the building. Knowing the building staff is always a good idea should you need any help in your unit in the future.
Our team of realtors at Forest Hill Yorkville can help you find a condo in Toronto at NO COST to you!
Real estate sales representatives are paid a commission from the seller so they buyer can benefit from representation at no cost. By taking advantage of our experience in the competitive Toronto condominium market, you can gain peace of mind knowing you will be presented with all the critical information you need to make a wise investment decision. As leading experts in Toronto’s luxury condo market, rest assured that our realtors know luxury is in each detail. Call Forest Hill Yorkville toll free at 1-844-228-5588, email us at email@example.com or drop by our office at 28A Hazelton and we’ll give you the competitive edge you need to purchase a condo that’s just right for you!