Across Toronto and the GTA, condominiums are selling like proverbial hotcakes, and developers are launching new communities to keep up with the continued demand. If you’re shopping for a new suite, you will find wonderful choices out there. Your job is to zero in on just the right one for your needs – whether you intend to live in it or rent it out.
Either way, location should be top on your list. If you are going to live in the suite, take a good look at what your work commute time will be like, as well as proximity to friends, family and wherever else you travel often. If you are an investor, be sure to select a location that is close to public transit and major highways to appeal to the widest section of the rental market.
Price is, of course, a major factor in your decision. Be realistic when you compare; the suite price is just one parameter. Ask about closing costs, maintenance fees and any other special incentives. A condo in an established area will cost more than one in an up-and-coming neighbourhood. It is up to you to weigh the variables and decide which is best.
Architecture that appeals to you is also important, as you want to feel “at home” as soon as you get home. Developers are offering a brilliant variety of styles, and you will find exteriors that can satisfy just about any aesthetic sensibility. And remember to look into amenities, one of the major reasons why people love condo living. Facilities you doubt you will use may be attractions for renters, or for future purchasers if and when you decide to sell.
Suite features and finishes today – even standards – are more luxurious than ever before. They also vary from condo to condo, so examine what is offered where. If you want to upgrade your suite, that will add to the cost, so comparing feature for feature is important in determining the value in the suites you are considering. When it comes time to select your appointments, pay particular attention to kitchens and bathrooms, as they have been shown to be determinants of return-on-investment.
Another aspect to look into is builder-developer reputation. We are fortunate to have some of the world’s finest developers and designers creating superb condominiums right here at home. You will find builder histories on most websites, along with testimonials from happy past purchasers.
When you buy any new home, do your homework. You want the most for your hard-earned dollar, and you want the perfect fit for your lifestyle or financial portfolio. Take your time, research all of the parameters and purchase with confidence. Whether you are a first-time buyer, seasoned homeowner, urban professional, family, empty-nester, retiree or keen investor, a decision to go condo nowadays is a solid one. My advice is go for it!