Just like in Montreal and Vancouver, sales of condo units are booming in the Toronto real estate industry. It’s easy enough to understand why: condos are more affordable for first-time buyers, seniors are downsizing, and the location of the condo is often very convenient for work or entertainment.
But before you buy a condo unit and immediately move in with interior design ideas, take a deep breath. Calm down and view the entire matter of condos with a bit more objectivity. It’s true that it can be very exciting to live in a fabulous condo, but to ensure that you need to carefully consider the following issues:
It’s true that a condo unit is often located in the busiest hubs of the city. But you have to check the more important aspects of your location. Exactly how easy is it to get to your workplace from your condo? How bad is the traffic situation? Can you go shopping or eat out easily by walking to nearby malls and restaurants? If you have kids, are the local schools any good, and are they near enough to walk?
These are the questions you need to have answers for before you buy a condo unit. The location of the condo is one of the most crucial aspects that you need to focus on.
If you have a car, then it’s crucial that your condo unit also comes with a parking space. Is that parking space a mandatory part of the condo sale? Perhaps you can then rent it out to other condo unit owners who have more than 1 car. It may also be an incentive for you to buy a car of your own.
You will also need to think about where your friends and guests will park their cars if you host a party in your unit. It may not be the most ideal situation if the nearest parking lot to your condo building is several blocks away.
Condo developers are competing with one another with the amenities they have to offer in their condo developments. On one hand these can be very convenient for you. A gym is quite nice, especially if you’re working out regularly, and you won’t have to fill up your small condo unit with bulky exercise equipment. A pool is also rather nice, as it can be very fun way to relax.
Some other condo buildings also have beauty salons, spas, and convenience stores. All these may be nice, but you have to remember that in general you will have to pay for all these services whether you actually use them or not. So the best situation for you is if the condo building only offers the amenities that you will actually use.
If you have a pet dog or cat, it’s obviously important that you know whether or not they’re allowed. But remember that you will be responsible for your dog’s behavior.
If you don’t have pets, then in general you may want a condo building where pet dogs and cats aren’t allowed either. That’s because pet dogs in particular represent a risk. There’s always a chance that they may bite you when you encounter them, or a neighboring unit’s dog may bark incessantly and keep you up at night. They may even poop everywhere.
Once the unit has been constructed and you can move in, you have to make a final inspection of the unit to see that everything is in proper working order. It’s best if you have a pro inspector with you. The electricity and water must be checked, and so should the doors and windows.