So....you’ve decided you want to invest in your own home in Toronto, and think a condo will best suit your needs.
Many buyers are choosing condominiums instead of houses for a variety of reasons. The central location condos can offer for less, the lower maintenance lifestyle, and because there are so many great buildings out there!
If this is your first time buying a condo, or you simply have questions about how to choose the right one for you, these are 10 tips for buying a condo in Toronto:
1. See what your budget can get you in different areas.
Come up with a budget you can afford, and decide which areas you would be happiest calling home. Then, compare units for sale in these areas. For example, can you get a parking space in some buildings and not others? Choosing a unit with parking is a wise move, as spaces are valuable in Toronto. Comparing areas and units in your budget will help you narrow your focus, and help you set your expectations realistically before you start going on showings.
2. Ask yourself: What is more important to you? Location or size?
Your quality of life is the most important factor when buying a home. If you have your heart set on a certain neighbourhood you might need to give up square footage to afford a condo there. Or, if more space is most important to you, you might have to look at neighbourhoods you hadn’t considered at first. Make sure you decide what is most important to you and set your expectations based on initial research into what your budget can get you in each location.
3. Decide if pre-construction is right for you.
First decide how long you want to wait before you move into a new condo. Are you able to wait years while living where you are? If so, pre-construction could be a good option for you. It can allow you to get into an area for less than many resale units already there. Make sure you research the builder and the area first. However, if you are looking to move soon, or don’t want to take any risks by buying a unit that isn’t built yet, a resale condo will be the right choice for you.
More info about buying pre-construction: Should You Buy A Pre-Construction Condo?
4. Factor in maintenance fees.
Budget what you are able to afford on a monthly basis in condo fees. If you want to pay less, look at taller buildings. When there are more residents sharing the costs of maintenance, individual costs will be lower than in a smaller building. Older buildings, such as hard lofts, can often also have higher fees since they take more to keep up. If you live in a larger unit, you might also pay higher fees in many buildings. See more in All About Condo Maintenance Fees. Then…
Pool at 10 Navy Wharf Court
5. Consider what amenities you want/will use.
Look at what amenities buildings offer in the areas you’re looking at. Decide what you really would use and enjoy the most. Also, consider what these amenities add to your monthly maintenance fees and decide if the cost is worth it to you. For example, pools are a more expensive amenity to maintain but could be worth it if you would frequently go swimming. Again, a building with a higher population will have lower fees than a smaller building, so the cost of your chosen amenities changes based on building size.
6. Think about how many bedrooms you really need.
Do you really need two bedrooms, or would a 1+1 (bedroom and den) work for your needs. There are many units with dens that can be used as bedrooms, and you can even add value to a unit by converting a den into a bedroom. The same consideration goes for if you want a three bedroom (a 2+1 could work). If you can make a “plus one” function for you, it’s a great way to save money and potentially afford to get into an area where more bedrooms are out of your price range.
7. Hire an experienced Realtor.
In a competitive market such as Toronto, buyers will benefit from having
a professional on their side. Your agent can help you find properties based on
your budget, wants, and needs- and help set your expectations. Make sure you find an agent with strong
experience in the condo market, and knowledge about helping buyers in the
areas you’re looking in. They can tell you what buildings will fit best with your goals, and help you avoid buying a property with major issues or a bad reputation (or one that just wouldn't work for you). They will also
help you negotiate with seller’s agents, submit appealing offers, and deal with
the legalities of purchasing a condo. It's always best to talk to more than one agent before choosing one, so contact us to chat about your search!
Research builder reputation online
8. Look into the developer/condo corporation.
For any building you’re considering moving into, you should research the builder (especially with pre-construction, since their reputation is one of the few things you’re basing your decision of whether or not to buy on). Make sure they have a reputation for building quality condo buildings. Also, look into the condo corporation of a building, so you know if they are in debt or legal trouble, and more important information that will let you know what you could be signing up for. S
See also: What is a Status Certificate? Do I Need To Look at It?
9. Be prepared.
With the help of your Realtor, you can verse yourself in the current condo market so you know what to expect. If it’s a hot market, you may need to prepare for it to take some time before you have an offer accepted. Or, you might have to prepare to pay over-asking in a competitive market. Your agent will also advise you about what’s a fair price to pay in today’s market, so you don’t pay more than a unit is worth or more than you can afford long term.
10. Don’t settle for a condo that won’t work for you.
Remember: Don’t buy a condo that won’t suit your needs just to buy one right now, or pay more than you’re comfortable with out of desperation. If you need to stay with a friend or family member for a while, it will be worth it if it means waiting for the right property. While it’s not always easy, be patient! The market will go through small and sometimes large changes, but the right condo is out there for you. After you have done your research, found an experienced Realtor, and figured out what’s most important to you, you’re well on your way to finding it.
More on Toronto Condos:
All About Condo Maintenance Fees
Best Pet Friendly Condos in Toronto
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