Buying A Condo? Make Sure You Are Aware Of The Following Issues

By: Yathavann Selvarajah

Buying A Condo? Make Sure You Are Aware Of The Following Issues

Tags: Condo Purchase, Condo management, Toronto Real Estate

 

Buying a condo in Toronto is a dream for many, and those who have the means to get one are usually very excited and mostly focus on things like condo features, the layout, the price (of course), location and the appliances that come with the condo. However, condo buyers need to consider a series of other things that could have an impact on their everyday life later, especially when it comes to condo policies and condo maintenance in general.

Condition Of The Condo Building
If you are looking to buy a condo in one of the older Toronto condo buildings, make sure to carefully examine the structure as well. Ask around if any problems with moist, termites, leaks have ever occurred and if so, how often. Older buildings tend to be more exposed to external factors especially if they are not maintained well.  If you are buying a new construction condo, try to find out as much as possible about the developer and builder to make sure they have everything under control and the condo will be ready on time. Delays usually happen when builders run out of money and are not able to continue the project so they have to wait until some cash comes along to continue, and in the meantime, condo owners are faced with uncertainty and worry sick how it will play out.
 
Condo Fees And Condo Policies
Maybe you will get carried away by a nice condo in your price range, but remember that the condo fees also have to be in your income range. If they are too high, it can become a real obstacle as it’s not a one-time payment but a regular monthly expense. Avoid becoming house poor and pick a condo that is more in line with your budget.

Different condos have different policies and some of them don’t welcome pets, others smokers, and so on. If you work unsociable hours and prefer a quiet environment when you come home, maybe you should avoid family-oriented condos, and vice versa: families should avoid empty-nester condos. To live in peace with your neighbors tomorrow, make sure you know the condo rules and you agree with them.

Condo Management
Condo residents often complain about the condo management saying they do not handle their complaints or remarks adequately (if at all). Always target condos that have a well-regulated management that keeps the condo intact and acts in the best interest of the condo residents. Ask how often condo fees rise and when the last fee increase was.

The Residents' Profile
Having great neighbors is a true blessing for many reasons, but did you know that they can also contribute to the resale value to some extent? Most buyers will examine what kind of people live there, whether it's mostly renters or homeowners, young or old, families or empty nesters, if it is noisy, etc. All of this will have an impact on your everyday life and your lifestyle, so always go with a resident profile that seems to work for you. Of course, you cannot get to know all the neighbors in the short period you have at your disposal before making a decision, but you can ask the condo manager or some of the residents to get a general impression.
 
Having a qualified Buyer Representative will certainly minimize any risks down the road, so if you need any advice from a professional real estate agent specializing in Toronto real estate, contact me.