Common Pitfalls to Avoid When Buying a Condo in Toronto

new home

When looking to buy a condo in Canada, there are many factors that you should put into consideration to ensure that you get the best possible deal. If you are not so careful, there are chances that you might end up falling in a trap despite making all the primary considerations. This happens even to people who have a lot of experience in the real estate industry. Some of the common pitfalls to avoid are highlighted below.condo unit

Getting Caught in the Hype

It is quite common for developers to invest a lot of money in promoting and marketing their property, especially during launch. This brings about a hype that is intended to get potential customers excited about investing in the property. If you are not focused, you might end up getting lost in the vortex of all the hype and pay a lot more than you should for the condo. Getting friends and family discount, for example, may not necessarily mean that you are getting a great offer.

Believing That You Can Sell the Condo Before It Registers

Make sure to stay away from investing in any new construction if obtaining a mortgage seems to be a problem for you when the project registers. This is because the current Toronto market is flooded with condo assignments, which results in a majority selling at a lower price than the original purchase price. With the high number of projects that are near completion which increases the supply, the trend is likely to continue.

Investing Without a Plan

Before you invest in real estate, you should have a very detailed plan. Hiring the services of a professional to help you come up with the plan is even a better idea. Will you be a passive or active investor? Who will manage the property? How much knowledge do you have about capital gains taxes in Toronto? These are just a few examples of the questions that you should ask yourself during the planning process.

buying dealOver Upgrading

This is a common mistake, mostly done by people who do not have a lot of experience in the industry. Over upgrading may satisfy your taste and preferences, but the value might not necessarily reflect in the property’s market value. It can work well to please the masses but end up being quite costly to you.

Pricing, development logistics, the experience of the developer, and location are some of the major factors to consider while exploring condo options available.

The condo units located at 1221 King St W, Toronto, ON M6K 1G3, Canada are definitely worth every penny that you will invest.

Benefits of Living in an Apartment

an apartment building

Online references have been massively comparing the advantages of living in a concrete house and an apartment. While most residents state their satisfaction while living in a concrete house, real estate agencies cannot deny that apartments are increasingly high in demands, implying that it is indeed one of the latest real estate trends. Depending on the purpose and lifestyle, living in an apartment seems compelling, especially for those who prefer to have short-term contracts with the developers.

Different from properties that offer lifetime ownership, except when the rightful owners decide to sell the property, apartments offer short-term contracts which, of course, allow contract extensions upon approval of both parties. Apart from the above explanation, there are several benefits of living in an apartment, and these benefits relate to the facilities and amenities offered. Please note that different developers may offer different facilities, and it is your job to find the qualities that will meet your needs and your standards of living.

a nice living room with furniture

Easy Maintenance

One of the most important features of the property is the fact that the residents will not need to hire certain home maintenance services to help them whenever home-related issues arise. One thing to note is that such properties offer internal maintenance services, which means the owner of the building is the one responsible for the problems. The facility is what people typically find in the concept of lifetime developments, which means constant developments and maintenance are part of the contracts.

Facilities

Apartment buildings usually offer several facilities, such as swimming pools, tennis courts, fitness centers, and playgrounds. Residents usually need these facilities to support their lifestyle and their needs. Unfortunately, the properties do not offer such facilities, and it is one of the leading causes why the majority of people prefer apartments rather than ordinary houses. Some agencies provide the facilities free of charges, while some others require the residents to pay for the maintenance fee or the membership.

Location

Another reason why the property has many enthusiasts is the fact that the building is strategically built in the middle of big cities. The location allows the residents to reach city centers, such as town squares, health centers, and shopping malls in a relatively short time. Thus, it is not an exaggeration to say that living in the building means going into a full city-life mode.