Buying a condominium seems like the perfect thing to do when you live in a city like Toronto. Single family stand alone units in big cities like Toronto are often incredibly expensive, and come with all the hassle of upkeep and property taxes. Houses in the suburbs come with the same concerns, and although they might be less expensive they tend to cause more aggravation, especially for people who need to get into the city frequently for work or even for entertainment.
Buying a condo can mean all of your needs are addressed in one solution. Condominium complexes are constantly being developed all over town, so the odds are very good that there is a complex located within a reasonable distance of where you work. Condos are also close to all that the city has to offer in terms of entertainment, from hockey games to restaurants to theatre. There are several things that all buyers should keep in mind when it comes to purchasing a condo in Toronto.
Often condominiums are bought with the idea that they are good starter homes, and that when the purchaser is ready he or she will move out and buy a suitable family home. There is debate within the real estate market, though, about how close to truth this concept really is.
Condos are not usually cheap, although they may be less expensive than a single stand alone dwelling in the same neighbourhood. In order for your purchase to be considered a good investment, it has to rise in value and keep pace with houses outside of the city, so you will have the equity you need when the time comes to upgrade. Condos, however, are not noted for their resaleability. Just drive around the city and see how many new developments are going up. This trend is bound to continue, and that means that you will always be competing with newer units in the same area when it comes time to sell.
Another financial consideration is membership fees. Sure, you are saving in property taxes, but membership fees are just as constant and will rise over time, sometimes dramatically. Factor this in carefully if you are buying a condo as an investment.
One big draw for a lot of condo purchasers is the leisure facilities provided in the building. In large part, these are what your membership fees will go towards. It is important to consider realistically if and how often you will be using the facilities yourself. If you buy in a building because of the great fitness and pool facilities, you will have to use them the entire time you live there or else the fees just are not worthwhile. It is not the same as getting a gym membership and then deciding not to go anymore; you have to pay membership fees regardless of the frequency with which you use the facilities.
One of the great things about a big city like Toronto is that you can find a condo in just about any neighbourhood you want. If you lean towards historical parts of town, hot spots, ethnic enclaves, artsy districts, entertainment or financial areas as the places you are most likely to be found, you can find a development close by. No more long trips, all you have to do is walk down the street to find your favourite pastime. Alternatively, if you prefer a quieter location still within reach of the city, there are neighbourhoods like The Beaches that offer a casual atmosphere just a little way out of the action of downtown.
Don’t be rushed into buying into the latest condo development simply because units are going fast. The best way to buy a condo is to make sure of your reasons for getting one in the first place, and then selecting the neighbourhood where you would like to buy. There is enough development in Toronto to ensure that your dream purchase will be available sooner or later.