BUYING A CONDO: WHAT TO CONSIDER
Condos are often the first property many people will own in their lifetime. They are low maintenance, less costly than a house, and are generally concentrated in urban areas where younger buyers want to be. Despite the state of the market and the influx of new condo listings in Toronto/the GTA, condos are still a hot commodity. The right buildings/units are still inciting bidding wars, and once the pandemic is under control, condominium living will once again be quite desirable.
Here are a few items to consider when purchasing a condo:
Maintenance fees — calculate your monthly maintenance fees with your monthly mortgage payments. You may be qualified for a specific mortgage, but once you have added maintenance fees, are you still able to live comfortably?
Status certificates — in simple terms, a status certificate is a legal summary of a building. Any lawsuits, special assessments, increases in maintenance fees, etc., are laid out in this document. You must have your lawyer review this document before purchasing a unit.
Age of the building — the older the building, the more structural issues it may have. In a newer building, maintenance fees tend to be lower because everything is new. In older buildings, they are higher because the building requires more upkeep.
Demographic of the building — who do you want your neighbours to be? You may love a particular unit in a building, but who are you sharing the building with? Mature couples? Families? Students? Short-term rentals? Take this into consideration.
Number of units in the building — the number of units has an impact on the culture of a building. For example: Is it a tight-knit community? Is it a super busy building? Is there a lot of wear and tear? Do people move often? Is there a lot of inventory in the building?
Although condos are generally assumed to be “low maintenance” compared to a house, all of these factors should be considered in detail before taking the leap to buy a unit in a particular building.
If you are interested in purchasing a condo, reach out to discuss this with me further. I look forward to guiding you through your purchase and making sure you are protected!