Sunday, August 23, 2015

10 tips for buying a condo in Toronto

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By Simone Garcia / AUGUST 19, 2015

NOTE: These some of these tips are directed more towards buyers of new built condos than resale condos in my opinion. But the tips are valid and worth noting.

More people are buying condos in Toronto than ever before. And while acquiring a condo in the city can prove a valuable investment down the road, there are also pitfalls if you don't make an informed decision on your building and unit. Keeping the following tips in mind will save you money, time, and the mental trauma of spending half your monthly pay cheque on unused maintenance fees.
Here are 10 tips for buying a condo in Toronto.
1. Know your location, and know it well 
2. Don't be afraid to ask/pay for upgrades 
3. Assess the building's overall physical condition, inside and out 
4. Meet the building staff 
5. Research the condo developer and corporation
6. Make sure you won't lose your view 
7. Evaluate the building's current residents
8. Ask your realtor to provide you with a detailed history of the place if it's been previously owned, and to provide you with a future projection of the resale price 
9. Buy a parking space if you can
10. Beware of occupancy fees

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