The real estate has become a booming venture and now the number of people investing in real estate has increased in Canada. There are issues that have risen during transactions and some cases have even been forwarded to court.
These issues could be brought by disagreement between buyers and developers or even assumptions. Therefore if you want to buy a condo, this article will guide you and give you tips on buying condo, especially in a new development in Toronto.
The following are some of the truths you should know before buying a condo in Canada.
1) Few facilities do not necessarily mean that you will pay lesser for condos.
Majority of the people think that if a building has many facilities or amenities like spas, fitness spots, pools or even hotels the condo fee will be charged highly. This is not true because the charges are moderated to the tenants. There are buildings which do not have such amenities but their condo fees are more expensive.
2) Décor decisions are not terminally made by you.
If your building has a condo board, there will obviously be rules and regulations set and you have to abide by them. They mostly give regulations on the décor designs, some even give regulations on the size of a pet you should keep. Therefore, if you want for example to change something like the décor, you should first consult with the board to avoid any complications.
Points to Consider Before Buying a Condo in New Development
After having the facts, you should consider these factors before buying a condo in Canada:
1. Be aware of your Demographic
It is necessary to know the kind of people living in that building. This factor all depends with the way you to live your life. For example, if you are old, you do not want to live in a building full of youngsters because probably they will want parties in their condos almost every weekend.
2. Location Convenience
If you are a physical student or working, you will need to get a place that is near to your school or place of work. The place you live in has to be convenient for you, for your own comfort.
3. Know your District
Do investigations if possible of your neighborhood to know what happens around the condo you want to buy. If there are businesses to be opened near your condo’s location then you know that the value of your possession will increase within a short time.
4. Your Building’s Stature & Prices
You did not know buildings have reputations? Now you do! You should enquire from your agent or developer and ask important questions, be fine with the responses you get and then compare them with other options before buying the condo.
The following are just but a few of questions you should ask, for more informative questions you need to enquire on, click here.
- What time does it take to sell a unit in the building?
- Are utilities like gas, electricity and water included in the monthly condo fees or not?
- Are there any charges you are not aware of?
- Has the building construction been approved and did it take into contemplation the environmental appraisals?
5. Make Consultation
After deciding on which condo to buy in Canada, seek advice from your lawyer before signing any document.
The guidelines above should help you buy the right condo and avoid any losses and regrets after all the transactions have been made which could be irreversible. After buying the right condo, you get to live and enjoy your own space!