Everything You Need To Know While Buying a Condominium in Toronto
Everyone is aware of the fact that the real estate market in developed countries, such as Canada is on the fire now days. In cities like Toronto, more and more condominium towers are being created that are trying to reach the skyline. With the continuous rise in the prices, you might be looking for an option to Buy Condominiums in Toronto. Well, in that case it is important to note certain key points that you should essentially think over, before taking any solid decision related to purchasing a condo.
In this regard, current write up is intended to make our readers aware of some cultural demands of the city, which should be noted as follows:
Location is important factor
It is important to take out some time to know about the city and its neighborhoods. Whether you are looking for any short-term option or a long-term solution, it is very crucial to know about the area and its nitty gritty, such as how close are the options like school, hospital, market, transit options, etc. You can always take reference from two very useful and handy guides, like Toronto’s district school board guide and the Toronto’s neighborhood rankings.
Prior to deciding the perfect location for your dream home, you will have to spend enough time doing your own research on both developers and regulatory issues associated with the same. Definitely no one would wish to shell out the hard-earned money by putting blind faith in poor construction or inexperienced developer. It is always thus suggested to check for the earlier record of the developer and its construction capacity. Also, you should check in the registry of Canada Mortgage and Housing corporation to make sure that the property you are buying is already not mortgaged.
Know about the surroundings
The condo that you are considering to buy should have a good neighborhood. As a matter of fact, it should be understood that generally retired people, who wish to downsize their apartments or youngsters, who are making their first venture in real estate market are being attracted more towards buying a condo. Multiple times, we tend to ignore this factor, when we buy a Condominium in Toronto that our neighborhood may have considerable impact on its potential resale value.
Beware about occupancy fees
It should be noted that there is limited time span, within which buyers can take official occupancy and take ownership of your new condo. During this time period that means till the time ownership is acquired, it is essential to pay phantom rent, and it not added towards your mortgage amount. The waiting period for ownership can typically last for about 4-6 months, but you need to deal with experienced developer in order to avoid longer waiting period.
Condo fees is also essential
Beyond occupancy fees stated herewith, it is also essential to pay series of monthly developmental fees related to maintenance and associated services. It is important to discuss for this in advance with the developer to understand how the charges are being determined.