Buying a New Condo
Monday Jan 30th, 2017
Are you ready to live in a condo? Sometimes living in a small space can be challenging, but if you get used to this kind of life, you can enjoy every moment of it.
Condo is an available type of real estate. This means not only that it is cheap. One of the main advantages of condominium complexes is the infrastructure that surrounds the complex. You won’t face problems with transport, because condos are often built in well-developed areas. Condo can provide you with everything you need.
Living in condo is great for the young people. You can spend your time with friends, in clubs, or have some other things to do. If everything you need is a place to sleep at, condo is your choice.
If you want to buy a new condo, you should think about several questions concerning your future condominium home.
How many other phases will be built in the surrounding area? If you are buying in the 1st or 2nd phase of many phases going up in the same location, you will face difficulties selling your condo for profit in the near future, particularly because there are others going up. Probably, the prices of the brand new ones won’t be far off from what you will expect to sell yours at. Why would people pay extra for a used one when they can get a new one for the same price?
What will it be the structure? Concrete is better than a wood obviously, but concrete has a very poor soundproofing effect. Some people forget to ask about it and they are surprised to find out that they can hear their neighbors. If it is a concrete structure, you should ask how much thickness will be between floors and also if there will be any soundproofing layer between the floors.
What will the percentage loss of the square footage be? When you are buying off plans, the square footage in the condo is specified as the gross square footage, from wall to wall. Once you move in, the square footage changes to a net square footage based only on the living space. This can be a significant decrease.
Will any buildings be built around the condo? If you are you buying your condo because of the view and the view is important, you should search through all the information about future land development plans.
There is a multitude of new condo projects in Toronto in a variety of neighborhoods. How do you know which is the correct one to invest in? Many factors matter. Look at the surroundings, figure out the walk score and see if there is public transport nearby, or some other infrastructure. If the location is too isolated, it will be harder to re-sell.
Hire a real estate broker to help you dig into the neighborhood and do a quick study of the number of condos on the market, what condos are selling for and how long they normally stay on the market.