Is a Condo Right For Me?


 What is the difference between a Toronto condo and an apartment?

Condo refers to a type of ownership not a type of building. A Condos sold in Toronto usually takes the form of a high or low rise apartment style building. However, some condos could be in the form of a factory loft or town house.

When you buy a Toronto Condo what are you actually buying?

1) The physical unit that has a title to the space.
2) A portion of the common elements in the building. This portion is a percentage relative to the size of your unit, the bigger your unit the higher percentage ownership you will have of the common elements. Common elements tend to include: elevators, hallways, the lobby and any other communal spaces i.e. gym, pool.
3) The use of exclusive-use common elements. Some of these may include a parking spot, locker, balcony etc. The rights to exclusive use elements come with the unit, so if a parking spot is sold separately from the unit than it is not considered an exclusive use common element.

What are maintenance fees?

These fees are paid to upkeep the building and the common elements. A unit's maintenance fee is proportionate to the size of the unit as compared to others. The bigger your unit the more you pay. Each month a part of the fees are set aside to build up the reserve fund for any major repairs.

Who is the Condo Corp?

The condo corporation is made up of all owners in a building. As a member of the corporation you have the opportunity to vote for the board of directors. The board handles the business affairs of the corporation.

Is my prospective Condo Corp in a good position?

A status report contains the pertinent information that will tell you if the building is in a good or bad situation. The creation of a status report is a legal requirement in Ontario.

The status report outlines the following:
- All units percentage ownership of common elements
- All units rights to exclusive use common elements
- The condo corps rules and regulations
- Any special assessments that outlines planned major repairs
- Recent financial statements and budget

If you are submitting an offer to condos sold in Toronto minium, you should include the condition that the purchase is conditional on the review and approval of the status certificate. If the building is not in good standing it should be clear to your lawyer or Toronto real estate agent upon review of the status certificate.

Is a condo a good investment?

As with any real estate, a condo could be a good or bad investment. It all depends on the building and the market. There are some great condo investments in Toronto and there are also some terrible investments. Look to the advice of your Toronto real estate agent as to whether the building you are looking at is a good investment.

Building inspection, should I have one done?

It all depends. Many buyers of new buildings will not bother with an inspection, but you may want to consider having an inspection done on older buildings. An inspection should include the review of the major systems to ensure the necessary repairs are anticipated and planned by the condo corp.

Is condo living right for you?

Condo living is not for everyone. It offers convenience, security, and amenities that would not be available in a home at the same price. First time buyers find condos a good option as it is usually a good amount of space for the price. Baby boomers are also finding condos a great option as they are more convenient and less work to maintain than a home. But in the end any individual may find some condos features that they like and perhaps some that they do not.

Evan Sage is one of only a handful of award winning Toronto real estate agents specializing in working with clients who are downsizing their homes. Evan instills in his clients the confidence to make the right purchase or sale decision. He achieves this by demonstrating a superior knowledge of Toronto real estate and by providing a wealth of free resources on his website evansage.com to educate buyers and Condos sold in Toronto.

Comments

Post a Comment

Popular posts from this blog

MAKE YOUR HOME SALE EASIER WITH MLSSOLD DATA TORONTO

 Though the real estate market is not as hot as it was five years ago, banking rates of interest are still low, so a mortgage will not be too expensive. With every real estate purchase, it is more vital than ever to make informed decisions and secure the best deal possible. If you wish to work with an experienced realtor, that is typically a good idea. The broker will sit down with you to determine exactly what you want to purchase, where you want to buy it, and how much you want to pay. He’ll generally be able to answer all of your queries, such as what a condo’s resale value is compared to a house. If you give the agent the go-light, you’ll sign the contract with his agency, committing to him finding you a home. He’ll then search the  MLS sold data Toronto  (multiple listing service) websites for properties that match your criteria. He’ll send them to you, and if you want to see them in person, he’ll set up appointments for you and accompany you (or even drive...
Read more

MLS SEARCH CAN HELP YOU GET CLOSER TO OWNING YOUR DREAM HOME

  Finding homes that completely meet your wish list is a difficult task, but it is not insurmountable. It is very much feasible to invest in the perfect sort of real estate properties that you have been desiring to possess with the aid of an MLS search.   MLS sold home prices Toronto  offers a wide range of investment opportunities to potential purchasers, whether they are looking to invest in a home, land, or commercial property. If you are looking for a residential flat in Toronto, you must first choose what requirements you want in your home and the neighborhood in which you intend to dwell. The internet has fundamentally changed the world. Potential buyers may locate their preferred homes with the touch of a mouse on online portals, and they can further filter their findings by inputting their specific data into the MLS search list. Each of these real estate websites includes a large number of listings in the areas of flats, condominiums, commercial complexes, of...
Read more

TORONTO REAL ESTATE AND SOLD PRICES

 Real estate refers to any type of property, including land, businesses, apartments, and other structures. Real estate is often sold in one of two ways. One approach is to enlist the assistance of a real estate agent, who may advise the consumer on the greatest product quality at the best pricing. The second option is for the buyer to purchase the property directly from the owner. Both strategies have benefits and cons, such as the agent’s ability to overcharge the buyer and the owner’s ability to deceive him. In a city like Toronto, the cost of real estate ranges from affordable to prohibitively costly. In the case of flats, for example, we can observe that the further the location is from the city, the cheaper the price of the property. In most cases, apartments built close or in business districts are equipped with nearly all sorts of amenities, including telephone and internet connections, as well as a constant supply of power and Sui gas. The rent for a bachelor unit ranges fr...
Read more