While the Toronto housing market may have slowed a bit in the last while, the condo market is still going strong. Most of the residential properties under construction in the GTA are condos. Condos are still affordable particularly if you compare them to a single family home. If you want to live in the GTA this is a realistic path to home ownership. If you are looking at buying a new condo then here are some things to consider.
New Construction or Resale
At one point it used to be less expensive to buy a condo that was under construction rather than an existing condo that is just down the street. Add to that the uncertainty of when your condo will be finished and whether the final finishes will be just what you wanted. The current market is a little different with existing condos being the same or less expensive that those under construction. Despite that, it is always better to buy a unit that you can rent or move into tomorrow. Construction can take years before it is complete, a resale condo may be a better option.
Choosing an Older Building
If you want to get the best bang for your buck and get the most livable space for your budget then you should consider looking one of the older buildings in and around Toronto. You don’t have to look at something turn of the century with exposed piping, even buildings that are 10 years old have units with more square footage than newer buildings.
You may end up with doing a few renovations to suit your taste but condo renovations are still significantly cheaper than renovating your home. You don’t have to worry about any structural work or things like plumbing and electrical. You just need to give your condo a little face lift with new finishes. Turn it into a beautiful modern space that didn’t cost you a fortune. Speak with one of our agents to look at our inventory of older condos.
Condo living does come with its own perks, and many condos now offer you some really great amenities. Even things like common areas or a swimming pool are fantastic while some have extensive fitness facilities that come with condo living. While all of these are fantastic they will add costs to your monthly maintenance fees with no option to opt out. Also you want to look at buildings where these facilities along with the building itself are well maintained.
We have access to condo listings, sometimes before they even hit the market. We can help you find the perfect home to suit your lifestyle and geographic location.
Speak with one of our agents today!