Oliver Baumeister von Bretten, Broker | Sotheby’s International Realty Canada, Brokerage

All you need to know about luxury condos for sale in Toronto

Of late, people opt for luxury condos Toronto rather than the private homes. Though there are many reasons for the same, the foremost being the buying cost and maintenance cost of condos are much lesser than the private homes. Investing in condos also provide them with the option of tailoring it exactly as to what they want proving very appealing. The owners also have the option of customising the floor plans and selecting luxury finishes. For many people, watching their new condo being created before their very eyes can be a thrilling experience. But at the same time, it is also riskier to invest your hard-earned money in a property that is yet to complete. Though it might come with some awards, you have to consider the following few points before finalising the purchase:

  • First of all, though it is riskier to invest in the condo that is not yet built as you are not aware how the finished project will look like and you are unsure as to whether it is worth investing. But you have the distinct advantage of negotiating the price of the property.
  • Mostly, the property developers of the luxury condos Toronto will provide you with discounts if you close the deal early. The developers want to shift as much of the property as possible to get the ROI (return on investment). You could also benefit from the capital appreciation with the property increasing in value over time. This is ideal both as an investor as well as for personal use.
  • You should also research the area where the building is being constructed so that you get to know whether it is a good investment. If you are planning to live there also you should know about the neighbourhood and see whether it has all the amenities that you need. You must also check for the demand for rental properties in that area which will give you an idea as to the property you intend to buy is worth the money you invest.
  • Most of the property developers will have a model condo built to the specifications and your new purchase will be similar to that. Mere visiting is not enough you should also check about dimensions of the property, the finishes and the details of the parking facilities and the communal area. You will also have the option of customising your floor plan, finishes and integrated appliances and fixtures.
  • Last but not least, you must also check with the developer about the views from your condo.

Thus, investing in luxury condos Toronto is a great opportunity to get a high standard of property at a reduced price.  Remember to follow the above guidelines while finalising the deal.

Did you enjoy this article? Check out Condo Investments’ homepage for the latest pre-construction condos.

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