A condo may not be your typical dream home but investing in one can prove to be an intelligent move, especially in a day and age when people prefer the convenience of a home building that offers access to everything. This said, resolving to buy condo downtown Toronto can still be a difficult decision to make and one that requires careful consideration of many crucial factors, so you won’t stumble upon the common mistakes and pitfalls of condo buying. You don’t want the stress, trauma, and disappointment of spending a huge portion of your hard-earned money on unused fees and unnecessary costs.
One of the most critical considerations you should make when purchasing any type of property is the location. Knowing your prospect location is crucial as this will serve as your living environment for a significant period of time, unless you are planning to rent out the property, in which case, you still want to choose a location that people will love to live in. Choose a safe neighbourhood that is within easy distance of relevant amenities.
Upgrades may cost you extra, but they are great investments for the future, as you’ll benefit from a more functional space and one that will have tremendous resale value, come the time you decide to let the property go and sell it. Do a property assessment especially when buying pre-owned, so you’ll know the property’s condition from the inside out. This will prevent any surprises and headaches in the long run. Learn about the condo’s developer and their track record in producing properties that offer great value and quality. Know the building’s residents so you can paint a better picture of what it would be like to live in the same community. Finally, beware of hidden fees that could make your monthly dues swell.
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