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

Smart Guidelines to Follow When Buying Condos in Downtown, Toronto

Many homebuyers are on the lookout for condos in downtown Toronto because this area is one of the most attractive neighbourhoods in the city. In terms of location, downtown Toronto is indeed the best place to consider. Here, you can be close to important city amenities such as supermarkets, shopping malls, restaurants, and recreational sites. There’s no shortage of entertainment and fun activities for you and your family to do.

Of course, when buying real estate, there are other factors aside from the location that you should consider. You have to look at different aspects of the property because to make sure that you are getting the most of your money and making the best investment. If you are now in the market for condos in Downtown, Toronto, then these guidelines are for you.

Identify your budget

Looking and visiting condos in Downtown, Toronto is really exciting. But first, you must calculate how much you can afford and how much mortgage loan you’ll need to take out to finance your purchase. If you have a set budget in mind, your hunt for a condominium will be easier. You’ll also avoid purchasing a property that’s beyond your financial capabilities.

Choose between resale or new units

Usually, people let their budget dictate what type of condominium they buy—whether they can get something new or a resale. But if you want to make sure you are choosing the best property, you need to fully assess the pros and cons of both new and resale units. The buying process will be different for each. For example, you’ll have to be more selective with resale condos, especially those that have been lived in before.

Find out what is and isn’t included in the purchase price

You want to clarify with the seller or builder what is included and not included in the overall price. Clarify if on-site amenities like the pools and parking are included in the monthly fees. Ask if there are other things you have to pay on top of the purchase price.

Important tip: While online listing sites can help you find condos for sale, it still better to work with experts. Some of the best listings can provide more than access to new and resale condos. They also offer tips and insights, helping you further in finding your dream home.

To get the latest news, condo investment buying tips and much more, check out our full blog.

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