Condo living in Toronto makes far more sense than it ever did due to the unaffordability of single-family homes. However, buying shrewdly is what will ensure you come out on top when it comes to resale.
If you are looking for a building with a lot of amenities such as an indoor swimming pool and a gym, just keep in mind that those will automatically increase the amount you pay monthly in maintenance fees. It is best to look for a complex that includes several buildings sharing the same amenities as this will reduce the cost of maintaining them when it is spread over more owners. The other upside to having several buildings sharing the same amenities is that the facilities will be better maintained.
If you are looking for larger square footage, a resale condo is the way to go. Condos that are 10 years-plus have much larger floors plans than new builds. Today, 900 square feet would be considered big. So, if you are looking for more room to spread out or if you plan on starting your family in the condo, then it is best to look for something a bit older.
If you are looking at condos simply as an investment, then traditionally a new-build condo would have been the hands-down winner – this is not necessarily so any more. Today, resale and new build condos are nearly the same price, but new builds tie up your money for the duration of the build, whereas resale condos can be used immediately. Given the price at which a condo in Toronto can now rent – waiting for months to start seeing a return on your investment might not be as attractive as purchasing something that you can turn around and rent immediately.
Another tip when buying a condo is to look for a unit with a large den. Since more families are forgoing single-family homes for condos, units that have a large den that can be converted into a bedroom are more in-demand that single bedroom or two-bedroom units. In fact, if that den is already converted into a third bedroom, its value increase tremendously and will sell for more than an identical unit listed as two-bedrooms plus a den.
Condos are the way of the future in big cities where the space for building is decreasing but where demand for housing is increasing. Buying shrewdly now, will help set you up solidly for the future.
If you are looking for a building with a lot of amenities such as an indoor swimming pool and a gym, just keep in mind that those will automatically increase the amount you pay monthly in maintenance fees. It is best to look for a complex that includes several buildings sharing the same amenities as this will reduce the cost of maintaining them when it is spread over more owners. The other upside to having several buildings sharing the same amenities is that the facilities will be better maintained.
If you are looking for larger square footage, a resale condo is the way to go. Condos that are 10 years-plus have much larger floors plans than new builds. Today, 900 square feet would be considered big. So, if you are looking for more room to spread out or if you plan on starting your family in the condo, then it is best to look for something a bit older.
If you are looking at condos simply as an investment, then traditionally a new-build condo would have been the hands-down winner – this is not necessarily so any more. Today, resale and new build condos are nearly the same price, but new builds tie up your money for the duration of the build, whereas resale condos can be used immediately. Given the price at which a condo in Toronto can now rent – waiting for months to start seeing a return on your investment might not be as attractive as purchasing something that you can turn around and rent immediately.
Another tip when buying a condo is to look for a unit with a large den. Since more families are forgoing single-family homes for condos, units that have a large den that can be converted into a bedroom are more in-demand that single bedroom or two-bedroom units. In fact, if that den is already converted into a third bedroom, its value increase tremendously and will sell for more than an identical unit listed as two-bedrooms plus a den.
Condos are the way of the future in big cities where the space for building is decreasing but where demand for housing is increasing. Buying shrewdly now, will help set you up solidly for the future.
