Buying a condo in Toronto can be much different than buying a home. Condo communities often have rules that can be problematic for some buyers. Knowing what to look for and what to do during the shopping and buying process is very important before signing any long-term mortgage contracts. This article will discuss the top five crucial tips for buying a Toronto condo.

1. Know the association fees and structure. This task may sound more simple than it really is. It will require several hours of research. Ask for copies of the association’s rules and guidelines. Not all people are the same; some prefer to keep things in strict order, while others prefer creative freedom with their condo unit. Be sure that the association’s policies fit well with personal preferences and are agreeable for the future also. Associations have their benefits and downfalls, but the classification of each depends on each person’s preferences.

2. Consider the future and family growth. Ask questions such as “how long do I want to live here?” or “do I anticipate my family growing?” Many single buyers purchase condos and later decide to marry and have a family. Young families who have one child often seek out condos also, but it is important to consider how many kids, relatives or elderly family members will be joining the family dwelling in the future. Keep in mind also that many buyers do not intend to stay in a condo forever, but later change their mind as the environment becomes familiar and comfortable, so it is always best to assume it may be a long-term residence.

3. Talk to the neighbors and ask them if they enjoy living there. What neighbors have to say about an association and the living conditions are important. Sometimes it is not possible to learn all of the downfalls of a certain place without talking to people who have lived there. For example, if the place is located near an area that frequently has undesirable odors, this may be too unpleasant for some buyers. The walls may be thin and allow for easy noise travel in some places. Another common complaint is other neighbors, parking space or problems with the association or services.

4. Research the association’s financial stability and history. Not all associations remain the same. It is important to know how well the association manager and officers handle the money that is paid in dues. Asking for fees and accounting reports is a good idea.

5. Find a good Toronto buyer’s agent for hire. This is especially crucial for first-time buyers in Toronto. Real estate agents and association managers are eager to sell units to make a profit, even if they know the property isn’t right for the buyer. Having a good buyer’s agent as an advocate is important in finding the right condo. They will be able to determine which properties are high-quality and the best fit for all personal preferences. Agents also guide buyers through the entire purchasing process.

Author Bio: Roland Skagg is a nationally acclaimed business and real estate consultant. For the best values in Toronto, Canada Real Estate he recommends Ashley Fray Real Estate and Ashley Fray Videos

Category: Real Estate
Keywords: Toronto condos, lofts, condominiums, houses, homes, for sale, new, downtown, Ontario