Condos are becoming popular in Toronto and other major cities in Canada. Of the homes that are under construction, the condos make the majority. Many people living in Toronto prefer condos because they are far way cheaper as compared to the single-family homes.
People live in condos for various purposes. They are those who feel it is fashionable to live in such apartments whereas the vast majority love condos because they are affordable. This article highlights the various things when purchasing condos in Toronto.
Resale versus new build
One of the choices that you might be required to make when purchasing condos in Toronto are selecting between resale and the new build. You need to evaluate the various factors before deciding the best option for you. We have specific circumstances when purchasing the new build is far much cheaper than buying an older condo. However, this trend has changed today with most of the new condos costing significantly more than the older ones.
The size of the condo is critical when you are purchasing one. Consider the number of family members and the activities that you would like to perform in your condo. This will inform whether you need large space or limited space. However, you should note that the larger space, the more expensive the condo. If it is family residence also consider the future generations. Bear in mind that the property will be passed from one generation to another and should, therefore, take care of the future interests as well.
The amenities are another critical thing to look for when you are purchasing the condos. Some of the amenities that are found in condos include the gym, swimming pool, and playing ground for children.
If you love privacy, you may not want to purchase a condo in an area where these amenities are being shared. Sharing amenities is quite cheap since every condo owner will contribute towards the service.
If you want sufficient space as far as condo is concerned then go for the older buildings. Older buildings have sufficient plans as compared to the newer buildings. You could get the older designs but the best when it comes to value.