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Tips For Buying the Right Condo in Toronto

Imagine that you have decided to buy a condo. You're excited to move in. Then you get the bill for the association fees. You didn't know you had to pay up immediately for unforeseen snow removal. You messed up. You didn't read your contract before you signed the papers. Now you’re stuck with a condo that is going to be much more expensive than you ever anticipated.

It doesn’t have to happen that way. We've all heard the horror stories about buying a home. For some reason, the stories are more pervasive when it comes to buying condos. Buying the right condo is a tricky deal. Before you jump in and sign a contract, you need to stop and think twice. You have to do your due diligence before you make a purchase that is this big. So how can you find an amazing condo and amazing price without losing your shirt in the process?

New condos in Toronto

  • If you're thinking about buying a condo, perhaps the first thing you need to ponder is whether condo is right for you. Too many people move into a condo that works great for them now. Then after they add a child or two, they realize the condo doesn't fit their life anymore. If you are considering enlarging your family, perhaps a condo is not the right home for you.

  • Hire a buyer's agent. Finding the right home is hard enough in itself. Finding it without a professional who is on your side is a risk you don't want to take. Your agent will likely know all the details about the different condos and their associations. After meeting with you, she will know which ones fit your needs the best. She will also watch out for you. It is her job to get you the best deal. A good agent will also educate you about the home buying process and help you avoid any pitfalls.

  • Get a list of all documents related to your condo and its association. Read them thoroughly. Knowing what rules you will face in advance may save you a lot of trouble later. Find out whether the association managers will be more or less active in governing the condo association. Active association managers may be nitpicky about the things you do with your condo or on the common property. On the other hand, they can also help you deal with problem neighbors. Passive management associations treat you like an adult, preferring that you deal with your property and your neighbors yourself.

  • Check into the financial stability of the condo association. Are they stable? Have they shown good management practices in the past?

  • Ask your potential new neighbors what their living experience has been while living there. This is probably one of the best ways to find out if you're about to choose the right condo.

While this list is certainly not exhaustive, it is a great place to get started. If you follow these recommendations, you will likely find yourself in a comfortable condo enjoying the benefits of homeownership soon.

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