The prices of condos in Toronto are much more affordable compared to those of single-family homes. The kind of lifestyle that condos allow for is also quite glamorous and lucrative. It is for these and other reasons that condos constitute the highest percentage of the number of homes currently being constructed. Most people see it as the only realistic way of becoming a homeowner in the expensive market. Below are a few tips that can help you get the highest value when buying a condo in Toronto.
New vs. Resale Build
For a long time, investing in a pre-construction condo was a lot cheaper compared to buying one that already exists in the same market. However, this is not always the case in the current market. The prices of pre-construction condos almost match those of the existing ones, and at times, the might even exceed. This means that it may be a better financial decision to buy an existing condo as you will be able to put it into use from as soon as you make the purchase. New condos also offer a number of benefits. If you are on the fence on what to do, go to this page and evaluate the options shared on that site.
Most condos in Toronto built in recent times are usually part of a larger development with many condo buildings, all sharing some common amenities. This means that the owners of the condos enjoy using the amenities but share the cost among a larger group of condo owners, which makes it a lot cheaper for them. If you are concerned about the maintenance costs that you will have to incur each month as a condo owner, you should consider investing in one that has a larger community.
Age of Building
If you wish to get the most space for a limited budget, an older building may be a great option. Older buildings in Toronto tend to have significantly larger floor plans compared to new buildings, but their price per square foot tends to be relatively lower. The finishes may seem a bit dated, but that is something that can be changed. Renovating a condo is cost-effective given that no structural work is involved. The overall cost of buying and renovating an older condo may be a lot cheaper than buying a new one, yet you end up with more floor space.
If you need an extra room, you can consider converting a large den into one. All you need to do is install a wall and a door, which is inexpensive. You not only get the extra room that you desire but also increase the value of your condo.…