There has been a steady increase in home prices for the past few years in the Greater Toronto Area. The rising real estate market is causing a hike in condo prices, especially in Toronto town. If you consider purchasing a condo, you have to acquire comprehensive knowledge about its pros and cons to make the right decision. Furthermore, the primary choice should be whether you want the most expensive condo in Toronto with various amenities or settle for an economical option. A review of the most expensive condos in Toronto is listed here for your better understanding. You can have a look at it before going forward with your decision.
What Are The Pros Of Buying A Condo In Toronto?
Choosing a condo means that you can live in an expensive neighborhood in Toronto at a reasonable price rather than investing in a house. A mortgage and condo fees together will cost less than any apartment rent. The other advantages are:
- You will be able to live in the urban centre of Toronto with easy access to excellent restaurants, supermarkets, stores, etc.
- Easy access to public transportation: this will help you survive without your vehicle. You can save a lot without car insurance, parking and gas expenses.
- Living in a condo provides you round the clock access to the fitness centre, swimming pool and many more amenities.
- The maintenance charges of the building and the common area is shared among everyone in the condo.
What Are The Cons Associated With Buying A Condo in Toronto?
You have to be aware of the downsides you will face when investing in a condo so that you can analyze things better and act.
- The repairs in your unit have to be fulfilled by you. These expenses might turn out at unexpected times.
- There will be an extra maintenance charge for public property damage and repairs.
- Condo fees and association fees will be there for life.
- When the condo fees go up during your ownership, you will be at a loss when selling it to another buyer.
- Condo association rules will differ, and you will have to abide by them.
The Return Value For A Condo
The return value is a risk which you must be ready to take while purchasing a condo. There is a possibility of seeing no increase in the return of your investment with time, unlike returns in a house or apartment. Furthermore, if there are major renovations or repairs in the condo, you will not be able to sell it for a higher price. To make a smart and wise decision, always compare the past real estate prices of condos you plan to invest in.
With a comprehensive knowledge of the pros and cons, you should take the following steps while buying a condo in Toronto. Have in mind to determine the neighborhood that will suit your budget and then find a broker or real estate agent who will guide you. After this, the loan approval and signing terms of the agreement will follow before you move in.