So you’ve looked for condos for sale in the GTA and you think you’ve settled on a few: what now? Before you make a decision, it’s important to consider a few key areas that will play a central role in your day-to-day life. Some of these are no-brains; others are factors you may not even have considered as you shop around for a condo. Take each factor into consideration below, and be certain that you are making the right decision
Location
Whether you are looking for condos in Hamilton or you’d prefer to purchase a condo in the hustling and bustling downtown Toronto, it’s important to choose a condo in the perfect location for you. Think about the type of area you want to live in: do you prefer a cheaper, quieter location or are you not going to be happy unless you’re surrounded by busy streets and the screaming neon of the night life? Find the answer for yourself and shop for condos in that area.
Proximity to public transportation
Beyond your location, think about your daily commute. If you will be working outside of your condo’s general location, think about how much time you want to spend to just travel. Is it important for you to be within walking distance of the nearest GO train station, or are you perfectly fine with driving for a few minutes to park at a station before hopping on the 8am train? It may not seem like a big decision, but it’s going to get old going to-and-from work if the commute is a grind. Consider taking a mock commute from each condo in question to get a feel for what your commute will actually be like. If it seems taxing, look elsewhere.
Amenities
One of the great things about condos in the GTA is the sheer amount of amenities many of Toronto’s finest buildings feature. It’s so convenient to be able to do some errands without ever having to leave your building- not to mention it saves time. If saving time is important, the amenities of each condo in question are important – you just need to ask yourself which amenities are most important. Do you prefer to have a gym in your building, or is it more
important to have a lot of visitor parking; is a general store more important, or a year-round swimming pool? Keep in mind that the more amenities a condo features, the higher the condo fees will be (more on that in a moment).
Have children? Know the surrounding schools.
Do you have kids? Regardless if you’re looking for condos in Stoney Creek or you’ve got your eye on one in Grimsby, get familiar with the schools in your area. Education is important, so it’s not out of the question to choose a condo where your child can attend a good school.
Size of the floor plan
Size is everything when it comes to choosing the right condo. For starters, you need to be sure that your furniture and everything else in your current home can fit into the condo. If you are purchasing a pre-construction condo, be certain that you know exactly what the square footage will be so you can move into your unit with ease.
Affordability
When you’ve finally found the condo of your dreams, you then need to know if you can afford it (novel concept, we know). This is perhaps the biggest purchase you will ever make, so know what you can afford before committing to anything. To make your life easier, reach out to a mortgage broker or loan officer to know exactly what you can afford.
Reserve fund and fees
Does your condo have a good reserve fund? It’s an answer you have to find out. Because a reserve fund pays for giant repairs such as roof replacements and shared amenities, if they don’t have a good reserve, you could see a huge fee hike or even a special assessment – which is a one-time, large fee that you may not have the money for. Ask for a status certificate at each condo building you visit to get an idea as to the fees you may be asked to pay for.
Further, ask about the fees you will be paying month-to-month. Do you have to pay for water and gas, or is that covered by the condo? How much do you have to pay for the amenity fee per month; what about the maintenance fee? Know every fee that you will have to pay before you commit to anything to avoid any unfortunate surprises.
Ready to find the condo of your dreams? Don’t wait! Reach out to LJM Tower right away, and we’ll assist you in finding the perfect condo today
