Selecting the Best Condo For You
Over the last few decades, condo living has become a very fashionable option. For numerous North Americans, the relatively carefree lifestyle is the main attraction. Condos offer buyers more accessible housing with minimal maintenance required. Many condo complexes also offer recreational, entertainment and social activities, particularly condos for sale in Toronto. However, before you purchase a condominium, you should make sure that this is the appropriate choice for you.
A condo is not so much a class of construction but more of a form of ownership. This type of ownership is usually associated with high-rise buildings but it can also pertain to townhouses, houses and low-rise residential buildings. Condominiums are composed of two elements, the unit and the common areas. The units are recorded in the owner’s name and are separately owned . The unit proprietors own in common the common areas such as recreational facilities, hallways, elevators, gardens, etc.
Buying a condominium means that you hold your specific unit but also that you become part owner of the common property elements of your complex. Some of these common property elements may be for the restricted use of certain unit proprietors. For example, parking spaces, lockers, balconies are exclusive use of common property elements. However, these exclusive use common elements may still carry restrictions so be sure that you enquire about these before you buy.
Each condo complex has its own set of regulations, rules and bylaws. Whether these are very strict or more relaxed with depend on the condo corporation. Things such as pets, parking, noise, alterations to the units appearance or space, etc of Toronto condos could be restricted by these rules.
Condos come in all shapes and sizes and vary from new constructions, resale or conversions. New constructions will appeal to some buyers as they will allow greater choices in terms of unit position, finishing options, new home warranty protection and sometimes a lower purchase price. Beware though that there may be changes to the unit in the construction period and that the unit you bought in pre-construction may not be the exact same one you get.
Conversion condos are very similar to new condominiums in the early stages. The main contrast resides in the fact that the exterior of the building is already in place. Conversions and new condos share many of the same benefits. Unique constructions such as lofts may be available in some projects. Home warranty programs may not pertain to conversion condos so it is important to verify this with your provincial program. Also, some of the internal elements will already be dated which may mean that significant repairs may be required sooner rather than later.
Buying a resale condo can be advantageous for those who like to see the units and the grounds before they commit to a final decision. You could contact the property manager or the board of directors and ask questions to the current unit owners. This can offer you with valuable information. The draw back of resale units is that you have fewer unit options and you may need to upgrade or renovate.
Before finalizing your decision, be sure that you talk to professionals who specialize in condominiums. To save time and energy, put an experienced real estate agent on side. To defend your legal interests, retain the help of a real estate lawyers with understanding of condominiums. Hire a home inspector to find out about potential defects or repairs required to the unit and the building. Finally, talk to a financial advisor who will assist you determine how much mortgage you can afford once you tack on the condo fees and property taxes. Take your time and visit as many condos as possible. The best condo is out there, as different as you are.
