Investing in a home is a big decision. Whether you’re looking at a house in the suburbs or are looking at condos in downtown Toronto, there is a myriad of factors you need to consider before signing any contracts. The decision you make now will affect your life for years to come.
That’s not to say you should second-guess your decision to move. However, it’s best to be as informed and educated as possible, especially when investing in real estate.
We want to help you make the best decision possible. Keep reading for our essential guide on finding condos for sale in the magnificent city of Toronto.
1. Consider Your Finances
As with any investment, you need to make sure you understand two major components – the costs involved and your own personal finances.
Start by assessing your financial situation. How much money do you earn each month and what are your other expenses? You need to find out how much you can afford to set aside each month for mortgage payments along with all of the other costs involved.
This brings us to our next point. Do your homework for each condo you’re looking at to make sure you understand the costs. Owning a condo means paying for:
- Maintenance fees
- Utilities (hydro, water, heat, etc.)
- Services (internet, cable, etc.)
- Property taxes
- Homeowner’s insurance
- And more
Your mortgage payment may be quite affordable, but make sure you account for all your other expenses too.
2. Identify Your Top Priorities
Next, figure out what your priorities are. If you’re looking for a downtown Toronto luxury condo with modern architecture, you’ll likely want to be searching for newer construction condos in Toronto. If you’re single, a bachelor condo may suit your needs.
Alternatively, if you have a significant other and/or children, you’ll probably want a condo that offers more space. It’s also important to look at what the common elements offer. Some condos come with access to community pools, fitness centres, rooftop patios, and more.
3. Think About Location
If you’re looking for condos in downtown Toronto, obviously you appreciate living in a big city. However, this means finding fast, affordable, and convenient ways to commute.
It may be wise to find a condo that’s near your place of work. If you have children, you also need to consider school districts, nearby parks, and the safety of the neighbourhood. Finally, think about nearby hotspots for shopping, dining, and entertainment.
4. Take a Virtual and In-Person Tour
Now that you know what you’re looking for and what you can afford, you can start shopping around for your best options. Condos in downtown Toronto come in all shapes and sizes. Narrow your search by looking in the most appropriate area and in your ideal price range.
Take virtual tours of the condos using pictures and videos set up by the Realtor. However, pictures can be deceiving, so it’s also a good idea to see these places in person before committing to a new home.
5. Make an Offer
Finally, when you find a condo that meets all of your demands and falls within your price range, it’s time to make an offer. If you’re looking at buying a condo there may be room for negotiation.
It is a wise decision to have the condo appraised and inspected by a certified Home Inspector to know exactly what you’re getting into.
Looking at Condos in Downtown Toronto?
If you’re thinking about investing in condos in downtown Toronto, we’d love to help you find the right place for your needs. Our team is devoted to helping people like you find the best home for you and your family. Contact us today, let’s work together to find your next home.