Toronto & The GTA is officially Condo land. Condos are the new affordable first time home buyer purchase. Its the most affordable, convenient, and in some cases the only thing available. Here are a few things to look for when buying a condo.
1. Amenities: Look at the pool, gym, parking, carwash, party room and grounds. You want to make sure that they are being taken care of and are not run down.
2. Concierge: Talk to the concierge and management if you can to see how they interact with residents. If you see a really bad attitude and terrible experience, it might be a reason not to buy.
3. Phone Signal: Some might say this is trivial, but lets face it, most people don’t get a home phone and live and die by their mobile devices. If you do not get signal, this might be a problem.
4. Fees: Look at what the fees are right now and multiply that by 3% every year for the next 3-5 years. If you have more amenities, that will be higher closer to 6-9%. Fees can go up in an instant if a project needs to be done.
5. Your lawyer will look at the status certificate, but you need to make sure there is a hefty reserve fund and no lawsuits. If there have been problems in the past you and your lawyer may decide to pass on this building.
The property management might not be a good one. Also look into the management and see how other buildings rate them.