Recently, condo purchases in Toronto have become increasingly popular as buyers look for single-family home alternatives. Consumers who have never before considered purchasing a condo may be curious about the process and the advantages associated with owning a condo over a traditional home. A condo is similar to an apartment building, although the precise structure can vary from one complex to another. In some cases, there may be only two condominiums in the building or there may be several condos in the same building. Unlike with most apartments; however, residents own a condo and do not rent it.
Due to the fact that you own the condo and pay a mortgage each month you will be able to build up equity in the same way you would with a conventional home purchase. This can also help to improve your credit rating over time as you make all of your mortgage payments in a timely manner.
Among the many benefits a condo has to offer are maintenance-free living and convenience. In most cases, a homeowners association will take responsibility for all matters related to property management when you own a condo. While this can help to dramatically reduce the amount of time you need to spend worrying about upkeep, it is important to make sure you are aware of the various assessments and fees associated with a condo purchase. You should also make a point of asking whether you will also be responsible for upkeep and maintenance of common areas in the condo building, such as the parking lot and the lobby.
While it is true that you will be responsible for monthly condo association fees, at the same time you will not have to perform any maintenance on your condo or the condo grounds. Everything will be handled by the association. This can be a great benefit for individuals who are not physically able to handle tasks such as shoveling snow or raking leaves, or who simply prefer to spend their free time pursuing other activities. This is one reason why condos are so popular with older buyers and young professionals. In many areas throughout the country, there is also now an increasing trend of parents of college-age students purchasing condos for their children to live while they attend college. This can make a solid investment for individuals approaching retirement, who may wish to sell the property later, rent it out or use it as a vacation or even retirement property.
Know The Area
When considering buying a condo, it is a good idea to take the time to get to know the neighborhood where you are thinking of buying. Condos are commonly located in urban areas of Toronto. For instance, find out what types of services and amenities are available in the local area. Is public transportation located nearby? What about parks and playgrounds?
Make a point of visiting the condo at various times of the day and week to find out what the overall feeling of the neighborhood is like. Understanding the neighborhood prior to making a purchase will help to ensure you are happy living there.