As Toronto continues to build upwards, more and more condos are to consider. Not all condo developments are created equal. Before beginning your condo search, there are several points to consider for you to feel confident in your investment today and for years to come.
It’s essential to have your ducks in a row when you head out to buy a condo in Toronto’s hot real estate market! This is a comprehensive condo purchase checklist to help you get started and see your way through to the completion of the sale and occupancy of your new condo!
Preparing To Buy A Condo:
- Choose an excellent realtor you can trust!!!
- Mortgage Pre-approval (not a pre-qualification, this isn’t enough information and certainty)
- 5% Deposit available for offer
What To Look For In A Condo:
- Proximity to TTC, highways – transportation is essential. The further a condo is from transportation, the less expensive it will be, and it will not appreciate as well as a well-located condo.
- Parking spot available – as much as a parking spot is no longer essential for new condo buyers, owning a car is common – not having a parking space will mean a lower price; however, it will limit buyers in the future.
- Locker – it’s nice to have but not essential as there are numerous self-storage options in Toronto.
- Which view – it’s essential to consider which direction you wish to view but also, do you want a city view, lake view, or do you want a view without any other condos blocking your views?
- Square footage – it’s a misnomer that more square footage is better than less. What matters moth (within reason) is the layout. A well-laid-out condo has a great flow and living experience.
- How many rooms – one-bedroom condos are common, while three bedrooms are rare. Note that some people convert a den into a bedroom for small children.
- Condo maintenance fee (what is included?) – some new condo buyers can be concerned about monthly condo maintenance fees. Unless the fees are exorbitantly high, there isn’t anything to worry about. Note that a concierge, pool, gym, building age, and square footage will all impact how much the fee costs.
- Property taxes – no matter what the taxes are today, this will go up in time with the condo’s value.
- Utilities – which utilities will you be responsible for and are included in the monthly maintenance fee?
- Condo rules and regulations – buying a condo building comes with rules and regs. Be sure to have a lawyer review these before purchasing. Note, if you have a dog or more, be sure your pets are permitted. If they arent’ there is no way around the building’s rules.
- Reserve fund health – it is essential to have an excellent lawyer review the status certificate before purchasing the condo – if the reserve fund doesn’t have the necessary funds, you will be responsible for paying a special assessment for required repairs. It’s a significant flag if there aren’t enough funds, as it shows that the condo board and property manager have mismanaged the building.
- Building security/concierge – every building will have a buzz code for the front entrance and fobs. A concierge is less common but can make a world of difference when it comes to package deliveries and setting a cultural tone for the building. There is nothing like a happy and helpful concierge to greet you each day.
- Style: there are soft lofts, hard lofts and apartments – most modern condos are soft lofts, which plays to the modernist desires of today’s condo purchasers. (More on lofts here)
- Visitor parking can be hard to find street parking in our city these days; having visitor parking can make a world of difference.
- Age of the building – the older the building, the more capital expenses are required to maintain the structure. The newer the building, the less work is needed today; however, the day will come when more work is required – typically after eight years of age, larger items require repairs.
- Valet parking is not a common feature in Toronto, except for a handful of Yorkville condo buildings.
Before Closing On Your New Condo:
- Set up utilities (cable, internet, electricity, gas)
- Insurance activated – condo insurance is much less expensive than house insurance – the reason being that the building has insurance covered in your maintenance fee.
- Mortgage documents signed
- Change mailing addresses and forward your mail for a minimum of 6 months so that you don’t miss any important mail.
- Book the elevator in advance for your move-in date.
➤ For more condo related content to help with your research read:
- Buying a Condo in Toronto: FAQs
- Questions To Ask When Buying A Condo in Toronto
- FAQs when Selling a Condo in Toronto
Be sure to check out our Toronto Condo Investment Guide!
