Buying a condo in Toronto in 2018 can be a great idea for some people and an awful idea for others. It all comes down to the individual’s wants and needs as a home buyer.
Almost all condo buildings have ‘condominium rules’ which are created by the condo board in order to provide a safe environment for all of the home owners in the building. Some of these rules may not agree with your day to day life and will put restrictions on things you can and cannot do in the building as well as in your own unit. Here are some of the commonly found rules in most Toronto condominium buildings:
Renovating and Decorating: Approval is usually required by the condo board before any major renovations to your unit. This includes room additions, demolition of walls or upgrading of flooring. There are also restrictions as to what your unit looks like from the outside such as limitations of what can be on your balcony and the type and colour of the window coverings being used.
Pets: Almost all condos in Toronto have some kind of pet restriction in the condo rules. If the building does allow pets there is usually a size and weight restriction for the pet. If these rules are not fulfilled accordingly, the owner can be forced to leave the building permanently.
When deciding you’re ready to commit to buying a condo in 2018 and have enough savings and income to pay for the down payment, mortgage fees and property taxes of your new condo, it’s sometimes forgotten that you’ll also have to pay the monthly condo fees in addition to these other costs. These fees usually include building insurance, common elements and parking. Some buildings also include water, hydro, heat and cable but these buildings are becoming rarer to find. It’s always important to be able to afford to buy the condo itself as well as the monthly fees.
Last but not least, you should always think about the length of time you’re planning on living in the condo before buying it. Though Toronto has become a booming condo market, it’s very unstable and it’s very likely you won’t see any significant increase in the value of your condo for at least 5 years. If you’re planning on flipping the unit or only living in it for a year or two, it would be a better idea to look into buying a house or renting as other options.
Are you still unsure if buying a condo is right for you? Give us a call and we’d be happy to help 416-291-7372.
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