High rise living is still the hottest trend in Toronto. Many would-be buyers consider purchasing Waterfront condos in Toronto whether for primary or secondary residence. Even though hot projects like Charisma condo near canada’s biggest mall vaughan mills condominiums are highly recommended for potential seasonal investor. However recent preference to live in Toronto particularly in Waterfront areas made Waterfront condos a sought-after investment. Buying a condominium instead of a typical house is becoming more and more popular among Toronto locals and new residents.
Essential Pointers in Buying Waterfront Condos in Toronto
Buying a condo in Toronto makes financial sense only if you consider some of the important factors. For instance, the quality of your investment would depend, first and foremost, on the location. Second, condo units are financially viable depending on the age of the property. There are old units while others are in new buildings that have recently undergone construction or renovation. Lastly, make sure that you are well-aware of the financial health and status of the association that manages and administrates the high rise building.
Before finalizing your decision and making a purchase, it is imperative that you do and complete a proper research regarding the Toronto real estate niche. Take note of the following considerations to include in your condo hunting checklist:
Financial Strength and Stability
It is not enough that you check the condo unit you wish to purchase. You also equally need to inspect the association particularly its financial health. Condo associations must have the proper and required reserve funds in order to provide timely maintenance. Reserve funds are allocated for maintenance and repair is afforded to the parking lots, roofs, painting, and other important concerns for the upkeep of the condominium building. Unit owners are obliged to pay a monthly fee for these funds.
Waterfront Access and Condition
You are choosing among Waterfront condos in Toronto. Thus, it is imperative that you prioritize the location, particularly Waterfront, where the building is located. Some of the important aspects to look into include the sand quality, the condition of the natural elements surrounding the Waterfront, and the width of the Waterfront. Take note that Waterfront erosions are quite common in Toronto especially after natural calamities such as storms, hurricanes, and other weaker tropical systems. You can research about the Waterfront erosion in the area and the steps or programs that the state and local government employ in order to avoid Waterfront erosion.
Condo Building Style
Condominium buildings and facilities are not created equal. The ideal condo offers aesthetics as well as impacts the financial costs in the long haul. Multistory condo buildings with elevators usually cost higher as repair and maintenance for this particular feature is also expensive. It is also important to look into the sizes of the units and the number of units in a particular floor and building as a whole. Condo experts suggest that buildings with larger number of small units are more cost effective in terms of the monthly fees compared to those with larger in size but smaller number of units.
Purchasing a condo or any other properties in Toronto requires you to get an insurance policy for the property as well. The location of the building in Toronto mainly affects the insurance costs and availability. There are condo locations that make it harder to acquire all-perils coverage while others are not that challenging.
Waterfront condos in Toronto make smart investments with lucrative return. Make sure you have all the important information you need regarding condo investments especially in Waterfront and similar locations. Enjoy the Waterfront while lounging in your own condo unit in the Sunshine State.