What to Look For When Buying a Condo in Toronto

Amenities, Parking Spot, South-Facing View and Low Maintenance Fee

May 15, 2009

Everyone has heard the old adage - when buying real estate, location is everything. But what other factors should be considered when buying a condo in Toronto?

Buying a condo with features that are in high demand can greatly contribute to the investment value of a condo. Read further to learn which features will not only create easy condo living, but will maximize the profit on a real estate investment.

High Demand Condo Features

Look for condos with modern kitchens and bathrooms that not only provide immediate aesthetic appeal, but are in great demand by buyers. Upgrading a kitchen or bathroom can cost anywhere from $2,000-$25,000 depending on what is required. Investment in a kitchen or bathroom renovation, however, is one of the best ways to increase the value of a condo as the renovation dollars will more than be reflected in the selling price.

Choose a south or west-facing unit that offers optimum light, which can make smaller spaces look larger. Balconies and outdoor patios provide desirable access to the outdoors, which is highly sought after by condo dwellers. Although these features will cost a premium, they are more than worth the investment, and will help garner a top price when it's time to sell.

Hardwood floors are a very popular feature in condos, not only offering a stylish appearance, but also providing a desirable, easy-to-clean alternative to stain-weary, allergen-inducing broadloom. Many sellers in fact replace the broadloom with hardwood before putting their condo up for sale in order to attract buyers.

Buy Condos with Parking

Parking spaces may or may not be included with a condo. As parking in Toronto can be scarce, a condo that has a parking space included is a very good investment. Keep in mind that the price differential for condos with a parking space is $10,000-$15,000, but parking spaces may be rented out to other condo dwellers.

If friends and family will be visiting by car, ensure that the building has ample visitor parking or that there is available street parking in the neighbourhood. Many condos in the downtown core provide no visitor parking, leaving the costly option of parking in a public parking lot. Some condos include a storage locker in the common areas of the building. Look for a condo with a locker as space in many units is at a premium and the extra storage space will be welcome.

A Condo with a View

A spectacular sweeping view of the Toronto cityscape or a Lake Ontario panorama is much more preferable to the side of an industrial building or a neighbour's kitchen. Condo buyers should check with the City of Toronto to find out if there are approved plans for the construction of new buildings that would obstruct their condo's prized view. The City of Toronto's Planning Department may be contacted at 416-392-7501.

Low Condo Maintenance Fee

Buying a condo with a relatively low maintenance fee is a smart choice as maintenance fees increase over time and are a regular monthly expense. Maintenance fees vary from condo to condo depending on what expenses are covered, but they usually include:

Condo buyers should ask their real estate agent to check with the condo's Board of Directors to determine whether maintenance fees have been increased recently, as this may indicate whether an increase is imminent.

Common Area Amenities

Many condos in Toronto have amenities that include gyms, swimming pools, squash courts, screening rooms, party rooms, and rooftop patios. The cost of these features will result in a higher monthly maintenance fee. Condo buyers should consider whether they will make use of these facilities in order to justify paying a higher maintenance fee.

Costly Building Security

Condos in the Toronto area may have an on-site security guard. While having a security guard on site does provide added security, keep in mind that this expense will increase the maintenance fee. A condo unit owner may also opt for an external alarm service on their individual unit.

Buying a condo in Toronto is an exciting but complex endeavour. Condo buyers who choose the condo features that will contribute to their future enjoyment and their condo's real estate investment value will increase their opportunities of making a wise real estate purchase.

The copyright of the article What to Look For When Buying a Condo in Toronto in Consumer Education is owned by Lori Bosworth. Permission to republish What to Look For When Buying a Condo in Toronto in print or online must be granted by the author in writing.