Buying a condominium in Toronto and GTA area Part “2”
Detailed factors to consider before buying condominiums in Toronto:
We mentioned before the initial factors that you need to consider while choosing condominiums in Toronto to own. They are simply regarding the interior and exterior unit shape. This is your personal evaluation, not much of assistant required and totally up to you. The next step is required both your Toronto Real estate agent and your lawyer assistant to reach correct decision
Detailed factors to consider:
– Maintenance fees, Condo Fees
The maintenance fees is monthly payment set by the condo management corporation, Mainly this amount represent your unite share in the maintenance cost of the entire building. There are special measurements to determine that share mainly the size but other factors might influence the amount each unite pays like floor, parking and locker. Some corporations include utilities like hydro, heating, water etc in the condo fees, knowing what is included in the monthly payments and what you will pay directly is important for a fare comparison. A small portion of each monthly payment is also set to be reserved funds to cover any sudden or unexpected cost other than the corporation planed budget
– Status certificate & reserved funds
One of the main conditions that purchase agreements contracts are subject to, and must be reviewed by your lawyer for a legal opinion before waving that condition. The status certificate is a comprehensive financial statement of the condo corporation showing all details of the building, example; operational costs, utility bills, insurance, expected condo fees per each square foot. And the most important part in the status certificate is regarding reserved funds amount held by that corporation for future use. With reviewing the status certificate you will know answers to such questions like: how much is monthly condominium fees? How often increases occurred? Are they significant or slight increases? Is the overall financial status of the corporation clear? Enough reserved funds? This certificate usually provided to potential buyer after putting an offer, so you must be sure that your purchase and sale offer is conditional to sound status certificate also such certificate is not for first time occupation unites but only for resale condos in Toronto
– Who are your neighbors?
The last step before considering buying condominiums downtown Toronto for some people is to know who is living next door. Please remember that, this might be the biggest invest of your life, some people just knock on the doors to meet the neighbor’s or visit the unit in different times to know the level of noise expected specially if you are surrounded by constant party couples. Age can be good point to consider specially if you are the party people and our neighbors are seniors.
Further if you are ready financially (pre approved for mortgage amount to cover the purchase) you can give your Real Estate Agent in Toronto green light to go ahead and negotiate closing price.