The post Buying a condominium in Toronto and GTA area Part “2” first appeared on Ahmed Amin Real Estate Broker.
]]>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
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
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
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.
The post Buying a condominium in Toronto and GTA area Part “2” first appeared on Ahmed Amin Real Estate Broker.
]]>The post Condominium in Toronto first appeared on Ahmed Amin Real Estate Broker.
]]>Originally condominium were built to make the living less expensive. More than one family can share the same ground by building multiple stories; neither of those families can afford living in this particular area in a house because of the land high price. But after sharing the ground & building price among them, the living there is not as expensive.
That old point of view changed to become in some situations the opposite, for example Condominiums Downtown Toronto is way much expensive than owning a large house not centrally located in the city. Actually condominium in Toronto become now more of a luxury style of living, the different amenities available to condo owner like Gem, sauna, swimming pool, party rooms, parking and shuttle bus to the nearest transit service, all that makes condo living a great experience.
One of the great privileges of owning condominium is that you don’t have to worry about maintenance. Living in House specially for first time home buyers might be challenging specially in case the owner is not much of a handy man, the condo corporation who built and managing your building are responsible of all maintenance that’s why a maintenance fees must be paid monthly as a share on those expenses
Legally condominium ownership is not owning apartment in building only but share in land, building and common elements provided by the condominium corporation that’s why some procedures required to make sure that you are buying a condominium not only in good shape but built and managed correctly.
One more very important factor regarding new home buildings is that the Ontario New Home Warranty Program known as ONHWP provide warranty to all new buildings under some conditions, the building must be newly constructed and not build on old foundations, mostly a brand new condo will be under warranty for minimum one year for first time occupation not with condo resale.
The post Condominium in Toronto first appeared on Ahmed Amin Real Estate Broker.
]]>