Navigating the Toronto Condo Listing Minefie
Condo Corner’s goal is to simplify the real estate process for you by providing a client-focused experience designed to find or sell your condo in the least amount of time for the right price.
As with all other major purchases, looking into a condo in Toronto can be pretty difficult. Most intelligent investors and real estate buyers recognize that going into this sort of transaction needs to be fully informed and never blind. Toronto is definitely a fantastic location in real estate right now, particularly for those looking to buy a condo. Considered one of the best places to purchase real estate, most would think that all firms are safe. However, as with any given area, you’re going to find that there are risks and issues you need to consider.
Most buyers who are considering a condo think about the model suite first. Whenever you buy a unit in a condominium complex that isn’t complete yet, you may risk that you don’t get all the space you’ve paid for. Completed units may end up being quite a bit different from the model units and the floor plans could be quite a bit smaller. Right on down to the materials used in the model units, buyers have seen changes in what they thought they were purchasing versus what they actually got.
The best solution to that issue is to go ahead and look at already constructed buildings. Pre-owned and renovated units are ideal for this for two reasons: you know what you’re going to get and also, you can usually get it at a much lower rate than a brand new, unfinished complex.
Though, if you are looking into a new condo, there are things that you can do to make sure you’re getting the best possible deal on the highest quality unit. As you go through listings, before you even contact the seller, look into the condo’s developer. They will almost always have other properties that they have built and you’ll be able to get a great deal of information that way on not only how they build but how they conduct business.
Though testimonials and references are always a good thing, they should only paint about a little bit of the picture when you’re searching through condo listings. As with anything, you are going to have many people who are completely happy with the product they’ve bought and then a handful who are not. So, if you begin to look into any given unit, and you find that there is a great deal of either positive or negative talk about it: always look further.
One of the single best things you can do as someone who is really trying to find that condo investment via Toronto listings is to make your own list. First, jot down those listings that definitely catch your eye. Look deeper into the developers of those properties, but also any management or other basic considerations similar to that. If there are photos, sure, look at the photos but never, ever rely on them. Instead, see those you are most interested in first hand. If at all possible, take someone along who is knowledgeable in construction, plumbing, wiring or general household repairs. They’ll be able to tell you any issues that the lister may not be revealing. With a little pre-planning, caution and attention to detail, you’ll make your way through the Toronto condo listings and find the place of your dreams.
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