Is Condo Living right for me? Condominium apartments and townhomes offer a variety of amenities without having to worry about the burdens of personally maintaining a home. However, there are other considerations such as being a part of a community of unit owners in which politics can be involved. You may be a very social person, or you may prefer to keep to yourself.
Which buildings/ projects are the best? Regarding which buildings are best to buy into, Andrea has the knowledge and experience to be able to guide you. The ratings one often finds in newspapers, for instance, appear to rate buildings either only by the architecture. Andrea rates buildings as a whole, including the interior design, the builder, the management, etc. (Link to Andrea's Faves)
Resale Condominiums vs. New Condominiums?
Pros: Established, exists, know what you are getting Never lived in. Fresh and clean. You can pick
Condominium Act states condo must order a your own finishes.
Reserve Fund Study every three years to ensure Tarion Warranty (*N.B. Not on conversions)
enough funds in for contemplated upkeep costs. This is a new home warranty which is a buyer cost.
Cons: Older, may need new finishes. Often many delays in construction.
You cannot see the finished project.
It may not be exactly what you hoped it would be.
Values could go up or down from the time of
investment and possession
There are extra costs: Tarion warranty, development
fees, metre hook-ups, etc.
*N.B. When you buy a new condominium, you have, by law, ten days to change your mind, cancel the deal, and get any deposits back. You can then take the documentation to your real estate lawyer who will likely put some cap some of the closing costs the builder is stipulating you cover.
When considering buying a new condominium, call Andrea before registering or visiting the condo site. For one thing, you may be able to attend a priority broker opening for that project. Also, being an outside sales professional with a background in interior design, Andrea has the ability to visualize floor plans, finishes, knows the builder's reputations, so she can give you an objective opinion. The builder's salespeople will be involved as well,but you will have an unbiased opinion. Andrea may very well recommend buying in one of thousands of other buildings in Toronto. Virtually all builders pay commission to your sales representative at no cost or to you. They will also not bargain with their list prices. However, between Andrea and a good real estate lawyer, we may be able to better the package in some ways.
When buying a Resale Condo, Andrea recommends a condition in your Agreement for your lawyer to review the Status Certificate. (Includes financial statements, rules, etc.) If your lawyer recommends you rescind the deal, you may.