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Buying a Condo in Downtown Toronto

By
Real Estate Agent with Royal LePage

Learn Jarrett's "Must Have's" when buying a downtown Toronto condo.

 

Have you ever wondered what one of Toronto's top Realtors® will look for when shopping for a condo?  Typically, they are looking for good re-sale value!  "I want to buy a condo - not sell one!  Yes, this is true; but one day, you will want to sell. 

 

How do you ensure a good re-sale value of your condo?  You buy smart.  How do you do that?  Simple, you follow Jarrett's tips or "Must Have's" for how to buy smart:

 

  1. Location, location, location.  Downtown Toronto is a large area of many different neighborhoods. Some are very good and some fall short. Please refer to my Neighborhood Page to see some pertinent criteria used to pick a neighborhood. Also, research the neighborhood to make sure it is where you would feel comfortable living.

 

  1. Public Transit.  You may not require it but your next buyer may and this could impact the re-sale value of your condo dramatically. Know where the nearest public transit is located.

 

  1. Parking.  This goes hand in hand with public transit.  If your condo is located on the subway line, parking may not be an issue.  Many single people looking for a 1 bedroom condo in the core are looking here because they don't own a car (or they make a decision between a mortgage payment or a car payment and can't afford both) Therefore, a parking space with a 1 bedroom condo isn't a "Must Have" if transit is handy.  That being said, it will dramatically decrease your re-sale value of a 2 + bedroom condo if parking is not included.  Please think about this if purchasing a 2 bedroom.

 

  1. The View.  The very first thing a condo shopper will do is open the door to your suite and run for the closest window.  Great view = $$$.  A definite impact on re-sale.

 

  1. Condo Fees.  Yes, the cheaper the fees the better. The condo fee is determined by the square footage of the suite so it should be that the smaller the suite - the smaller the fee.  Other things that will help make up the condo fee is the size of the building, services provided and any extras (pool, 24 hour concierge, valet service, etc.)

 

  1. Amenities.  Let's face it, a very small number of condo owner's actually use the exercise room or pool.  But buyer's typically put this on their "Must Have" list so if the building you are in doesn't have such things, less people will be looking at your suite thus decreasing it's potential re-sale value.

 

  1. Size Matters. Make sure you are looking at a "livable" space. After all, if your condo is too small, you won't stay there very long.  (here is the happy balance with #5-Condo Fees) The space needs to be functional and fit all your furniture properly. Condo furniture is smaller than "house" furniture but a queen size bed is a queen size bed. People always envision their "stuff" when looking to buy a condo.

 

  1. A Downtown Realtor®.  This one is a simple one.  You absolutely Must Have a downtown Realtor® who knows the buildings with all it's advantages and disadvantages.  One who knows that you are looking for a home and balancing that with the knowledge that you also want a good investment for the future.  Jarrett Hunter is experienced and knowledgeable about the downtown Toronto market and all properties listed on MLS.  Let Jarrett help you find your next home.

 

Hope this helps you get off on a running start. Other great Home Buyer reports are available at http://www.jarrett.ca/. Need help with any of your "Must Have's"?  Simply Contact Jarrett and let him help you find the perfect condo to call your own. 

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