When looking for condos, it is important to work with an expert who knows the buildings and suites very well. There are hundreds of buildings available in Toronto, so it is not so easy to determine value. For example, a one bedroom condo in some buildings could be worth $399,000 but you could get the same thing across the hall or across the street for $200,000. Therefore, we need to make sure we are comparing apples to apples.
The key to determining if the condo is priced right is working with a Realtor that has access to all the previous transactions in each building. Things such as view/direction of the suite, level, layout and dozens of other variables are used to complete a full CMA (comparative market analysis). Once we have found the suites in that specific building that have sold previously, we can then use this data to determine whether or not the asking price of a listing is in line with the previous sales. This process is actually done by the Realtor who first lists a condo for sale. They use comparables to set the asking price and then the buying agent repeats this process to make sure the asking price is accurate according to the previous sales.
This way you will always know whether or not you are getting a "Good Deal".
As far as expenses go, I have access to all the information on each listing, such as price of the maintenance fees, hydro, taxes and all other monthly fees. If there is any information that is not there, it is my job as a Realtor to research that data and provide it to the client.
For more important information on Toronto condo buying visit www.TheCondoLife.com.
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