Keep a cool head while condo shopping

Condominium sales in Toronto and the Greater Toronto Area (GTA) continue to be hot, hot, hot – which is all the more reason to keep a cool head as you shop for your new home. A new condominium purchase is a major life step, and one you want to take carefully for many reasons. First, with the benchmark, or typical price of condos in the GTA sitting at over $800,000, you want the most for your money. Of course, “most” depends on what is important to you. Second, when you purchase new fairly early in the selling cycle, you can select the features, finishes and upgrades that transform your suite into your home. Third, there are numerous condos for sale, and you want the residence that best fits your needs and wants.

So, what is the solution? Research and then, compare fairly. This does not always happen. For example, I have seen too many buyers come into the presentation centres, where Baker Real Estate Incorporated is handling sales, and become obsessed with square footage. In fact, layout – especially in condo suites – is much more important. The great news is that developers have come up with innovative designs that make even the most compact of designs live more than their square footage suggests.

And, look at standard features and finishes. Keep track of which buildings include what standard appointments. If you have to pay to upgrade to hardwood flooring, for example, that should be considered in your comparison. On the other hand, the cost of some upgrades now may well earn you a higher resale price later on.

Amenities represent a major reason why many people choose condominium living. Note which buildings will include the shared areas you will use. Maybe you love to swim or exercise regularly, so a pool and/or fitness area will be desirable. If you love entertaining friends, you might want a building with a party room, theatre and/or games room. And thinking ahead again, look at the other amenities – places you might not use yourself now, but might in the future. These may also appeal to buyers someday when you are ready to right-size to a larger suite.

Yes, there is a lot to think about – and this is all assuming you have already zeroed in on the location(s) that are best for your work commute and travelling to family, friends and interest-group meetings. The less you have to use a vehicle to get around, the more you can afford to spend on a condo. If you can avoid owning a car, even better. In addition, today’s residences are situated in amenity-rich locations, which means that errands can often be run on foot or by bicycle or a quick subway or bus ride. Location can have a massive impact on how much you can afford in a new condo.

Ask about closing costs as well, so your comparison picture is complete. In the end, it really is all about YOU. Make a prepared, educated decision.