One of the greatest benefits of a condo is that you can control the interior of the unit, leaving the outside to a professional management company. You will also not have to worry about the maintenance of the yard, flowerbeds, snow removal, or other common areas. This can be particularly helpful for older people or those who travel frequently. However, before you buy new condos in downtown Toronto, you should know some important things.
Consider the timeline for the completion of the project:
When buying a pre-construction condo, there are many factors to consider. For starters, you should consider the timeline for the completion of the project. Consider how soon you can move in, as pre-construction units typically aren’t move-in-ready. Furthermore, you should check if your lease will expire soon, so construction delays won’t make you homeless.
Fees are an additional expense:
You’ve probably heard a lot of different misconceptions about condominium fees. The first one is that condo fee are not a profit-making venture. Your fees pay for many things that keep your condo in good condition. They also pay for the upkeep and maintenance of your surrounding environment. It’s important to know the fees you’ll be paying and what they cover.
Fees are affected by inflation:
Inflation directly impacts condo fees, but you shouldn’t let this scare you off from owning a condominium. Fees regularly rise based on the costs of the building and inflation. You should factor in larger repairs or maintenance costs when considering your condo fees. Then, you’ll have a more realistic estimate of how much your fees will be in a year.
Fees are all-inclusive:
When considering a condo, there are many things to remember. First, make sure you understand what your condo fees cover. Condo fees cover everything from garbage collection to cable television access, so make sure you read the fine print before deciding. Additionally, you need to know that some fees may go towards the reserve fund of the building and are used to cover emergency repairs.
Owners are responsible for repairs:
In a condominium, owners generally know who is responsible for repairs. However, they may need to be made aware that they are responsible for damages to both common and private elements. Therefore, it’s important to ensure that your condo governing documents spell out who is responsible for repairs.