When we think ‘condo’ we often think high-rise towers, but condos truly come in all shapes and sizes. The word condominium is actually derived from the Latin ‘con’ (meaning together), and ‘dominium’ (meaning right of ownership). The word condominium has less to do with the type of building, and more to do with the type of ownership. When you own a condo, you own a part of a whole. That being said, Central Toronto condos offer many options to choose from – do you know what type you are looking for? Ask yourself these questions to find out what kind of property is right for you:
What type of building do you prefer?
Condos can be apartments, lofts, townhomes or even detached houses. What type of building would you be happiest in? Would you like to have your own green space? Do you like living on the main floor? Do you consider having an amazing view, a priority?
Where do you want to be situated?
How important is location for you? Do you need to be close to work, or your children’s schools? Remember that older condo buildings tend to be situated in more established neighbourhoods while new builds are usually found in previously non-residential areas. This means that there might not be schools, entertainment options or stores close by.
What amenities are you looking for?
Do you like having a pool, sauna and party room? Or are you a no-frills type of person that would rather save money with lower maintenance fees? Take a good look at what amenities a condo has to offer and decide whether it is something you would want to use (and ultimately pay for, on a monthly basis).
What are the maintenance fees?
Central Toronto condos can offer no-hassle living, but that means that you are paying for someone else to take care of the things you would normally be responsible for as a homeowner. When looking at a condo, make sure you understand the fees associated with it and know what these fees are covering. Remember that a newer condo might have lower maintenance costs in the beginning but as the building gets older, these fees will rise. Amenities and shared spaces are also an indicator of how much maintenance fees will be – if you are not looking for a gym or a pool, you could be looking at a lower cost.
Are you okay with living in a high-rise?
If you are looking at a new build, you are likely looking at a high-rise. Being on a top floor can be great because it may come with an amazing view of the city, but it also means having to wait every day for an elevator. It can potentially take you several minutes to get yourself downstairs and outside. This is especially important if you have pets, or if you plan on leaving your apartment several times a day. If you are not comfortable with heights it might also be a good idea to seek out a unit on a lower level.
Are you looking for an older condo or a new build?
There are pros and cons to both options.
Older buildings tend to have more space and are likely to be located in more established neighbourhoods.
The downside is that they come with higher maintenance fees, less amenities and can be outdated. New builds are more modern and sleek with excellent amenities but are often built in previously non-residential areas. This means that they may be surrounded by the construction of other condos for a few years and may lack stores, schools and businesses nearby. Older buildings also tend to have a greater ratio of owner-occupied units while newer builds are often bought up by investors.
Whether you are looking for a new build, or an established building, it is important to work alongside a REALTOR® who can help you choose a property based on your needs and preferences. If you are in the market for Central Toronto condos – you have a lot of options! Feel free to call me at 416.921.1112 to help narrow down your search.