TIPS FOR BUYING a TORONTO CONDO in 2018

Affordability:

• 2017 condo market prices increased by almost 20%
• 2018 condo prices are still affordable when compared to single family home

New Build vs. Resale:

• pre-construction prices are matching and sometimes exceeding the prices of existing condos
• an existing condo can be lived in or rented out as soon as it is purchased - which creates and immediate financial benefit
• pre-construction can take up to 4 or 5 years to finish and your money (the deposit) isn't earning 
• to maximize amount of space for your budget, consider older buildings - buldings as young as 10 years old have significantly larger floor plans than new buildings and the price per square foot is lower

Amenities:

• every condo amenity expense which is covered by the maintenance fees
• an example of an amenity is a swimming pool, which typically adds approx $50 per month to an owner's maintenance fees
• sharing the cost of amenities whith multiple condo buildings can be a smart investment as the cost is lowered when divided among more owners
• larger amenity spaces tend to be more frequently used and so usually are better maintained than amenity spaces in smaller buildings

Maintence Fees Inclusions:

• can include: heat, hydro, building insurance,  TV, internet, upkeep of common elements such as hallways, outdoor spaces, amenities and other items (hydro, heat, TV, internet, telephone can be on top of maintenance fees depending on the development)

Condo Renovation:

• great investment 
• cost-effective compared to renovating a house 
• biggest cost is finishing materials, such as flooring, counters, appliances
• usually no structural work, or no major plumbing or electrical work as in a house

Condo Dens:

• depending on size, condo dens can be converted to an extra bedroom
• installing a wall & door is an inexpensive renovation
• converting den to extra bedroom is easy way to increase the value 
• eg: listing a 3 bedroom condo rather than a 2 bedroom + den may increase the sale price
• purchasing a condo with a good-sized den which could be converted to an extra bedroom presents an opportunity to quickly and inexpensively add value to the unit 
• for investors: the ability to rent out an extra bedroom makes money sense as more tenants are shring condos due to the increase in rental prices

For Custom Report contact Patricia: 
416-879-2094

patriciakatzrealestate@gmail.com

Patricia Katz, Broker*

Sutton Group-Associates Realty Inc., Brokerage