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Tips to Choose the Best Condos in Toronto

Oct 19, 2018

Condominiums, better known as condos are residential places much like apartments with the difference pertaining to ownership rights over the property. Toronto, being one of the best and the most happening cities in Canada has many condo buildings up for grabs. If you are looking for the best place to live in Toronto, read on.

Finding the Best Condo

With so many options available, finding your dream home would be a challenge. You need to scour through several property listings to find the perfect pad. Here are some considerations that can help you find the best condo of your choice:

Budget: The most important aspect when buying property is the budget. You need to determine your budget as this will help you narrow down your search. As there are several condos for sale in Downtown Toronto, finding the best one that is suitable to your pocket, would be easy. The sizes and types of buildings can be shortlisted according to your requirement and then they can be visited to get an idea of the interiors.

Building amenities: Different condo buildings have different amenities. As these are paid facilities in all condo buildings, you need to choose the ones that you are interested in. Some of the amenities offered include billiard rooms, massage tables, dog washing amenities, bowling alleys, swimming pool, golf driving ranges, aerobic classes and media centers. Therefore, you need to choose the condo building with amenities of your choice.

Location: Toronto is a busy city and the location of the condo is an important criterion to check out when renting or purchasing a condo. The location of the condo will determine its accessibility and value. You can check out the transport options, demographics and the neighborhood development to find an ideal condo building. Proximity to health facilities, schools, parks and grocery stores would be an added advantage. Based on these factors, you can find several King West condos for sale.

Property management: It is essential to consider the management that looks after the condos, which you have shortlisted for further evaluation. While availability of several amenities as per your choice is good, it is essential to ensure that the management company taking care of the condo building is reputed and credible. There is a lot of difference in staying in properties that are well managed as compared to those that are not so well managed.

Construction quality: High quality condos should be your first choice as they assure you of usage of high quality construction materials. A nicely constructed condo must not only be aesthetically beautiful but strong as well. It is better to take the help of a realtor that is well versed with the area that you are targeting so that you get the inside report about the condo.

Choosing the best condo in Toronto requires the help of a real estate company that has made a mark for itself in the arena. You can research and take reviews from other home buyers to get the best condos in the city.

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What is Right for You? A Co-Op or a Condo?

Oct 8, 2018

The main difference between the two

Co-op and condo buildings look quite similar and due to this very reason, it is hard to ascertain the difference. But there is one subtle difference and it is in the terms of ownership. A co-op which is short for a cooperative is operated by a non-profit corporation that is managed by the residents of the building. The title is named under the jointly owned corporation and the residents purchase the proprietary leases from the very corporation. The purchase of the lease gives the residents the right to the common areas of the building and the access to the individual units as well. On the other hand, in a condo the residents own their own units and have an ownership in the common areas. When you buy a home in a condo you are buying a piece of real property.

Sort out your financing options seriously

This aspect is more about determining how much you will invest in order to finance via mortgage. Co-ops are usually pickier than the condos when it comes to the very aspect and many need low loan to value or LTV ratios. The LTV is the money you will require to borrow which is then further divided by the total cost of the property. The more money you put down, the lower the LTV ratio. You require at least 75 percent or less in the case of co-ops. On the other hand, in the condos, it is more like usual home purchases.

Keep your future plans in mind

If you are just living for a couple of years in your house, Galveston commercial real estate recommends that you should buy a condo. The advantage of living in a co-op is that the residents are quite strict over the one who lives there. When you buy a co-op, you have to go through a series of interviews and stringent financial requirements. It is good for the current residents, but makes the process slow for the prospective. It also gives you less control over the place.

When it comes to selling a condo, the biggest con is to find a suitable buyer. So, if you are planning to live for a short time, you should opt for a condo because it provides more flexibility when compared to selling off a co-op.

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