Like with any purchase, there are things one should know when buying a condominium unit in Toronto. An intelligent buyer, regardless of the purchase, will never enter a transaction blindly. The same should apply when one buys a condominium unit in Toronto. True, Toronto is a great location for a real estate investment such as a condo. However, the location is no longer the issue; although toronto is now known for supplying Canadians and immigrants top real estate properties, doubtful agents and firms and risky business still abound. Buying a condominium unit in Toronto, like any other business in any other location, is full of risks. Buyers should practice extreme caution.
One of the things a condominium buyer should consider is the model suite. When one buys a unit in a yet-to-be finished complex, there is a risk of not getting the room you paid for. The completed units may look drastically different from the model units. The floor plans could be smaller that what the buyer saw in the model suites, the material used in the actual unit could be different from the ones used in the model suites. When these things happen, the buyer buys a completely different unit from the one he or she had already envisioned.
A solution for this is to buy from an already constructed condominium building. To cut on costs, since new units are expensive, one can buy pre-owned or renovated units which are cheaper and good to go. Since it is already constructed, the buyer can already see the finished product. The buyer can also check if the building and its facilities are working properly if it is already constructed.
However, this is not to say an interested buyer should avoid new condos. One can still opt for new condominiums. However, the buyer should thoroughly check the track record of the condo’s developer to make sure the unit will be at par to standards. The interested buyer should look other buildings built by the developer of the unit he is interested in and ask the tenants if they are happy with their units and if they encountered problems in their residency. If the buyer can afford it, he or she should get an agent. The real estate agent can ask the developer questions regarding the unit that the buyer may not be aware of. The agent can also warn the buyer about issues and risks concerning the purchase of a condominium unit. Also, it is advisable if the buyer gets his own real estate lawyer. The lawyer should be a real estate lawyer in Toronto. The buyer should then show the contract for the condo unit purchase. The real estate lawyer can suggest improvements to the contract, if any, or note potential risks stated in the contract.
The best advice, however, is for the buyer not to believe anything he sees and not believe half of what he hears. Model units and the developer’s testimonials are not meant to paint an accurate picture of the property; they are meant to entice buyers. In the end, buyers must do their homework when buying a condo unit to fully enjoy the benefits of having a real estate property in Toronto.