Toronto Condos – Other Essential Factors to Consider before Purchase
Investing in Toronto condos is a scary yet popular proposition. A lot of homeowners are weighing their choices and important factors before making a huge condo investment. The condo market is a constantly fluctuating market. The fluidity has both positive and negative indications that all potential condo buyers must consider.
Toronto Condos at 99homes and Essential Factors
Unlike buying a conventional house, condo investment requires monthly condo fees. These monthly obligations cover the costs of the common amenities in the residential building. Some of the common operating facilities include swimming pools, fitness gyms, and recreation rooms. Condo fees also cover the building cleaners, security, concierge, parking areas, and gardens. You must also check how much the condo fees usually increase in a yearly basis.
About Condo Reserve Funds
The reserve fund is composed of a percentage of the monthly condo fees from unit owners. The corporation reserve fund is set aside for intended major repairs in the residential building. This usually includes repairing the building exteriors, roofs, heating, electrical, and plumbing system. The sewers are also covered in the reserve fund. Investing on resale condos requires you to know if there is enough reserve funds to indicate the financial health of the corporation. The reserve fund is also an indicator of the monthly condo fees.
About Condo Budget
It requires a good amount of your time to research before buying Toronto condos. For instance, check the condo budget whether it is in a surplus or deficit. Know how much the condo budget has increased in the previous years. The monthly condo fees are determined through condo budget. Have the condo budget increased and if so, is it due to utility costs or inflation? Know the answers to these questions to determine the stability of the condo budget.
About Insurance and Repairs
You need to know if the maintenance and repair in the unit your responsibility as an owner or that of the condo corporation. Determine the insurance coverage of the condo particularly the standard coverage from the corporation insurance. Check if the coverage is enough and sufficient or if you think that you still need to get extra just to be sure.
Toronto condos are no doubt lucrative investments for urban living. However, the condo market is a tricky niche to enter. Make sure you have all the information you need to make informed decisions before purchase. Get help from condo experts today!