Condominiums are the epitome of city living, and they have come a long way in the last two decades. Now you will find many developers promoting their units as the best, however, if you want to buy one you need to know a few important facts and you should also check out this great new development, in Toronto which is located in one of the best neighborhoods.
With any real estate purchase, the number one consideration should be location. Since condos are meant to be places that you can live in comfort and have all the modern conveniences, it is crucial that you find one that is located in a place that you desire. It should ideally be close to your place of work and also preferably to your kid’s school if you have children. Places like Kind West in Toronto are great locations that are ideal for city living.
Condos are required to have certain facilities apart from the standard gas and water. They must have air conditioning, well appointed and installed kitchens and also the right furniture. However, other common facilities like swimming pools, gyms, and convenience stores would make the location even better for the residents. Don’t forget; you must also have adequate parking for the people living there and visitors. Take into account what is available and match that against the asking price which is what we will discuss in the next paragraph.
We all agree that condominiums do not really come cheap. Whether you want to purchase one or even rent, they will take a sizable amount from your paycheck. Therefore, you should always list down the amenities that you want and also your budget and then start looking. When you do this, it will keep you on track, and you will not end up spending more than you can afford.
When you start looking, you will find condos that are complete and some developments that are still under construction. Depending on your need, you may be able to get a better price as an early bird if you put down a deposit for a project that is under construction. However, if you need to move in immediately and cannot wait for a year or two, then you may have to pay a higher amount for building units that are ready to move in which may be furnished or unfurnished. Whatever you do, take your time and look around because it will be your home and you must make the right choice.
When you ask most individuals to explain what a condo is, they will say it is similar to an apartment, though you own it. Some will say it is a home without a yard. These explanations, to some extent, are correct, but there are some differences between a condo and an apartment too. In Ontario, you can find beautiful condos that offer much more than apartments.
A condominium (in short “condo”) is a private residence of a family or an individual in a building or residential area with several units. Though condos are usually part of skyscrapers, detached condominiums exist as well. The common aspect about any condo is that, common areas, like the yard, gym, and garage are shared. The sharing reduces the maintenance costs and upkeep. Owing to this convenience, those who own the condos pay agreed fees to condo board, usually comprising of the elected owners. The board hires pool cleaners, landscapers, and any other services that need to be provided.
Owning a condo
When buying a condo, there are some factors that you will have to consider. These include location, size, facilities, parking spot, and other amenities being offered. For example, when considering 1 Yonge Condos, they offer a good view of Ontario and can be pre-owned, meaning that they can be customized to meet your preferences. Some of the pros and cons of owning a condo are underlined below:
Most of the condos are in a perfect condition because people own them
When a person owns a condo unit, he gets to enjoy more benefits. Many condos, such as what we have mentioned above, have modern and luxurious rooms with beautiful finishes and amenities that are not usually available in apartments.
Condos offer many amenities compared to apartments
These amenities may include pools, lawn care, and parking lot, though this will depend on the building. For instance, 1 Yonge Condo is situated in a place with easy access to the bus system of Toronto. Owners can easily access shopping centers, entertainment facilitie, and a rich social and cultural life.
Condos come in different architecture
This means that different designs and styles can even be tailored based on the individual’s needs. For example, 1 Yonge condos being constructed in Toronto and slated for occupancy in 2020 have multiple floor plans that offer occupants a chance to tailor their lifestyle based on the different available designs.
Homeowners association or boards manage the condos
They maintain the shared areas and ensure that they are well-maintained and clean. However, this means paying additional fees. Those living in condos have to pay for high fees on top of the monthly rent.
Condos owners have to take care of their interior facilities in the same way homeowners do
For example, they have to pay for plumbing services if needed. However, modern facilities may not require leakage repairs for many years.
With this basic knowledge of condos, it will be easy to decide if you can grab one of the condos at Yonge Street which are ideal for those looking to own a modern and luxurious unit.