North York Condo Developments: Advice for Buyers

By: Sushma Khinvasara

North York Condo Developments: Advice for Buyers

Tags: #torontocondos #torontopreconstructioncondos #torontocondominiums

North York is located in the north part of Toronto and consists of many neighbourhoods such as the Lawrence Park, York Mills, The Bridle Path, Hogg’s Hollow, Willowdale and Bayview Village. The North York condo developments offer a mix of tranquil suburban and urban living, making it one of the highly desirable places in the area.

You might think that buying a pre-build condo is just a walk in the park. But did you know that getting a realtor to help you in the buying process can make a huge difference between appreciation and depreciation on your investment. Here’s what you should know before buying a condo and why you should work with a realtor when considering North York condo developments.

What To Know Before You Buy A Condo

Before buying, it’s only natural to research on the background of both the condo developer and the corporation handling the construction and management of the building. Of course, you wouldn’t want an inexperienced developer nor buy a property in a building that has huge debt. The Canada Mortgage and Housing Corporation offers advice on the basics of condo living.

Rather than a walk in the park, buying a new construction condo is actually more complicated than buying a resale. Getting an experienced realtor who has thorough knowledge in condo development can give you a smooth ride throughout the buying process. Not only do they understand how to read the building plans but can also help you negotiate the agreement in your best interests.

Condo Fees

When you buy a condo unit, expect to pay monthly fees that will cover maintenance and services in the condo building. It’s important to have a clear understanding of these charges, and what services and operating costs it include. You’d also want to know which costs need to paid in advance and whether these costs include all utilities. Condo fees typically include the maintenance amenities such as on-site fitness facilities, swimming pools, party rooms, security, cleaning, gardens, and concierge services.

When not careful, these fees can easily accumulate in the first few years. Your realtor can clearly explain these monthly condo fees and help you avoid that scenario. In most cases, condo fees can increase between 10 to 20 percent.

North York Condo Developments

Everybody knows that Toronto has one of the hottest real estate market in the country. This is clearly evident in the many towering condo buildings defining the Toronto skyline. As home prices continue to rise, many are now considering getting condo ownership.

Despite all the condo developments in the area, North York is still surrounded with green spaces, lush dells, and charming brooks along the Don River. North York’s top feature is the many parks and trails found in the area. Many find this urban forest as a quick escape from the noisy city living.

Seeking the advice of a knowledgeable realtor can save you tens of thousands of dollars on North York condo developments.

Contact Sushma Khinvasara today to discuss all of the benefits of purchasing a North York condo as a living space or as an investment property. Discover everything this exciting area has to offer and find the unit that is perfect for your specific needs.