downtown condo owners, or potential owners - tips on searching for one?
#1
08-14-2009, 08:44 AM
downtown condo owners, or potential owners - tips on searching for one?
For the guys here that recently purchased condos, real estate agents, those currently seeking, or somehow are knowledgable on the topic of purchasing - how did you search for your condo? I am really new to the game - I should have had my own place for a few years now, but I keep loafting. Because of my job and school, I need to move to downtown toronto - so I would like a place within the financial district, or within 10 mins of walking of ryerson university.
I am looking for something that is already built, but less than 5 years old, $300 or less in condo fees, and over 500 sq ft. I started using mls.ca and contacted one real estate agent so far through that site. Any other good leads on finding a place? Any other things to watch out for?
Thanks!
I am looking for something that is already built, but less than 5 years old, $300 or less in condo fees, and over 500 sq ft. I started using mls.ca and contacted one real estate agent so far through that site. Any other good leads on finding a place? Any other things to watch out for?
Thanks!
#3
08-14-2009, 10:29 AM
Hey Phil,
1st Thing you should know about condo's downtown, You won't find any condo fee's under $300
Anything over 500/sq feet your looking at an average of $350-500
Depending on the Square footage, i have a condo Downtown Sq.1
1 + 1 w/ 2bathrooms, i pay roughly $325 in maintenance, plus 2 parking
Not a good investment buying a condo downtown, IMO, Price wars!
Location is key, and will determine value
Investment Point of view,price appreciation. Generally, condominiums appreciate less quickly than single family homes. For example, if you look in a neighborhood in which there are only condominiums, your condo should appreciate at the neighborhood rate. Some neighborhoods that are made up mostly of condos have shown some of the strongest price appreciation over the past five years.
If your looking at a place Downtown, ask your real estate agent how much money $$ is in the reserve funds (also known Repair funds)
Contact a local real estate lawyer and have him or her go over the bylaws of the association.
Look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty plumbing or the gardener's absence, you know that the complex is having management difficulties. Even if there aren't any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex -- projects the seller may have neglected to mention.
Building rules and regulations. Most condos have a long list of association rules and regulations by which you'll have to agree to abide if you purchase in the building. These rules may limit the number, type, and weight of pets; how many visitors you can have at any one time; how often - and for how long - you can rent out your unit (if at all); when and how you can reserve the patio, sundeck, party room, or building barbeque grill; when you can have work done in your unit; and, what day you can close and move into your unit. Ask the listing broker for the complete set of building rules and regulations.
Here's an example, My condo is great, for using the bbq, no charge or deposit, but the newer condo's such as Daniels have this fee for just using their bbq's which is ridiculous. (Parent's condo) they live in prison over there.
Ok, i'll let someone else take over...
1st Thing you should know about condo's downtown, You won't find any condo fee's under $300
Anything over 500/sq feet your looking at an average of $350-500
Depending on the Square footage, i have a condo Downtown Sq.1
1 + 1 w/ 2bathrooms, i pay roughly $325 in maintenance, plus 2 parking
Not a good investment buying a condo downtown, IMO, Price wars!
Location is key, and will determine value
Investment Point of view,price appreciation. Generally, condominiums appreciate less quickly than single family homes. For example, if you look in a neighborhood in which there are only condominiums, your condo should appreciate at the neighborhood rate. Some neighborhoods that are made up mostly of condos have shown some of the strongest price appreciation over the past five years.
If your looking at a place Downtown, ask your real estate agent how much money $$ is in the reserve funds (also known Repair funds)
Contact a local real estate lawyer and have him or her go over the bylaws of the association.
Look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty plumbing or the gardener's absence, you know that the complex is having management difficulties. Even if there aren't any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex -- projects the seller may have neglected to mention.
Building rules and regulations. Most condos have a long list of association rules and regulations by which you'll have to agree to abide if you purchase in the building. These rules may limit the number, type, and weight of pets; how many visitors you can have at any one time; how often - and for how long - you can rent out your unit (if at all); when and how you can reserve the patio, sundeck, party room, or building barbeque grill; when you can have work done in your unit; and, what day you can close and move into your unit. Ask the listing broker for the complete set of building rules and regulations.
Here's an example, My condo is great, for using the bbq, no charge or deposit, but the newer condo's such as Daniels have this fee for just using their bbq's which is ridiculous. (Parent's condo) they live in prison over there.
Ok, i'll let someone else take over...
#4
08-18-2009, 12:10 PM
Hey Phil,
1st Thing you should know about condo's downtown, You won't find any condo fee's under $300
Anything over 500/sq feet your looking at an average of $350-500
Depending on the Square footage, i have a condo Downtown Sq.1
1 + 1 w/ 2bathrooms, i pay roughly $325 in maintenance, plus 2 parking
Not a good investment buying a condo downtown, IMO, Price wars!
Location is key, and will determine value
Investment Point of view,price appreciation. Generally, condominiums appreciate less quickly than single family homes. For example, if you look in a neighborhood in which there are only condominiums, your condo should appreciate at the neighborhood rate. Some neighborhoods that are made up mostly of condos have shown some of the strongest price appreciation over the past five years.
If your looking at a place Downtown, ask your real estate agent how much money $$ is in the reserve funds (also known Repair funds)
Contact a local real estate lawyer and have him or her go over the bylaws of the association.
Look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty plumbing or the gardener's absence, you know that the complex is having management difficulties. Even if there aren't any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex -- projects the seller may have neglected to mention.
Building rules and regulations. Most condos have a long list of association rules and regulations by which you'll have to agree to abide if you purchase in the building. These rules may limit the number, type, and weight of pets; how many visitors you can have at any one time; how often - and for how long - you can rent out your unit (if at all); when and how you can reserve the patio, sundeck, party room, or building barbeque grill; when you can have work done in your unit; and, what day you can close and move into your unit. Ask the listing broker for the complete set of building rules and regulations.
Here's an example, My condo is great, for using the bbq, no charge or deposit, but the newer condo's such as Daniels have this fee for just using their bbq's which is ridiculous. (Parent's condo) they live in prison over there.
Ok, i'll let someone else take over...
1st Thing you should know about condo's downtown, You won't find any condo fee's under $300
Anything over 500/sq feet your looking at an average of $350-500
Depending on the Square footage, i have a condo Downtown Sq.1
1 + 1 w/ 2bathrooms, i pay roughly $325 in maintenance, plus 2 parking
Not a good investment buying a condo downtown, IMO, Price wars!
Location is key, and will determine value
Investment Point of view,price appreciation. Generally, condominiums appreciate less quickly than single family homes. For example, if you look in a neighborhood in which there are only condominiums, your condo should appreciate at the neighborhood rate. Some neighborhoods that are made up mostly of condos have shown some of the strongest price appreciation over the past five years.
If your looking at a place Downtown, ask your real estate agent how much money $$ is in the reserve funds (also known Repair funds)
Contact a local real estate lawyer and have him or her go over the bylaws of the association.
Look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty plumbing or the gardener's absence, you know that the complex is having management difficulties. Even if there aren't any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex -- projects the seller may have neglected to mention.
Building rules and regulations. Most condos have a long list of association rules and regulations by which you'll have to agree to abide if you purchase in the building. These rules may limit the number, type, and weight of pets; how many visitors you can have at any one time; how often - and for how long - you can rent out your unit (if at all); when and how you can reserve the patio, sundeck, party room, or building barbeque grill; when you can have work done in your unit; and, what day you can close and move into your unit. Ask the listing broker for the complete set of building rules and regulations.
Here's an example, My condo is great, for using the bbq, no charge or deposit, but the newer condo's such as Daniels have this fee for just using their bbq's which is ridiculous. (Parent's condo) they live in prison over there.
Ok, i'll let someone else take over...
Thanks for the tips bud, I will be sure to follow them. This won't be so much for investment, but much more for convenience. The general consensus is that with condos, not much money is being made on them these days.
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