The Toronto condo market is booming and there truly hasn’t been a better time to jump in. In previous entries to the TalkCondo news section, we’ve explored how condominium rental prices are up 12% in 2016 and how the shift in demand for condominiums has increased drastically in the past decades.
While the Toronto condo market has been trending upwards for years, we’ve all heard stories in the news or have heard about family or friends who’ve had a bad experience with their investment. These include horror stories of people investing in condo units and being devastated that the unit was much smaller than imagined, they have been met have been several years of delays, or the developer simply went bankrupt.
Investing in a pre-construction condo is a big investment and a very lucrative opportunity. Especially when the right questions are asked, and the proper research is done. It’s important before investing your hard in money, that you are able to identify the signs of a project that seems doomed from the start. Here are a couple things you must consider before turning in your deposit to the developer.
Knowing the square footage and general layout of the condo is important, but there is so much more to consider when reading a floor plan. Does the unit allow for a lot of natural sunlight? Are their large portions of the square footage that are largely unused space? In a previous blog post, we’ve highlighted the 5 condo floor plans to avoid when purchasing pre-construction condos.
2. Can I trust this developer?
There are certain questions you need to ask when analyzing the integrity of a condo developer. Is this the developers first attempt at a project? Are the tenants at their other property happy or content? Are there several issues at their other properties? How do their other units fair in the open rental market?
In a previous article, we discussed our process to analyzing condo developers. We at TalkCondo connect you with the best and most trusted condo developers in Toronto and their exciting upcoming projects.
We all make mistakes. When it comes to investing your hard earned money into the Toronto Condo market, mistakes can’t afford to happen. Read our collection of the 5 most common mistakes condo investors make.
3. Does the neighbourhood have potential?
In our article highlighting how we research the potential of new Toronto condo project locations, we took a look at some of the signs like that a neighbourhood was bound for improvement.
But what are some of the signs of a neighbourhood set to decline? Are there many local shops moving to other neighbourhoods? When was the last time the infrastructure of the neighbourhood was updated? Are there a lot of other projects being built nearby? If the answers you keep getting are no, then it might be time to move on.
Using a trusted condo realtor when looking for new condos can save you several headaches, several hours or condo hunting and thousands of dollars to boot.
Realtors provide years of insight in the Toronto condo market. Working with your needs in mind, they can help narrow down the several lucrative investment opportunities in the city. Additionally, they can unlock several VIP sales that offer you deep discounts and other incentives on your purchase.
At the time of sale, the realtor will help you navigate the complexities involved with the legal details, conditions, and all the important steps involved in your purchase. It is important you understand the terms of your contract well, so there are no surprises down the road. Your realtor is there to help make the intricacies of the contact more transparent to you.
A lot of the questions we listed above can be answered with a couple searches on Google. Some more important and complex questions are better left to your experienced condo realtor.
Find your next investment opportunity
TalkCondo specializes in connecting you with the best condo projects in Toronto that will give your the best return on your investment. Our intuitive search tools help you locate the best units in the city and our expertise get’s in the front door. Connect with us today so we can make your next investment, the best one yet.