I came across this article and thought it was a good read.

Condo sales are at an all-time high. In cities like Toronto and Vancouver, people are rediscovering the joys of living downtown again, along with the low-maintenance, easy lifestyle that goes with havng your very own castle in the clouds. And with housing real estate prices at truly stratospheric levels across the country, a condo is an affordable way into the market, especially for young people.

Getting Started:

1-Hire a professional Realtor to assist you with the Buying process. It Costs you nothing, since the Seller pays the commission

2-Make sure that you have excellent Legal/Professional advise

3-Seek financial qualification to dertermine how much mortgage you can afford

4-Crunch the numbers with your financial representative and Realtor with respect to closing costs, moving, Land Purchase Transfer Tax, Legal fee’s etc.

Let’s Go Shopping:

5-Be prepared to see a variety of styles, low-rise, high-rise, bungalows etc.  Don’t forget about the amenities ( the more amenities offered, the more likey starta fee’s will be high as well )

6-Purchase the largest suite you can AFFORD, and know that one bedrooms and studios are not as attractive when it comes to Resale.

7-Visit the neighborhood at different times of the day and night. Does it suit you?

8-Choose the best view for you as possible, it will make day-day life more appealing and helps when it comes time sell and to move on  

9-Keep in mind as well, that a Southern exposure, although bright and sunny, may also cause discomfort in the summer due to trapped heat and stale air

10-Avoid a layout near or overlooking the garbage pick-up area

11- Avoid a suite that overlooks the garage entrance and the coming and going of traffic

12-Avoid a suit across from or near the elevator

13-A parking stall is highly recommended. If you don’t drive or have a vehilcle, you can rent the space out and gain extra income

14-A secure locker is highly recommended. Rarely is there ever enough storage in a unit

Home Suit Home:

15-Find out about visitor parking, spaces, regulations

16-On a resale unit, find out about the appliances, age, wear/tear, included?

17-Closely make yourself aware of the aroma ( smokey/ mouldy/ stale ) in the lobby and common areas 

18-Ask about the occupants, howmany owners, ages, renters, issues etc.

19-Ask other owners if the monthly strata fee justifies the maintanance? What is the Strata Council Like?

20-Total up the Propery Taxes with The Strata fees and ask yourself if you can afford it

21-Visit with any owners and ask them about their experience and satisfaction with living there

Think You’re Ready to Make an Offer?

22-Visit the unit at least twice ( if you can ) before making the offer

23-Consult with your Realtor the comparables in the building and area for value

24-Work with your Realtor to arrive at a price that most represents ‘fair market value’

25-Before submitting your offer, make sure that you and your Realtor have allowed for all conditions and Legal reviewing which protect YOU, the Buyer

One of my duties as your agent is to supply you with a wealth of information that will allow you to be better prepared when the time comes for you to make that important Real Estate business decision. To find out more about my services and the how the Homelife Benchmark Realty ( Clov. ) approach to Higher Standards can benefit you, give me a call.

            Alan MacDonald Homelife Benchmark Realty ( Clov. ) 604.574.0161