What to Know Before Buying Condos for Sale in Downtown Toronto

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Condos for sale in Downtown Toronto are always in high demand and could be sold with a high price tag, with the help of professional real estate agents. If you’re considering buying or selling condos in Downtown Toronto, one of the most important things you have to be aware of is the price value of the property.

Currently, the price of prime condos for sale in Toronto ranges between $700 and $800 per square feet, this is for resale property. For a pre-construction property, on the other hand, high-end condo in downtown Toronto plays between $850 and $1,000 per square foot. And for a super luxury building which includes projects like the One Bloor Street, Four Seasons Residences, and The Trump Tower, the price could even go higher. Some other popular Downtown Toronto condos are found near the University Line TTC Subway stations.

The city of Toronto offers a safe haven to condo buyers who want to invest their money in an unwavering environment. The city offers lower interest rates, low unemployment rates, and steady economic progress. However, before you purchase a condo in Downtown Toronto there are important things you need to consider beforehand.

Location

Of course, you’ve probably considered this before, but do see to it you take the time to make yourself familiar with the neighborhood. Whether you’re planning to stay there long term or short term, it’s important that you know how to get around the area, especially that it will impact your expenses and convenience.

Repairs and insurance

It is important that you know in advance whether or not you are accountable for possible repairs and maintenance of the units. Furthermore, what does the standard insurance cover of the corporation? Getting to know this information will determine whether you’ll have to get additional insurance.

Occupancy fees

As per requirement, there’s always a span of time between when you’re going to take ownership of the new condo and when you can officially occupy it. Throughout this period of time, you inescapably need to pay occupancy fees, also known as “phantom rent” as it does not go toward your mortgage. These dues usually last between 4 to 6 months, but you will want to see to it you have got experienced developers in order for you to not get snagged into a longer waiting period.

Condo fees

On top of occupancy fees, you may also find yourself settling several monthly fees linked with your condo building and its services and maintenance. You will want to know beforehand how these charges are determined, which operating and service expenses are included, and whether specific expenses have to be paid beforehand.

Buying condos for sale in Toronto doesn’t have to be complicated as long as you did your research. But if, in case, you still find it challenging, then help from a reliable real estate agent is what you need. Check out Casalova.com today and get connected with some of the reliable agents in the city.

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