Condominiums have become the go to home choice for many homeowners, especially in high demand areas of the city. “Condos” for sale in North York offer a vertical lifestyle in multi-unit buildings or housing complexes with shared space such as lobbies, gyms and parking, as well as your own private home. They have become the home of choice as they are affordable, comfortable and low maintenance.
There are two choices when looking to purchase condos for sale in North York: resale and pre-construction. Pre-construction condos provide you with the opportunity to purchase a condo from the development company before (or while) it is built, while a resale condo, as the name implies is purchased from the owner.
Why Condos Not Apartments?
From a purely aesthetic standpoint there is not much difference between a condo and an apartment. The main difference between the two is that with an apartment you are paying rent to a corporation or property management company, and with a condo you are usually paying rent to an individual landlord. In both cases the building will be maintained and managed by a property management company, with an apartment usually having a superintendent to oversee issues, while the landlord or owner of the condo is often your point of contact.
Both an apartment and condo tend to have comparable rents based on the condition, location and amenities. Condos tend to have higher end finishes, appliances and amenities as they are designed for ownership. This often means a condo is more desirable if you are looking for a more upscale home. One benefit of condo rentals is they often include utilities in the rent, but they can also come with a few markups to cover maintenance fees.
Dealing directly with the landlord versus a superintendent or management company can be dicey depending on the individual. You can come across people who are difficult to reach, or just difficult to deal with or someone who is very cooperative and responsible. As well you might have more difficulty getting a hold of an owner, while apartments often offer 24/7 maintenance service.
One more point, when renting a condo, you will have to follow condo-association rules and regulations which can be a lot stricter than an apartment building. Make sure you have a copy of the rules before you sign on the dotted line to avoid potential conflicts. On the bright side, these rules often help control the quality and level of responsibility of people living in the building which makes for quieter neighbours!
Advantages of Buying New over Resale Condo Units
Condos for sale in North York offer you the chance to become a homeowner and avoid the endless cycle of paying rent. They are often in the most desirable areas of the city, keeping you close to the amenities you love, easy transportation and your job. A pre-construction condo offers you the opportunity to finish the unit exactly as you desire but there are some pros and cons to consider:
Financial: When purchasing pre-construction condos, you will pay a lower price per square foot when compared to resale units. This means you will get a better return on your investment when you sell in the future. You will also have lower maintenance fees as the newer the building, the less repairs will be required.
You also have the benefit of saving money towards your deposit as you pay only a small amount up front when purchasing a new unit as most builders accept down payments in installments. Perhaps best of all you will never have to face the possibility of a bidding war, as is often the case in high demand areas where units are limited. You pay the price set by the builders with no chance of that price being raised following an offer like a resale.
Made to Order: When buying new, you will choose all your finishes adding upgrades such as flooring, countertops and appliances. You will be the first one to use all the appliances, and everything in the unit will be brand new. This goes for the common areas as well. Your lobby, parking, elevators and other amenities such as pools and gyms will be in perfect condition. Everything will be modern and in most cases state of the art instead of outdated and used. On the flipside, you really never get to see what you are buying until you move in, so you have to have faith the units will be as impressive as the showroom makes them seem!
Best Picks: When buying resale, you could wait forever to find your preferred view, floor level or configuration. Buying new gives you the units of your choice whether it’s a penthouse, lake view or lower level if you prefer it.
Ideal Investment: If you are considering a condo purchase as an investment, new is always best. First, you will be able to attract more tenants, as most people will prefer living in a new building over an older one. The amenities, etc. show much better and tend to be of a higher quality than older buildings. You will also be able to charge higher rent than you would in an older building as people will be impressed by the appearance of a brand-new unit.
Protection and Warranties: An older resale unit will have outlived any of the protection and warranties provided by the builder. With a new unit you will still be covered for any defects within the unit by the New Home Warranty Program, but more importantly you will also receive compensation should there be any delays as well as protection for your deposits.
On the down side you do have to wait for the condo to be built. Often you can move into the building when your unit is finished, but this could mean some inconveniences such as some amenities not being completed, not to mention noise and mess in common areas as construction continues. Delays can also occur which can be problematic if you give notice on your lease, or you have sold your current home with a closing date that can leave you out on the streets.
About: Rebecca Hill was community manager at Your Condos, who has a commitment to helping each client reach their unique real estate objectives within the marketplace.