Ins and Outs of Purchasing a Condo

Real estate prices are continuing to rise across Canada, which causes stress for many people who are planning to buy or rent a condo. The rise in urban and condo living can be attributed to people wanting to live downtown in an area with low-maintenance and where they have access to all their necessities. Here are some tips to consider before purchasing a condo:  

Before You Start:

  • Hire a professional real estate agent to assist you in the buying process.
  • Hire a credible real estate lawyer.
  • Explore the financial requirements that will determine how much your mortgage will be.
  • Meet with your accountant to determine how much extra money will be required for closing costs, moving, land transfer tax, and lawyers’ fees.

On The Hunt:

  • Consider different varieties of condo styles: low-rises, high-rises, with or without amenities, such as doormen, laundry or gym facilities.
  • If you are purchasing a condo unit from a floor plan, which is quite common place, be sure that you are fully aware of all dimensions and understand the layout of your condo
  • Inquire about the builder and developer of the condo you are interested in. Are the occupancy dates on track? Have they been for their condos in the past?
  • Purchase the largest condo you can afford. Studios and one-bedrooms are difficult to re-sell.
  • Visit the area the condo is located in at different times of the day and evening. This will help you decide if the area suits you and your lifestyle.
  • Choose a pleasant view. This will not only make day-to-day life more appealing, but will help with the resale value in the future.
  • Consider the southern exposure, though it provides light and warmth, it may be too hot in the summer.
  • Avoid a condo unit that overlooks the garbage pick up area or entrance.
  • Avoid a condo unit that overlooks incoming traffic.
  • Avoid a condo unit that is beside or across from an elevator.
  • Having a parking space is recommended. If you don’t drive a car, you can consider renting it out.
  • Having a locker is recommended because there is usually not enough storage space in a condo.

Home Suite Home:

  •  Ask about visitor parking and how many spaces are available.
  • If the condo you are interested in is a resale, examine the appliances and the wear and tear on the suite.
  • Examine the condition of the condo. Pay attention to areas such as the aroma, lobby, and common areas such as hallways and stairwells.
  • Find out who the occupants of the building are: whether most of them are owners or tenants. Owners are preferable.
  • Find out the monthly condo maintenance fees and what they include and don’t include.
  • What are the property taxes? Are they included in the maintenance fees?
  • Talk to other owners and ask about their experience in the building.

Making an Offer:

  •  Visit the condo suite at least twice if possible before making your offer.
  • Know what comparable suites in the building and in the area have sold for.
  • When it comes to the offer price, listen and discuss it with your real estate agent.
  • Once you are ready to make your offer, make it conditional that your lawyer is able to review the Condominium Documents and Status Certificate.


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Hans Taal  Hans Taal

  Passionate About Real Estate. Devoted to My Clients.

  Sales Representative
  467 Speers Road
  Ontario, L6K 3S4
  Direct Line: 905.339.5270  E-Mail:





Hans Taal

Hans Taal

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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