Is Buying a Toronto Condo Really Worth the Investment?

Condos are quickly becoming popular with many first time home buyers, as well as people who are looking for an alternative to renting in Toronto. Rental rates have skyrocketed in recent years, to the point where average monthly housing payments are now slower than average monthly rental rates. A condo gives you the best of both worlds – you live in an apartment-like setting, but own the unit, like you would a traditional detached or semi-detached home. Once the home is paid for the only monthly housing costs you will have to continue to pay are homeowner association fees/maintenance fees, property taxes, and insurance. Other benefits of purchasing a condo include:

No Maintenance – You monthly fees cover the costs to pay someone else to upkeep the grounds, building, and structural components of the property. Some condo owner fees also include specific items in your home, like your heating and cooling system. Extra Amenities – You gain access to a host of amenities most traditional homeowners do not get to enjoy. From a heated swimming pool, private playground, and fitness centre to community sponsored events, like game and movie nights, you can partake in as many of the the amenities offered by the condo community you want for free.

Condos Cost Less – Condos are more affordable when it comes to purchasing a home. There are a great investment for individuals, first time home buyers, people looking to downsize in to a small home, and small families.

Better Security – Many condo communities include security features, like gated entrances, onsite security guards, doormen, and alarm systems in each unit. In addition, you have plenty of neighbours around in the event you have an emergency and need help. Condos can be a great investment if you are looking to get out of paying higher rental rates. In addition, you own the home, which you can later resell or even rent out.

Buying Newly Constructed versus Already Built Condos

When shopping for a condo, there are bargains to be found. Oftentimes, it can be less expensive to purchase an older condo and renovate it rather than buying a newly constructed condo. With newly constructed condos, you are limited to the design palettes selected by the developer and builder. If there are certain aspects in the new unit you do not like, you are stuck with them until you take ownership, and then have to pay even more to renovate it. For instance, you might find an older condo with a discounted sales prices. Even if you do not like the current décor, but do like the floor plan and amenities, you do have the option to renovate the condo and redesign the interior to your liking. Condo renovations in Toronto give you the flexibility to transform rooms into a beautifully finished condo.

You are free to choose from a wide range of design palettes and decide which spaces you want to renovate. You can renovate spaces one at a time or do a complete condo renovation. Additionally, some lenders will allow you to finance the renovations into the purchase price of the condo, so you will have the money needed to redesign the condo after you take ownership of the unit. To see what customizable condo renovation options are available, contact Turn-Key Projects today at 416-414-9298. All of our renovation prices include your own project manager, and we can even provide financing.