You know that old adage "it's what's on the inside that counts?" Well that may apply to new acquaintances, but nothing could be further from the truth when it comes to buying a condo. Whether you're buying a Toronto or GTA condo as an investment or as your primary residence, you need to think about factors beyond square footage.
My clients are often surprised when I encourage them (or even offer to give them a tour of the neighbourhood) before they make an offer on a property. And even for the savvy investor, what surrounds your condo building has significant ramifications on the likelihood of an increase in value, and even more so on the ease with which the property will be rented.
Here's an initial checklist of what to look for AROUND your condo building to maximize value and lifestyle, with points for both investors (who don't plan on living in their units) and condo buyers buying for themselves. For more detailed information, please feel free to contact me, or attend my free seminar.
1) TTC or transit accessibility, and access to major highways. While this point may seem more obvious to condo buyers buying for themselves, it's just as important for investors. Occupants of all kinds need access to transit, and ideally access to major highways as well. Review a transit map, find the nearest subway station, streetcar/bus stops and drive the access routes to the highway to figure out whether or not you're ideally situated.
2) Parking. Whenever possible, it's preferable to purchase a dedicated parking spot when you buy a condo (see forthcoming post on this subject). Even if you don't drive, future occupants are likely to, and this is important for resale value. In addition, if the building doesn't have many visitor parking spots (your realtor can find this out for you), review nearby parking options including pay lots and metered street parking. This may seem like a triviality, but has become an issue for some of my clients as more and more people become aware of their parking needs, and learn what questions they need to ask before buying or renting.
3) Essential amenities. Wherever possible, look to purchase in an area with established essential amenities nearby. Essential amenities include grocery stores and pharmacies; any provider of items or services you need on a day-to-day basis. For many occupants and renters, this can also mean take-out restaurants and entertainment options. Make sure you review your lifestyle needs if you're buying for yourself and assess whether or not the area is up to snuff. For investors looking to rent out their properties, ensure you have a strong grasp of the demographic you are looking to attract, and have your realtor review with you whether or not the area is a match for their needs. For example, there's no use purchasing a three-bedroom unit with the intention of marketing to young families only to find that there are no grocery stores nearby.
4) What's being built around your building. In downtown Toronto, sometimes your best buy is in a newer building, and this can sometimes mean that there isn't much built around your building yet. This is not necessarily a deal breaker. Consult your realtor and get him/her to find out what the areas around your building are zoned for, and what plans have been approved for the area. Even if your neighbourhood lacks a diversity of essential amenities, if more condo buildings will be built around you, it's very likely that more stores, restaurants and entertainment options will be built along with those condos. It may be a bit of a waiting game, but you may see an appreciation in value if you buy in a less developed area.
5) Proximity to fire and police stations/hospitals. Only a select few value being close by to emergency services. I advised a client of mine to steer clear of a building built across the street from a fire station, and his chief complaint about his previous residence was the noise. The same goes for condo buildings built in active nightlife areas - make sure you take into account that the happening bar that you think will become your new local may also blast music into the wee hours on the nights you're home with the flu.
6) School zones. Statistically, most condo buyers, and to a lesser degree renters, are either singles or couples. But for those who have children, or for investors who are renting large multi-room units, looking at school zoning is essential. How far away is the nearest elementary school, middle school and high school? Are these within walking distance, and is the building and school in an area that is safe for children to walk unaccompanied?
7) View. The view you have today from your condo window is unlikely to be the same one you have a year from now. Development in Toronto continues at an aggressive rate, and shows no signs of slowing down. Unless you are right on the waterfront, or all the property around you has recently been built up, assume you are going to see a lot of changes in the near future. You should also note any cranes or other signs of construction, and read all of the zoning amendment signs (white placards with black type usually attached to fences or the outside of existing buildings). Do not bank on your view adding substantial value over the years - assume that view will change.
At the end of the day, the very best condo unit in the very best building will not make the neighbourhood. Without a neighbourhood that serves your needs (or those of your renters) you could be making a poor decision. As in any real estate scenario, the more you know, the better - so do your research, find an experienced realtor, and take your time.
Want to learn more? Beyond a simple overview and how-to, join me for an in-depth seminar on condo buying in Toronto and the surrounding suburbs on July 22nd at The Spoke Club. Get your questions answered over cocktails. To RSVP, use our Facebook event page or email my team at events@darrylflowers.com Looking forward to meeting you!
Can't attend the seminar, but have questions? Email me directly at darryl@darrylflowers.com for no obligation advice on buying and selling condos and other properties in Toronto and the West GTA.
My clients are often surprised when I encourage them (or even offer to give them a tour of the neighbourhood) before they make an offer on a property. And even for the savvy investor, what surrounds your condo building has significant ramifications on the likelihood of an increase in value, and even more so on the ease with which the property will be rented.
Here's an initial checklist of what to look for AROUND your condo building to maximize value and lifestyle, with points for both investors (who don't plan on living in their units) and condo buyers buying for themselves. For more detailed information, please feel free to contact me, or attend my free seminar.
1) TTC or transit accessibility, and access to major highways. While this point may seem more obvious to condo buyers buying for themselves, it's just as important for investors. Occupants of all kinds need access to transit, and ideally access to major highways as well. Review a transit map, find the nearest subway station, streetcar/bus stops and drive the access routes to the highway to figure out whether or not you're ideally situated.
2) Parking. Whenever possible, it's preferable to purchase a dedicated parking spot when you buy a condo (see forthcoming post on this subject). Even if you don't drive, future occupants are likely to, and this is important for resale value. In addition, if the building doesn't have many visitor parking spots (your realtor can find this out for you), review nearby parking options including pay lots and metered street parking. This may seem like a triviality, but has become an issue for some of my clients as more and more people become aware of their parking needs, and learn what questions they need to ask before buying or renting.
3) Essential amenities. Wherever possible, look to purchase in an area with established essential amenities nearby. Essential amenities include grocery stores and pharmacies; any provider of items or services you need on a day-to-day basis. For many occupants and renters, this can also mean take-out restaurants and entertainment options. Make sure you review your lifestyle needs if you're buying for yourself and assess whether or not the area is up to snuff. For investors looking to rent out their properties, ensure you have a strong grasp of the demographic you are looking to attract, and have your realtor review with you whether or not the area is a match for their needs. For example, there's no use purchasing a three-bedroom unit with the intention of marketing to young families only to find that there are no grocery stores nearby.
4) What's being built around your building. In downtown Toronto, sometimes your best buy is in a newer building, and this can sometimes mean that there isn't much built around your building yet. This is not necessarily a deal breaker. Consult your realtor and get him/her to find out what the areas around your building are zoned for, and what plans have been approved for the area. Even if your neighbourhood lacks a diversity of essential amenities, if more condo buildings will be built around you, it's very likely that more stores, restaurants and entertainment options will be built along with those condos. It may be a bit of a waiting game, but you may see an appreciation in value if you buy in a less developed area.
5) Proximity to fire and police stations/hospitals. Only a select few value being close by to emergency services. I advised a client of mine to steer clear of a building built across the street from a fire station, and his chief complaint about his previous residence was the noise. The same goes for condo buildings built in active nightlife areas - make sure you take into account that the happening bar that you think will become your new local may also blast music into the wee hours on the nights you're home with the flu.
6) School zones. Statistically, most condo buyers, and to a lesser degree renters, are either singles or couples. But for those who have children, or for investors who are renting large multi-room units, looking at school zoning is essential. How far away is the nearest elementary school, middle school and high school? Are these within walking distance, and is the building and school in an area that is safe for children to walk unaccompanied?
7) View. The view you have today from your condo window is unlikely to be the same one you have a year from now. Development in Toronto continues at an aggressive rate, and shows no signs of slowing down. Unless you are right on the waterfront, or all the property around you has recently been built up, assume you are going to see a lot of changes in the near future. You should also note any cranes or other signs of construction, and read all of the zoning amendment signs (white placards with black type usually attached to fences or the outside of existing buildings). Do not bank on your view adding substantial value over the years - assume that view will change.
At the end of the day, the very best condo unit in the very best building will not make the neighbourhood. Without a neighbourhood that serves your needs (or those of your renters) you could be making a poor decision. As in any real estate scenario, the more you know, the better - so do your research, find an experienced realtor, and take your time.
Want to learn more? Beyond a simple overview and how-to, join me for an in-depth seminar on condo buying in Toronto and the surrounding suburbs on July 22nd at The Spoke Club. Get your questions answered over cocktails. To RSVP, use our Facebook event page or email my team at events@darrylflowers.com Looking forward to meeting you!
Can't attend the seminar, but have questions? Email me directly at darryl@darrylflowers.com for no obligation advice on buying and selling condos and other properties in Toronto and the West GTA.
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