Thinking of buying a condo in Toronto? Many first-time condo buyers are keen on buying a newly-constructed condo over old ones. It is only human nature to gravitate towards newly-built condos as they offer features and amenities that can’t be found in older condominiums. However, the price of a new condo might be several notches north of what you might pay to buy an old unit.
While first-time condo buyers can be easily swayed to invest in a new and exciting condominium project if it falls within their budget, there are several cost-defining factors that one must consider to determine if the price of the new condo unit is justified.
Things to consider before buying a new condo:
Neighbourhood: Location is one of the key aspects that can influence the price of a condo unit considerably. Buying a new, lake-facing condo unit on the 40th floor in Downtown Toronto will probably cost you a lot more than buying a new condo in North York. If the view from the property or proximity to work/school matters a lot to you, then paying more for the location of the condo may seem worth it.
Condo Type: Smart designs and unique layouts that make a condo stand out from the crowd, have a huge impact on the cost of the unit. Modern lofts, circular rooms, exposed brick designs are some of the cool features that can cost you extra compared to traditional condo designs. If you are big on the uniqueness factor of a new condo, then it might make sense to drop more money for it.
Amenities: Pool, gym, in-suite laundry, and parking space are some of the most common amenities that most modern condos offer these days. But there are a few condominiums that provide additional facilities like saunas, pet baths, library, recreational room, etc. If you feel that you need more amenities than what’s generally offered in standard condo buildings, then it may seem a good deal to pay a little extra and buy that fancy condo you’ve been eyeing for a while.
Facade of the Building: External appearances matter a lot in this materialistic world. And condominiums are no exception from being scrutinized for how they look from the outside. Many young condo buyers prefer condominium facades that are unique in designs and boast a classy finish. Most of us want to live in majestic glass towers that look stunning from the outside as well. If you are one of those who judges a condo complex on its external appearance, you shouldn’t mind paying a bit more for buying a unit in one of the many stunning condominiums in the city.
Finishes: The finishing of the condo unit can also impact the final sale price. If you want hardwood floors over laminated or carpeted flooring, and want your kitchen to be adorned by granite/marble countertops, then you’ve got to pay extra for the smooth finish of the unit.
In conclusion, it is important to understand that the final cost of the condo is influenced by the aforementioned factors. Thus, one must carefully analyze their needs and understand what they are paying for before investing in a brand new condo.
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