New condos are a great option for first-time home buyers, especially those on a budget. These units are usually significantly less expensive than single-family homes. New condo buildings are also typically located close to amenities, like restaurants, retail, and public transportation. These developments are great for those who want to be close to a busy downtown core or a trendy neighborhood. Here are some important things you should know before buying new condos in downtown Toronto.
Disadvantages of owning a condo:
Owning a condo offers many advantages, especially for first-time homebuyers. Not only do you get to live in a community with many other people, but you also get the convenience of not having to worry about yard work or gardening. In addition, a condo is typically less expensive than landed property.
The maintenance involved in owning a condo:
Owning a condo comes with its share of maintenance responsibilities. Although the condominium association will take care of some common elements, most maintenance responsibilities fall to the condo owner.
Common elements in a condo unit:
When you buy a condo unit, you’ll be given rights to certain common elements. These include the right to use the parking spaces, storage units, balconies and patios, and the use of air conditioning and plumbing lines. The right to use these elements is tied to the unit’s ownership, but there are restrictions. The condominium act requires the unit’s declaration to spell out what’s included and excluded.
Rules set by the homeowners association:
The homeowners’ association (HOA) rules are designed to keep the community in a certain look and feel. Some of these rules are clear, but others can be confusing. For example, your HOA may have rules about landscaping, while some may require an examination of your property. You should also be aware of any changes in the rules, as they may not be announced until it’s too late.
Cleaning common areas:
While most new condos have in-house staff members who can handle daily cleaning, many areas still need to be sanitized regularly. These include floors, hallways, and common areas. It’s important to know how to clean these areas to remain clean for residents properly.
Proper ventilation is a critical component of good air quality. According to a famous engineering and consulting firm, stale air can contribute to allergies and odors. It can also cause other health issues.