Four factors to think before buying luxury condos for sale

Immobilization is one of the most important decisions a person should take with great care and attention. You must think about a number of factors in search of luxury condos for sale in downtown Toronto, to make sure your investment is worthwhile enough.

From the search to the property, each step should take your personal requirements and current market trends into account. You can click here and learn more about the tips and what you must consider before buying your new home. However, here’s a rundown of the basic factors you must keep in mind before investing in a condo.

Location

Location is one of the most important things to take into account when buying any property. Families with kids would probably want a good school nearby, while working adults could like an MRT or LRT station, for example. Those who drive may want to make it easy for them to access main roads and highways.

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It is also important to locate a highrise in a neighbourhood. Some people want to have the comfort of living near a busy business area or even on top of a mall, while others might want a quieter residential neighbourhood. Properties in exclusive areas such as Bangar or Mont Kiara have a certain prestige but also a heavier price tag.

The neighbourhood and the vicinity

Remember that there is no bubble in your property. It is part of a larger community in which you will exist every day. In this respect, it is essential to find a neighbourhood that meets your needs before you buy. Is your big escapade that gives you all the peace of a lonely forest or tonnes of energy from a lively town centre? Would you like to walk every morning to the coffee shop or would you prefer not to confront potentially noisy neighbours? Whatever your heart wants, before you start the search, don’t hesitate to do your research.

Take a drive and, if possible, spend some time there. Go on a walk through the nearby park, eat in local restaurants. When you find areas you like, let your immobiliser know. He or she will use this information to show that you will feel comfortable.

School proximity and quality

In most cases, the value and market price of a luxury condos for sale in downtown Toronto  depends on the quality of the schools in the area. Good schools actually create more potential buyers and more offers. This is an important factor to consider when shopping for a condo, since you might want it in the future if you have no children now. The reselling value of the unit also helps to be close to good schools.

Downpayment

The down payment on an acquisition remains one of the greatest obstacles for potential buyers. Millennials, in particular, found saving a lump sum of money difficult. Not only did the millennial college graduate during one of America’s worst recessions, but they are saddled with debt from student loans. If that wasn’t enough, underwriting was harder to work with and rents prevented us from saving enough money for the down payment. In an effort to make payments more “accessible,” Fannie Mae and Freddie Mac announced their plans to back loans with down payments up to 3%. In addition, the FHA plans to cut the insurance premium. This move could make it much more affordable for purchasers to own a home.

On the other hand, however, you may purchase a condo in a great area and find that the school is either fully fit and your child is being transported to another district school, or your condo address may not allow your child to go to your favourite school because of several factors, including a low annual property tax.