Deciding where to live is usually a function of what sorts of jobs are available in the area. If you are looking at a buying a condominium or loft, Toronto may very well be the perfect city for your next real estate transaction because the city is practically unparalleled in terms of job opportunities. When looking at condos and lofts it can be helpful to know a little about how to choose a condo or a loft and what to expect from apartment buildings and realtors. For that reason, we've compiled this advice page.
Condo vs Loft
The main difference between a condo and a loft is that lofts are generally big open spaces with high ceilings and no partitions. In some lofts for sale sleeping space is on a separate half-floor accessed by a ladder, but there are no interior dividing walls so they can be noisy and lack privacy, especially if you have a roommate. Condos, meanwhile are apartments (generally 1-bedroom or larger) that are purchased. As opposed to lofts, condos are generally looked after by the resident instead of a building superintendent, which can be a pain if your pipes spring a leak.
Renting vs Buying
While real estate agents will probably try to convince you it's better to buy than to rent (which, from a purely financial standpoint, is true) but you should consult your own needs before making that decision. If you're entering into a five-year term at a company and planning on staying in the city afterward, by all means buy, but if you're not sure what the future holds, it would be better to rent until you are.
When you're looking for a condominium for rent you may find yourself inundated by offers of luxury features like laundry services, movie theatres, rooftop gardens, and fitness centres. It's therefore important to make a list of what you'll be needing (for instance a parking spot, if you have a car) as opposed to what you would like so you can pare down the extensive list of condo buildings in your realtor's offerings.
If Toronto is a new market for you, don't be temped to go it alone. This is an amazingly complex city with any number of legal webs you can get caught in while searching for an ideal condominium. You won't know which prices are reasonable for downtown and which prices are reasonable and why you might want to choose one or the other. You may also be tripped up by hidden fees for everything from mandatory membership in the building homeowners' association to city title transfers if you're not familiar with local bylaws and the legalese of your purchase contract. Therefore it's best to have someone on your side. Hire your own realtor for the best possible deal. Don't rely on the seller's agent because they have no loyalty to you.
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