Adding value to your Toronto Condominium
People use to buy a Toronto condominium because they didn’t want to deal with the hassle of maintaining a house and the grounds that came with it. Condos in downtown Toronto also allowed the owner the flexibility to be able to travel without worrying that anything would happen to the property while they were away (break-ins, damage, etc..) Convenience and lifestyle were the main reason for buying a Condo in downtown Toronto. However buying a condo is now, for most the only affordable choice to live in the centre of the city.
Whether you are buying with the intention of living in the condo for a long time or are purchasing a downtown Toronto condo as an investment, there are ways to increase the likelihood of getting the best resale price when selling. When purchasing a house, the advice was: “buy the ugliest house on the nicest street and fix it up”. This was a sure fire way of getting the highest price when it came to selling down the road and gave you a very good return on investment for the work you did when you fixed or renovated the home.
How can we take this same advice and apply it to the purchase of a Toronto condominium? The first and most important thing to consider when buying a condo is LOCATION, LOCATION, LOCATION. When buying a downtown Toronto condo, there are many variables that make up the “location”.
There is the obvious need to buy in a good and growing location in downtown Toronto, BUT when buying a condo you need to see the location WITHIN the building as an important factor too. What floor you purchase on and which direction should your suite be facing? Is yours a corner suite or sandwiched between two other suites (as this will impact the selling price of your downtown Toronto condo)?
Your NW corner suite could sell faster and for a higher price than a SW facing suite in same condo depending on factors that impact the view and amount of light the condo receives. If the SW facing suite faces into the back of another Toronto condo which blocks the sun and view, while your NW facing suite has a clear view of the city as well as beautiful sunsets , you can be reasonable sure that your NW facing Toronto condo will sell faster and for a higher price than the SW facing suite.
It is vital that you buy the right suite, in the right Toronto condo from the outset to increase the odds of getting a better price when it comes to selling. Not all downtown Toronto condominium buildings are created equal, so working with someone knowledgeable in the downtown Toronto condominium real estate market makes all the difference.