Condo Market: With New Condos, The ‘Big Picture’ is a Masterpiece
Making decisions by looking at the big picture is wise, especially when shopping for a new condominium suite. Across Toronto and the Greater Toronto Area, you will find a myriad of amazing choices, locations and designs available. By North American standards, the appointments that come with our condos here in Canada are far and beyond what builders offer south of the border. Overall when you purchase new, you benefit from the latest design and construction standards, as Ontario Building Code is regularly amended to increase quality and energy efficiency.
As you shop for a new condominium, again, look at the big picture, then hone in on the details. Where would you like to live? “Location, location, location” became a cliché because it is so true, it is used all the time. Consider where you work, where your friends and family live, and places you like to frequent. You may base your location decision on being fairly close to any or all of these. Then again, purchasing for less in an up-and-coming neighbourhood that is a little farther out may well be worth the money you save over the course of your amortization.
Of course price is a big factor in your big picture. Be sure to look at prices realistically, and be fair when you compare. What does your purchase price include? Check which appointments are standard and which you will have to upgrade. The developer may be offering incentives that include upgrades or price reductions.
Next, look at the buildings you are considering from the outside-in. Do you like the architecture? Will the building make you feel “at home”? And amenities – do they satisfy your personal lifestyle and add to your future resale value? Thinking ahead is a great idea, because at some point, sometime, you will likely want to sell for whatever reason. If you are an investor, that’s even more reason to look at the big picture wisely and compare fairly.
One of the most exciting things about buying new is the colour selection appointment. This is where you choose the standards and upgrades (if desired) that transform your surroundings to reflect your personality and tastes. If you do decide to spend extra for options and want to maximize your potential return-on-investment, look at what the experts say: focus on the kitchen and bath(s) first. The breadth of the selection is remarkable. Among the tantalizing choices you will find items such as quiet self-closing drawers, wine fridges, pasta water taps, cabinetry with glass fronts, cornice moulding, extended islands, you get the detailed picture. And in the bathroom, with soaker tubs, marble flooring, rainwater showerheads and more, you can turn your ensuite into your own personal spa.
New home shoppers in the Greater Toronto Area are among the luckiest in the world. So, enjoy your shopping, consider the details and remember the big picture. Then place yourself into it in a beautiful new condo.
BARBARA LAWLOR is president and CEO of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com