Fall into value with a new condo
When it comes to new condominiums, the word “value” refers to how much you get for your money, both now and in the future. Of course, every buyer, regardless of circumstances and means, wants to get the most possible in the purchase of a new condominium. So, what are the elements that make up value?
I would say that location is first. Given the demand for condos in Toronto and the Greater Toronto Area, pretty much any location is perfect for someone. Many purchasers choose buildings in up-and-coming areas in order to get in before prices go up as new amenities and infrastructure are added. Others who have the wherewithal, choose to live in already established, prestigious neighbourhoods they know will always be desirable. The hot button nowadays is proximity to transit, and any condominium near or on a transit line is bound to sell quickly to buyers who realize the value in not having to own and maintain a vehicle to get around. Add to that easily reachable local shopping, parks, services, restaurants, schools and the like, and location takes on an even deeper significance.
Next, consider aesthetics. Architecture can have a huge effect on desirability – and fortunately, developers offer a range of styles to satisfy every taste from sleek and modern to contemporary and traditional. From the outside, a condo should feel like “home” to purchasers, so the exterior does make a difference. Today’s designs also include brilliant landscape plans that enhance the beauty and sustainability of the buildings.
Amenities are another consideration in the decision-making process for condo-shoppers. There is nothing more convenient than having wonderful common areas right in the building. These may range from retail venues on the ground floor to pools, party rooms, fitness facilities, lounges, libraries, theatres, rooftop barbecue and dining areas, pet grooming spots, and even golf simulators. Certainly, one of the best parts of living in a condo is having a simple elevator commute to access these attractive areas. Some condos go so far as to employ activity coordinators to help residents make the most of their “homes.”
And speaking of “home,” condo buyers (unless they choose completed inventory suites) have the privilege of selecting the features and finishes that will make them comfortable and appeal to their senses. Today’s choices are phenomenal, even when buyers stick to the standards. The quality and selection alone speak to value, both to end-users and investors. Even those who live in their suites benefit in the future when selling to move on. Lovely finishes that stand the test of time will always be selling features.
One more thing is to consider the developer’s reputation. There is a certain cachet inherent in buying in a building created by a company that has earned a reputation for providing value and excellent customer service. It is easy to research the history of developers, now that we have the Internet at our fingertips. Do some research and find out about the “pros” that add up to value. In the long run, you’ll make a value-packed new condo decision!
Barbara Lawlor is president and CEO of Baker Real Estate Inc., winner of the pinnacle 2017 Riley Brethour Award from BILD, and an indemand 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