I think I have a fundamental problem. Once some issue enters my head I need to resolve it, get to the bottom of it all, else cannot sleep well or rest. The house dream transformed into one such issue for me almost overnight. I mean it was a big mystery to solve. And I had no clue what to do at all.
I must say that over the years I have had the pleasure of having stayed in basements, Student residences, a good condo, the upper level of a furnished house and the main level of a house too. And of course I had visited many people and seen their lovely homes to know what a good home means.
Downtown/Lakeshore Condos:
I started helping out a dear friend buy a condo. So I shall start with my condo experience.
I am all of 34 years old. My first dream was to have an amazing condo with a sprawling view of downtown. But I work in GTA north. So the commute from downtown Lakeshore would have been a pain, even though some Lakeshore condos looked good and seem to be selling for reasonable prices right now (March-April 2009). For example, a 2 BR/2BA with hardwood floors and upgraded SS appliances was listed for 280K. That seemed reasonable given the prices midtown. I saw a couple of good condos at Jarvis/Wellesley but I personally don’t have much for that area so downtown/Lakeshore condos were ruled out quickly.
Yonge St/North York Condos:
I have always had a soft corner for the Yonge ST condos. I am not talking the million dollar ones at St Clair, but the normally affordable ones at Yonge/401, Yonge/Sheppared and Yonge/Finch.
There were a couple of condos at Yonge/401 listed at 289K. This was almost a very nice deal but still seemed overpriced to me. The RE Agent would always push us hard to get the deal through – but please remember – this being a buyer’s market you the buyer need to be firm and clear. There is no point for any confusion. Either you really like the place or you don’t. Please don’t get impatient and give up on your search based on pressure from your agent. There is no obligation here.
The agent typically displays a lot of patience the first visit. He will usually pull off some impressive gimmicks on the first introductory showing day, professionally showing you about 7 condos quickly after scheduling things prior to that day. He might hand over some fancy brochure and a printed list of the condos he is about to show you. But trust me, this is the basic thing he has to do. What is most important is – how patient he is, how much information he is willing to share with you, how easy going is he wrt showing you one condo after another without rushing things, what kind of useful information does he share regarding the condo you just visited (these agents have shown the condos a thousand times, they have visited that building 10000 times, don’t tell me he doesn’t know the pros and cons of the bldg – the question is how forthcoming he is with all his information and knowledge based on your needs and profiles). Just brush all unnecessary things aside and focus on the job in hand – which is to look at the condo and nothing else. Just see if it suits your lifestyle and your budget first.
Typical things I noted down for condos were:
- There are different layouts within the same building. So if the agent ever says they are all the same here, say you still want to look at the condo in question
- Look at the list price first
- Look at the monthly maintenance fee for your condo
- Look at whether Hydro, Utilities, Heating etc. are included in the monthly fee for your condo
- Look at the age of the building – most buildings in the Yonge ST/Sheppard area are 8+ years old now. This means that maint fees will only go up. If you plan to sell/flip your condo in 4 yrs time it means your maint fee will likely be 600 or 650$. Do you think someone will buy your condo at that time? This maint. fee is a steady outflow in monthly cash which is never going to come back to you.
- What facilities does the building/management offer. When you go for a showing, the agent may not show you the party room, the gym, the pool and typically there will be one security guy at the concierge who would say he can’t break free from his desk. Well too bad, that is not your fault. It is the responsibility of the agent to arrange for that. You as a buyer should be fully aware of the facilities in the building and should see them first-hand. How else can you make an informed decision when investing 300K of your hard-earned money?
- Agents might rush you through the showings. Just put your foot down beforehand and tell him/her upfront that you need time. You need time on your first visit to note down things inside the condo and you should take your time. The agent would typically push you saying there are other interested parties so you need to decide within 4 hours if you want the condo or not. Well tell him to go to hell. You cannot take a decision in a few hours time and you should not do that. There are thousands of condos available in Toronto/GTA and you will find one sooner or later.
The condos at Yonge/Sheppard and at 401 have a variety of layouts and facilities. A few are directly connected to the Subway. That is a huge plus when renting out your condo or on resell. Some like the Empress Walk have direct access to the mall, Future Shop and no wonder Empress Walk is one of the best condos in the area with a relatively low monthly fee. On the downside this building does not have any good extras or facilities so you cannot have a pool, rec room etc.
You should get an agent and at least see 15 different condos before taking the next step. This might get boring, repititive, your agent might start getting pissed, your spouse might run out of patience, your job might start heating up – but you need to do these dry runs. During this phase my advice to you would be to not put down any kind of an offer no matter how much you like a place. No matter what. Just increase your knowledge of the buildings, the area and the condos in general.
This will help you zero down on the building you like. You need to know if you can walk to the subway from the building, how much time it would take you on a week work morning, what kind of people you see entering and leaving the building, what is visitor parking like out there (you are bound to have people visiting once you move in), what is monthly maint fee like in the building – you should note everything down.
I used to be fascinated with condos till I completed this exercise. I was bowled over by the fantastic views from the top floors at Harrison Blvd at Yonge/401. But gradually I understood that the corner units have a different kind of layout which not all couples/families can work with. The noise from 16 lanes of the 401 can be a major pain-point too. During your first visit you will never find that to be annoying. But pause and imagine yourself in cramped 700 sq.ft of space moving about in circles. The great view can only get you so far. You will need to open the windows in peak summer. The highway noise could drive some nuts. Is it worth it then? You need to think far at that point. A lot of things that otherwise would be considered painful, will be ignored by the first time home buyer especially on the first few visits when the most ordinary of condos can be made to look good by simple staging.
So look, look and continue to look with wide, open eyes. If the agent says there are others who are going to put an offer, let them go ahead, especially if you feel the unit is overpriced. Do not rush.
So with the first visits to a few of the buildings in the neighbourhood increase your knowledge of the condos you like, the building and the neighbourhood. And try to move towards a clearer vision of the condo structure, layout and the building you like.
