Condos are perfect for first-time buyers or those looking to downsize, as buying a condo tends to be a much more relaxed real estate experience. Condo life provides residents with a convenient lifestyle and all of the amenities they need right outside their door.

If you are thinking of buying a condo in Toronto, here are three important questions to ask yourself:

What will your day-to-day life be like?

Imagine how you’ll spend your time in the condo. Where will you have your morning coffee? Where will visitors stay? To see the true potential of a unit, bring along a few family members or friends with you when you view it. Listing photography will always make a space seem much larger than it is, so this will give you a good idea of what kind of entertaining options you have.

What’s the view like?

When buying a condo in Toronto, the view can make or break the deal. If a unit you love has a great view, be sure to ask about any plans for future property development in the area. That empty lot or park beside your building might turn into another condo within the next few years, potentially changing the skyline and your unit’s resale value.

Why are you choosing a condo?

Condo life is very different from renting or buying a house. You are part of a community, which includes the opportunity to sit on a board of directors, but may also mean waiting for the elevator at 7:00 a.m. when everyone is off to work at the same time. At the end of the day, investing in a condo is investing in a lifestyle, so it’s important to be sure that it’s the right fit.

What is my budget?

Many buyers will choose to purchase a condo because it better fits their budget. Before you start your condo search, meet with a mortgage specialist or financial advisor to determine what you can afford. Keep in mind that there will be monthly condo fees, closings costs, and other additional expenses.

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