Can You Afford One

If you're a real estate shopper looking for a property in Toronto, condos seem to be gaining in popularity. There are plenty of beautiful Toronto condos featured in the Toronto waterfront real estate listings guide. Of course you don't have to get a waterfront condo. You can get a condo anywhere you'd like in Toronto. While you might be in the market for condo, a condo might not be in your future.

Why? Money. Toronto condos can be quite pricey. If you really want to be a condo owner, the question you need to be asking yourself is: can you afford a condo? It's a simple question that might not have a simple solution. It's not just Toronto condos that are pricey. Anywhere you go, you'll find that condos are expensive. Montreal or Vancouver markets have just as pricey condos as Toronto. An average downtown condo, either on the East side or West side, in Toronto is around $200,000. While a high end luxury condo could cost you millions of dollars.

In addition to the purchase price of a condo, there are other fees that you need to ask about before buying. Some are included in the purchase price but all condos are different. One condo you look at might include amenities like pools and parking as part of the purchase price but others might not. A luxury home with a pool won't require extra fees for the pool but a condo might. You also should see if things like finishes within the condo unit are included in the purchase price. Also, see if utilities are included in the monthly condo fees or if you have to pay extra for those. These are all important factors to consider.

You might also want to think about your future when deciding that you want to purchase a condo. While there are many luxury condos with plenty of living space, is it a location that you envision yourself living in in the future? You might not need three bedrooms or two bathrooms at the moment but maybe you will in the future. Especially if you decide to start a big family. The next time you're out condo shopping and happen to walk by a house for sale , you might want to consider your decision and what effects it might have on your future.

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