If 2015 is your year to enter the Toronto condo market, then you know that after choosing location and setting a budget, deciding on the layout and size of your suite is the most important choice you’ll make in the process.
Take a visit to the Art Shoppe Presentation Gallery on Yonge Street, and you’ll see it’s not difficult to find smartly designed loft, tower and penthouse units, but it might be harder to know which one to select based on your lifestyle and preferences. Our sales team, lead by Eric Kuzuian at PSR Brokerage, has some tips to consider when reviewing floorplans with us at Art Shoppe Lofts + Condos.
The Big Question
Are you looking to live in the unit or purchase as an investment? Although many purchasers are buying as a primary residence, pre construction condominiums are an attractive buy for real estate investors. “Once we have an answer we know where to guide them,” says Kuzuian. “We find investors sometimes come in thinking of how they would live in the unit, which isn’t the right approach. You need to remove the emotional side and consider what it will rent out for each month – it’s more of a numbers angle.”
Stick to a Budget
Affordability is number one, says Kuzuian. “Purchasers get excited selecting a suite size and looking at features and finishes, but you should never over leverage,” he says. Be sure you can get pre approval on a mortgage, close on the condo and carry costs like maintenance and utilities afterwards. From there purchasers can find a suite type and size that fits into their budget, and then pin point things like outdoor space and views.
Think Long Term
Ownership timelines and lifestyle preferences are key factors to keep in mind when selecting a floorplan. “How long do you see yourself living here?” says Kuzuian. “If the place is a stepping stone or if it’s where you’ll be retiring we guide purchasers on how to make it work.” Things like purchasing a parking spot if your unit qualifies is always a smart decision for resale value. “Figure out how you’re going to use your place,” says Kuzuian. Do you often have out of town relatives coming to stay or do you mostly work from home? A second bedroom would probably make good sense. Like to cook and entertain? A kitchen island and open concept space would work well for dinner parties. “Think about what you need most of the time and go from there,” says Kuzuian.
Ready to make your visit? We look forward to seeing you at our Presentation Gallery at 2131 Yonge Street. Be sure to share you visit with us on Facebook and Twitter #TheArtofChange.
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