Whether you own a condo or are looking to purchase a new condominium, it helps to know the actual worth. This will ensure you get a good deal on the property you are planning to buy or sell. With many luxury condominiums available for sale in Toronto, it helps to know what to look for so you can make an informed choice. Read on to learn how to figure out the correct pricing for your property.
Essential Aspects that Determine the Value of a Condo
- Region of the City
When it comes to the factors affecting the value of a luxury condominium, the neighbourhood is a crucial consideration. This is because of a variety of essential aspects, such as the availability of necessities, transportation, entertainment spots, community, and more.
The different facilities that come with the condo unit also influence the overall value. This is because most buyers look for additional conveniences such as a swimming pool, lounge, gym, garden, and more.
- Maintenance Fee and Extra Charges
Maintenance expenses impact your overall condo costs. This includes the price that you pay for using the building amenities and the upkeep of the common area.
- Availability of Parking Spaces
Another crucial aspect that increases the value of a condo significantly is the parking space availability. If your building has separate parking spots, its value may increase by around $25,000 - $75,000.
- Upgrades or Renovations
It helps to know that the fixtures and accessories installed by the builder help to set the condo apart from the other buildings in the region. Also, renovations enhance the overall value of older condominiums.
Other Minor Factors to Consider when Valuing a Condo
- Height or Floor - Buyers often pay more for the units that are located higher.
- Layout - Thoughtful building designs that offer more space will have more value.
- View - Building view affects the overall value of the condominium. It helps to know that the better the view, the higher the condo’s price will be.
- Corners - The price of the units that occupy a corner spot on a floor is higher as compared to others because they offer more privacy and different views.
The Davies Offers the Best New Condominiums in Toronto
If you are looking for new condominiums in Toronto, The Davies offers excellent condos in a great location. Each unit is thoughtfully and artfully designed to meet the varied needs of the buyers. It comes with a variety of amenities, such as 24/7 concierge services, a sophisticated lobby, rooftop lounge, and more.
For more information about our luxury condominiums for sale in Toronto, feel free to call us at 416-873-0862. You could also view our floor plans or fill out our online form to register us for more details.