Whether you want to live in it or are looking to rent it out, investing in a new condominium in Toronto is an excellent idea. While people may have differing opinions on choosing to live in a condo, it is essential to know about the condo myths and misconceptions so you can make an informed choice. Read on to learn about the widespread condo-buying myths, so you don’t fall for them.
7 Myths About Buying a New Condominium in Toronto
- Condos are Expensive
Most people believe that luxury condos for sale in Toronto are high-priced. It helps to know that the price of a unit depends on a variety of factors such as the location, floor, amenities offered, and more. Also, when you compare it to buying a townhouse in a prime locale, investing in a condo is a wiser choice.
- It is a Risky Investment
Contrary to popular belief, investing in a condo is a wise choice. This is because its value may increase significantly in just a few years. In addition to this, you can turn it into an office space and receive high ROI in the form of rent money or sale proceeds.
- Condominium Units are Small
Condo units are available in many sizes. They are designed to maximize space and use the area wisely. Condos are not only about form but are also functional. In addition to this, you can incorporate space-saving designs that meet your needs.
- Condo Fees are Needless and Expensive
Condo communities have maintenance fees to cover a variety of expenses, such as the use of shared facilities, garbage disposal, security, and more. They help ensure you get the convenience, comfort, and safety you desire, and the building is well-kept.
- You Have to Follow Strict Rules
Condos have general rules about keeping pets, parking spaces, waste segregation, use of elevators, house parties, and more. These rules allow you to live peacefully in your unit and protect the privacy of the residents.
- Condominiums Are Only for Single People
Buyers often assume that condos are only for singles or young people who prefer modern living. Although they are popular among the younger demographic, luxury condominiums come with amenities and security facilities, making them perfect for families and the older population.
- Condos are Not Suitable for Long-Term Living
The units have sound architecture, are equipped with the latest technology, and the building is maintained regularly. Also, you are free to make improvements, including painting and redecorating the interiors as per your needs. This is why condos are perfect for long-term living.
We Offer Luxury Condominiums for Sale that Meet Varied Needs
Buying a condo is a critical decision that requires you to consider a variety of aspects without falling for the widespread misconceptions. At The Davies, we offer artfully designed new condominiums in Toronto with excellent amenities for a comfortable life. Our upscale luxury condos are a perfect blend of sophistication and functionality.