Top 4 Mistakes When Buying a (Resale) Condo in Toronto [Part 1]

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#1. Not actually looking at your parking spot and locker:

Every client asks me if a condo that’s listed for sale includes a parking spot, or how many parkings spots, and/or a locker.

But very few actually ask me to see the underground parking spot or locker.

Usually I have to suggest it to them, and they say “oh yeah-good point”.

And on this topic, if the condo does include more than one spot are they beside each other or near each other?

Depending on the age of the building the actual size of the spot might vary.

The older buildings used to provide much larger parking spot to accommodate the larger cars.

The newer buildings tend to have smaller or tighter parking spaces so they can squeeze more spots into the underground lot for sale.

Here’s another tip very few people think about.

The Toronto MLS listing might indicate the parking spot number(s) and locker number.

But when you get the Status Certificate it will indicate the legally registered parking spot number(s) and/or locker numbers for the actual unit you are thinking of buying.

The tip is to make sure the legal parking spot number(s) and locker numbers are in fact the numbers you saw in the MLS listing and you looked at when you went to see the property.

For more information on a Condo Status Certificate check out my post called: “What Is a Condo Status Certificate & Why It’s So Important!”

Some of you might even notice that if you buy a pre-construction condo in Toronto these days and want to buy a parking spot with your unit, the developers actually offer the choice of full-size spot vs. compact spot (at a different purchase price of course).

If you are thinking of buying a condo in Toronto and want to talk more about how to do it safely and smoothly … I’m always happy to chat.  Just get in touch with me by email or phone.
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