cabbagetowner
Active Member
Figure out what the units will rent for. that's a good place to start.
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- Thread starter piggal23
- Start date
piggal23
New Member
Thanks you guys. I have added more information for your further comments. Now this time I replaced 3) with a new one for better comparison.
1) Yonge & Charles street - 500 + 75 balcony sq fts around 300K + NO parking + $210/m maintenance fee ( one bedrm condo + balcony )
2) Yonge & Finch - 600 sq fts around 270K + one parking + one locker + $200/m maintenance fee ( one bedrm condo with balcony)
3) Yonge & King - 550 sq fts around 255K + one parking + $640/m maintenance fee (one bedrm condo )
Thank you very much !!
Thank you all for your kind comments. I like Yonge & Charles too. But my agent told me that the unit is quite costly and 'sales on assignment' will require 91K downpayment and that will have a complicated ownership issue plus lot of legal inputs because the building is not yet registered. And that also create another issue of renting it out before the registration completed. Both Yonge & Charles and Yonge & Finch are brand new condos by the way. I am a non-resident buyer which mean I have to put at least 30% down in order to quality for a mortgage of any property I purchase. Now I am confused.....
Monaco
Active Member
Thank you all for your kind comments. I like Yonge & Charles too. But my agent told me that the unit is quite costly and 'sales on assignment' will require 91K downpayment and that will have a complicated ownership issue plus lot of legal inputs because the building is not yet registered. And that also create another issue of renting it out before the registration completed. Both Yonge & Charles and Yonge & Finch are brand new condos by the way. I am a non-resident buyer which mean I have to put at least 30% down in order to quality for a mortgage of any property I purchase. Now I am confused.....
Yeah, one of many reasons why I decided not to buy on assignment earlier this year. You would also have to pay the occupancy fee and likely any other costs related to occupancy and then registration and closing of the condo.
Observer Walt
Senior Member
I don't usually comment unless I have something new to add, but I have to just add my opinion in support of the consensus here. You basically can't go wrong in the downtown core, unless there are particular unusual circumstances. Stay away from 1 King West (I assume that's your No. 3 option) -- too many questions still around this one, including the tax situation as referred to above.
Having said that, you also won't go too far wrong with Willowdale near the subway line. This neighbourhood has matured significantly. Being close to Hwy. 401 doesn't hurt.
Location, location ... but do keep in mind that there are other factors. If you haven't already done so, get a good agent who knows condos. Sounds like you are looking at newer construction, but if you consider an older unit, get the Status Certificate and review it with your lawyer before finalizing anything.
Best wishes.
Having said that, you also won't go too far wrong with Willowdale near the subway line. This neighbourhood has matured significantly. Being close to Hwy. 401 doesn't hurt.
Location, location ... but do keep in mind that there are other factors. If you haven't already done so, get a good agent who knows condos. Sounds like you are looking at newer construction, but if you consider an older unit, get the Status Certificate and review it with your lawyer before finalizing anything.
Best wishes.