Why Buy a Condo in Vaughan?

Are you looking to buy close to Toronto, but would rather not live in the downtown core? The city of Vaughan may be just what you’ve been searching for! Here, you will find all of the amenities of living close to the big city, without having to deal with all of the commotion that comes with living downtown. Vaughan also has attractions of its own, including Canada’s Wonderland, which sets a tone of excitement and fun across this great city.

Great Local Amenities

In addition to Canada’s Wonderland, Vaughan has many other attractions and amenities that you and your whole family will love. One of these is Vaughan Mills shopping mall, which is actually one of the largest malls in Ontario. Vaughan Mills hosts a number of great shops and designer outlets, so you’ll never have to go elsewhere to find exactly what you’ve been looking for. If you enjoy the great outdoors, you can also visit the Boyd Conservation Area, which is open to the public and is a great way to connect with nature. Vaughan is also home to Reptilia Zoo and Education Centre, as well as York University. Interested in jumping on a trampoline? Vaughan has not one, but two trampoline parks – Skyzone Indoor Trampoline Park and Airborne Trampoline. Fun awaits your family in Vaughan!

Transportation in Vaughan

There are many forms of public transportation open to you in Vaughan, ranging from local bus service to rapid transit. There will also be subway service added this year, making your commute even easier. GO Transit is also available around the city, and if you do have a car, Highway 400 runs through Vaughan from the north to the south, while the 407 goes from east to west.

Vaughan Condo Real Estate

Condo real estate in Vaughan is great, as more and more condominium developments are being built in the up-and-coming neighbourhoods throughout the city every year. Better yet, property taxes in Vaughan are among the lowest in the Greater Toronto Area. Investing your money here is a good opportunity, as there is tons of growth and planned initiatives in this area, like the Vaughan Metropolitan Centre, as well as the Mackenzie Vaughan Hospital. Find out more about new condos available by browsing online and booking a tour. New searches are always welcome! With all of the amazing amenities and opportunities available in Vaughan, you can quickly make this city your own.

What Condo Should You Choose in Vaughan?

When moving to Vaughan, you first need to consider whether you’d like to buy a new or previously owned condominium. Whichever option you choose to go with, there are various considerations that you need to keep in mind. Buying a condominium is much different from purchasing a “fee simple” home, so it’s important to consider what experts you should consult in order to determine what you can afford.

Purchasing a New Condominium

More often than not, developers put new condominiums up for sale before construction has even begun on the building itself. In these cases, you will be choosing your new condo from a floor plan. Deciding to pursue this strategy, you may be able to ask for changes as the construction phase is still ongoing. However, there are risks involved, as the finished result may differ from the original floor plan, or at least what you envisioned it would be like. Also, in many cases, the completion date may be postponed and much later than predicted.
This is why it is important to look closely at the unit’s specifications, the overall building plan, and any other governing documents in order to ensure that your new unit is acceptable and that you are aware of the regulations, as well as the corporation’s budget.
Find out from the developer what must be completed on the project, and check to be sure that your purchase agreement specifies a completion date and under what conditions the developer may change it. The developer should be able to offer you details regarding the property manager who will eventually have the responsibility of running the completed condominium operations.

Buyer Beware!

If this is your first time purchasing a condominium, it is important that you are aware of occupancy fees, prior to your move in date. Sometimes referred to as “phantom rent”, these occupancy fees must be paid to the developer. They cover the period between the time you take full occupancy of your unit and the time you take ownership of the registered unit.

Purchasing a Resale Condominium

Would you rather avoid the headache of buying a new condominium ? When choosing to buy used, you have the advantage of actually seeing what you are buying, rather than just trusting a floor plan layout. This gives you a better judge of space and can allow you to picture your own items in the home. Not only does this give you a better understanding of the layout, but it also allows you to discover other important pieces of information, including the level of noise or odors that travel between units.
Protect yourself! Review the corporation’s annual operating budget, financial statements and estoppel or status certificate. This estoppel or status certificate are legal documents that include elements like bylaws, declarations, rules, and information regarding the corporation’s insurance , reserve fund, property management contract, and any outstanding judgements. In some cases, you have to pay a fee to cover the corporation’s costs of providing these documents, but if this is the case, it is definitely worth it. You actually should make any offer to purchase completely conditional on a satisfactory review of these documents, to be safe.
If you have been looking for the perfect location for your new condominium, look no further than Vaughan, Ontario! You will love the variety of opportunities and activities that exist within the city limits, as well as the convenient amenities that exist just a short drive away. It is quite easy to commute to most places in Toronto, making it a great place to live for those who commute, as well as those who do not. If you’d like to speak to a professional about all of your options when considering the purchase of a condominium, contact CondoEssentials today.