THE BENEFITS OF BUYING A WATERFRONT CONDO

When it comes to condos there are several factors to consider which can help you pick the right unit for you.

In addition to the access to several amenities within a condo, condo developers also put the aesthetics of the surrounding area into careful consideration as well.

One feature that is particularly appealing about condos is the kind of view they afford condo owners. Condo developers in Toronto and the surrounding area actually pay a lot of attention to how well the surroundings of an area complement the beauty of the condo. This is why one of the most sought after aesthetic features and views in a condo area is a view of the waterfront.

Waterfront condos are very different from all other types of real estate properties. It is one of the most prized assets of condo developers in Toronto. For condo developers, Toronto offers an amazing array of locations that make it possible to create very nice waterfront property.

Waterfront properties are especially attractive because of the kind of effect viewing such a landscape gives an individual. Taking in the lovely view a waterfront property presents helps you capture the full beauty that only seeing such perfect blend between land and water can give. Sadly, it isn’t quite so easy to secure a waterfront condo. In fact, getting a property with a desirable waterfront property is much more difficult, when compared to getting land-locked pieces.

The beauty of nature viewed from a waterfront property is unrivaled. This is why if you can, it’s always a good idea to consider the views. We’re here to help you do that! To that end, we’ll be discussing in detail the best tips you can get when considering a waterfront condo. We’ll also be highlighting the numerous advantages there are to owning such a lovely piece of real estate.

So what can help you on your waterfront property buying journey?

Waterfront condos Toronto
  • Make Sure You Know What Type of Waterfront Property You’re Choosing

While all waterfront real estate properties offer a unique experience, not all of them can serve your specific needs. It’s always better when looking for waterfront real estate properties to choose what type of property will best suit your needs. A great deal of them are older condo buildings – back in the 70’s and 80’s amenities were not much of a draw as they are today. So keep that in mind when considering an existing or pre construction condo.

At the same time, the level of privacy you want your property to have also largely influences what kind of condo you should be looking at. The building might be on the water, but your unit might not face it. Water facing units typically cost more as the general desirability is higher, but they do offer an extra level of privacy. It’s hard for neighboring building owners to look into your unit when there are none.

  • Go Over the Entire Property in Careful Detail

This is arguably the most important aspect of the whole waterfront condo buying process. This is very important because the same thing that makes this property so attractive is also what puts the condo at a bit of a risk. You’re getting the real estate piece because of the water view, right? However, because of the closeness of the property you intend to buy to the water body, a considerable amount of stress is placed on the structure of the real estate piece.

While this might initially seem like no big deal, constant exposure of a piece of real estate to the ravages of water mean that there are several issues such as the unpleasant growth of plants like mildew and gradual damage to the walls of the building due to continued exposure to the harsh effects of moisture in the air. This is an even bigger issue if you discover that the water table in that particular area is high. The direct implications of this on the property is that there is a much higher likelihood that water will somehow seep into the basement of the building.

All of these reasons and more is why you need to get the waterfront property thoroughly inspected by a professional or at least investigate to see if it has been an issue in the past. This will help give you an accurate assessment of the buildings’ condition as well as let you know what level of repairs the condo corporate will need to do in the future. Also, you get a general idea of how much that maintenance will be costing you and your fellow condo owners.

Know the Property Well

When you get a waterfront property from condo developers in Toronto or anywhere, it is very important that you fully understand the implications and importance of the step you’re taking.

The best way you can make sure of this is to go through the property with a fine tooth comb to detect anything that wouldn’t sit well with you. This means you have to spend a considerable amount of time on the property as well as the water before making your decision to buy the real estate piece.

There are several situations and settings that occur where you actually get a pleasant view of the water from the vantage point your condo presents, but accessing the water is difficult, due to how the property is built. Other cases occur wherein viewing the water from afar gives you the impression that all is well, only for you to step on the water body and discover it is full of debris or other unpleasant things.

Finding out everything you can about where you’ll be living brings you that much closer to making sure that you get your decision right. Once you know these things, you can make a choice on whether to press forward or reconsider your choices.

Find Out All You Can About the Running Costs of the Property

Bay side properties are arguably some of the most beautiful real estate pieces you could possibly acquire. Various condo developers in Toronto attest to this fact. However, this beauty and serenity comes at a bit of a cost. The more beautiful a property is, the more it costs to make sure that that piece of real estate stays in the most desirable shape possible. The same is very true of all waterfront condos.

A good portion of real estate properties come with expenses that the intending buyer mightn’t be aware of initially. Some of these costs are those you would also incur on land-locked properties, only significantly higher. A typical example would be the expenses that go into covering water and sewage. These are usually way higher for waterfront properties than they are for land-locked real estate. The same could be said for expenses like well upkeep and lift fees.

So that you can be fully prepared, it is best to go over this sort of information carefully and be sure that you know everything it is that you need to know.

  • Understand What Your Insurance Coverage is

All condo buildings come with insurance policies of one sort or the other. While it is certainly important to give these your full concentration and attention, this is more so the case when a waterfront condo property in question. This insurance information is available through your condo manager and its best to speak with them to know what is what.

The need to pay special attention to the insurance policy requirements of waterfront properties is particularly pressing because of the kinds of risks more commonly associated with these buildings. Due to the positioning of waterfront properties, they’re more likely to get damaged by floods.

  • Have a Plan For Your Property

Lastly, develop a good strategy for when your plans finally come true and you own that waterfront condo. The place is somewhere you plan to make your home. This means that you need to go the extra mile in terms of planning to make sure that you’re ready for any scenario. What purpose is this property going to serve for you? How do you make use of this property to the fullest advantage? These are the questions you need to find good answers to before finally moving forward. Planning extensively ahead not only keeps you prepared, you could also significantly lower your cost of ownership this way. In most cases your unit will be fine, but if your storage locker or parking are below grade these can be affected by flooding.

This last step might seem like a bit of a no-brainer but in reality, a lot of the plans that you make is entirely dependent on the level of skill and competence that the real estate agent you work with possesses. The process of acquiring a waterfront property is by no means a quick or easy one. Having someone who understands how it all works guiding you can be a real strength.

In addition to the above, a real estate agent or realtor in Toronto or the surrounding area will be able to offer you the full benefit of their experience throughout the process of your acquiring that property. They’ll help you run all the inference you need and smoothen the whole transaction process for you.

With the above in mind, here are some benefits to owning that beachfront property.

  1. The Never Ending View

The biggest charm and appeal that comes with owning such an awesome piece of property is that heavenly view you get to wake to every single morning. It is still difficult to find a view that even comes close to matching those that a waterfront condo offers.

You could set up a romantic date with that special someone and watch the sun set over the lake with a bottle of wine, or leisurely let your mind drift as you watch the waves roll from your window.

  • You Get Access to a Serene Atmosphere

Unlike on most condo properties, a waterfront property that faces the water makes sure that you get all the privacy you need. You can relax and just soak in the full view that’s spread before you.

Another big advantage here is that you get the breeze that come off the lake which is not nearly as polluted as if you were in the core. You would be surprised the wonders that not hearing jeering sounds and frequent intrusions of urban distractions will do for you. You get a much more calm and peaceful atmosphere.

  • You Get an Arena For Cool Sporting Activities

Besides offering you a view to live for, you also get a beautiful sporting area. You could cruise comfortably across the open waters for hours on end, simply letting the sun wash over you. Alternatively, if you’re not one for powerboats, there’s more you can do on your waterfront property, the waterfront is home to many parks. From playing soccer or just running around and having a good time on the shore, the fun never ends on a waterfront property!

  • Don’t Forget the Various Health Benefits

Your waterfront property can serve as the perfect getaway spot for you. Simply leaving the hustle and bustle of city life, even only for a little while and coming here can really boost your energy. What this means for you is that you get to relax and unwind, breathe in the calming air of the lake.

Being free of worry can improve your health and lowering stress. The biggest advantage is the effect it has on your mood. A sight of the waters is always sure to lighten your mood and have you cheerful in no time at all.

  • It’s a Sound Financial Investment

Waterfront properties are always very scarce. This is one reason why they will always remain in high demand. As such, they make such excellent investments. Just imagine putting up your waterfront condo for rent. You can rest assured that the number of requests you’ll receive will leave you with plenty of options. In addition to how easily these properties rent out, their resale value makes them worth every bit of money it bit took to acquire them in the first place.

Times may be uncertain, but the real estate market is still projected to stand strong in the future.

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