Be fair when you compare

by Barbara Lawlor

Today's smart condo shoppers are thorough; they research the market so that when their purchases are made, they get the best value for their money. Comparison shopping is easier today than ever before, with the internet providing a huge vehicle for getting information out to the public. People can shop for condo suites 24/7, and potential buyers often show up in our sales offices with printouts of the designs that interest them. It is wonderful to see how much thought they put into comparing their options, especially with the fantastic selection of new condo buildings out there. I do caution, however, to look at the whole picture and be fair during the process. To use a cliché, compare apples to apples.

This means that making a decision based on square footage and price alone may not net you the best result for your needs. Size and price combined is a great indicator of value, but it's not everything. There's no point, for example, putting a two-bedroom suite up against a one-bedroom for obvious reasons. Even when comparing two one-bedroom suites, take a look at layout. A design with more open space may offer you more options for furniture placement. And do the two suites you are comparing have similar amounts of window area? That can make a big difference in how open and airy the surroundings feel.

Features and finishes should also have a prominent place in your comparison chart. What finishes are considered standard, and what upgrades do you consider necessary? Many builders offer granite kitchen countertops as a standard, but not all. If granite is on your "must have" list, find out how much it will be to add it. You may feel it is worth choosing a smaller suite with more luxuries, if your tastes run to the finer things in life.

And have you taken a good look at the amenities in the building. Again, compare how many of your "must have" items are in the two buildings under consideration. Plus, is one collection more luxurious than the other? For example, if you swim and/or work out every day and currently belong to a gym, having exercise facilities in your new condo will save you money each month by not needing a membership in an outside fitness centre. Are you an outdoor person at heart? Look at whether the suite you are considering has a balcony, and whether the building has a roof garden or terrace lounge.

Your pocketbook should also drive your decision in other ways beside price. For most people, location is the most critical element in their decision. Give that careful thought. You can pay more to live in an established area, or perhaps pay less in an emerging area. For some buyers, giving up a little in square feet to buy in a better location is well worth it in the long run. Plus, is one of the condos you are comparing close enough to your work that you can walk or take public transit? If you do not have to own a car, you will save a tremendous amount of money.

Savvy comparison shoppers ask a lot of questions. How about taxes? What exactly is included in the purchase offer? Are there levies that will come as a surprise on closing, or development charges? Will the HST be included? And be sure to ask whether the builder is offering any kind of special deposit structure or incentive. If you need to upgrade to get what you want, and there is a bonus offer of say, $5,000 in free upgrades, look at the big picture again. Having upgrade items put in during construction is far less expensive than having them done yourself in the future.

Is there concierge service? Does the price include a locker or storage space? Parking? And of course, maintenance fees. What are they estimated at? With so much choice out there, why not zero in on just the right condo suite for your personal lifestyle needs?

Barbara Lawlor is president of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas.