omnishield
New Member
Looking to purchase a locker from another owner in my building. What kind of paperwork should I be receiving after the purchase? How will I know the locker is legally mine?
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Purchasing a locker
- Thread starter omnishield
- Start date
beaconer
Active Member
The transfer would require the work of a lawyer (at least that is what I have been told, since the locker needs to be deeded to you, which would change your maintenance fees, etc), which, would increase the costs of your purchase quite a bit for a locker.
Solaris
Senior Member
What is everyone's experience thus far in buyer a locker ... how much does it cost in your condo? I'm trying to get an idea / range for costs ... thanks
omnishield
New Member
My building has it listed for 4500 + gst
probey
Active Member
Mine is $2500, I think GST already included since I bought it with my unit in pre-construction sale.
But if a locker is purchased separately, does it subject to GST (or HST)?
But if a locker is purchased separately, does it subject to GST (or HST)?
Xenosblitz
Active Member
It depends on the building. The one I bought pre-construction was $3,500 (at Cityplace - Parade). A friend of mine was trying to sell their locker at a 5 year old building, but could not even get rid of it at $2k or so. Resale really does depend on supply and demand. You also cannot own a locker if you don't own an unit in the building. My friend will have to keep discounting until they can get rid of it since they sold their unit (the purchaser did not want to pay for it, and he thought he can sell it separately). I believe his condo is in central Scarborough (around Warden/Ellesmere area approximately).
Solaris
Senior Member
In my (future) building, they are charging $3,500 (GST included) for a standard size 3' x 5' locker, I thought it was kind of expensive considering the location is Scarborough
tissot
Active Member
I paid $3,500 for a locker at X.
AKS
Senior Member
GST/HST will be charged by the lawyers fees and realtor if there are any.
Downtown locker price is currently around $5,000 including GST.
iSlutsky
Chit-Chatter
The price of a locker can widely vary within a building, here are some varibales to consider:
- What is the size of the locker?
- Is it a stand alone locker, or is it in a locker room?
- Does the locker have solid walls, or mesh?
- Is it a regular shaped locker, or irregular?
- How close to the elevator is the locker?
- What parking level (or floor) is the locker on?
Take the above mentioned, and compare to what other lockers are selling in a comparable building. Lockers in the same building can range from $1,200 to $7,500 depending on the above mentioned.
Remember, at the end of the day you are going to own the deed to the locker, so you should do your research! Also, don't forget that there are condo-fees associated with the locker.
Oh ya, I forgot to mention, if you are buying the locker pre-construction, then chances are that the lockers have not been allocated yet. As such, if you try and get the price of your locker down, you may end up with a worse locker. You can also try to get something in writing on the floor of your locker (matching the floor of your parking), or the proximity to the elevator.
M.
Granny
Active Member
I thought 2,500 was outrageous when I bought mine pre-construction abour 4 years ago. When I casually inquired about buying a second one recently (downsizing is a bitch), the going price was now 5,000.
They can keep it.
Five grand for a 33" x 60" wired in 6 foot high wired in cubicle? My dog does better than that at the kennel she vacations at.
..and it looks the snow/summer tires may be headed for the cottage..
They can keep it.
Five grand for a 33" x 60" wired in 6 foot high wired in cubicle? My dog does better than that at the kennel she vacations at.
..and it looks the snow/summer tires may be headed for the cottage..
dt_toronto_geek
Superstar
Kind of off topic, but sort of related. My locker flooded August 2nd (sump pump failure) and then again on August 20th. I lost tens of thousands of dollars worth of valuable movie posters that I've been collecting since I was a young teenager. They were safely stacked in tubes in a tall Rubbermade container but it turns out it has a crack in the bottom plus mold began to fill the room and grow up the walls and onto wet or damp contents due to negligence on behalf of the landlord in not cleaning up the room. Anyway, if you store anything of value that is difficult to put a price on,
1) Make sure your home insurance policy covers losses in a storage area/locker area
2) Put added insurance on the value of things that could be damaged such as comic book collections, baseball cards, art & things like that to ensure that if the unthinkable happens, you will be covered.
Finally, keep in mind that most underground areas also have sprinkler systems probably locker rooms too (mine does) so water damage could also be an issue if they froze up & burst or went off for some reason.
1) Make sure your home insurance policy covers losses in a storage area/locker area
2) Put added insurance on the value of things that could be damaged such as comic book collections, baseball cards, art & things like that to ensure that if the unthinkable happens, you will be covered.
Finally, keep in mind that most underground areas also have sprinkler systems probably locker rooms too (mine does) so water damage could also be an issue if they froze up & burst or went off for some reason.
Chiggs@mac.com
New Member
My advice, at least anywhere downtown, is to always buy an extra locker if you can. You can never have enough storage downtown. If you end up deciding not to use it, they are actually a decent investment. Most lockers cost $3500 these days, add $10 or so per month to your maintenance fees, and can be rented for $50-70 per month...
Even assuming $50 per month, you are netting $40 per month after the maintenance fee which is $480 per year for a $3500 investment. That's an almost 14% return.
In my building, there are ALWAYS 4-5 people trying to rent out their parking space and always 2-3 people posting that they are looking for a locker.
I have bought three lockers for my new condo and plan to use at least two of them and will likely rent out the 3rd.
Even assuming $50 per month, you are netting $40 per month after the maintenance fee which is $480 per year for a $3500 investment. That's an almost 14% return.
In my building, there are ALWAYS 4-5 people trying to rent out their parking space and always 2-3 people posting that they are looking for a locker.
I have bought three lockers for my new condo and plan to use at least two of them and will likely rent out the 3rd.