There’s no doubt about it; condo real estate can make an excellent investment. That’s because such properties require little maintenance, contain valuable amenities, and are often located right in the heart of a desirable urban paradise. A condo can be an excellent way to start investing for young professionals because they often have excellent growth potential and are less complicated or risky than playing the stock market.
By the Numbers
While the pandemic saw a temporary slowing of purchases last year, the Toronto condo market has recently had an 80% jump in sales and appears to be back in full swing again. A recent census put high-rise apartment and condo dwellings in the city at about3 in 10homes, so there’s no doubt that millions of people stand to benefit from a safety recap.
Safety Measures for the Building
As a resident of a large condo or apartment building, you shouldn’t have much to worry about regarding the safety of your building at large. That’s because there are already fire and emergency safety protocols legally required of every building in Ontario before anyone can live there.
Features Worth Recommending
Beyond the legal requirements, there are a few suggestions that you might want to make to your condo board or landlords regarding that will make a building a much safer environment. One excellent example is to ensure that your board understands the benefits of an evacuation chair on every floor for high-rise building emergency safety.
Having Your Say in Emergency Preparedness
If your building contains residents with disabilities or limited mobility for any reason, purchasing additional equipment like evacuation chairs or defibrillators could contribute directly to saving lives. It can also be helpful to take part in board meetings to make sure that your fellow residents are informed about their choices.
Emergency Safety in Your Unit
The area where you have the most control over emergency precautions will always be within your own home. Planning for emergencies in an apartment unit isn’t very different from planning for a home. The good news is that there is less space to cover, so your strategies will be simpler to execute. The main things to do are
- Make an evacuation plan
- Prepare an emergency kit containing water, food, a medical kit and basic survival supplies
- Stay informed (keep a battery-powered radio handy to guarantee access to public information)
If you don’t have an evacuation chair in your building already, but you live with someone who might require one, you can also purchase one for your home.
As long as your building is up to code for fire and safety, you’re at low risk of danger. That doesn’t mean there aren’t always risks and unforeseen possibilities.
That’s why you always need to have a contingency plan, backed by informed planning, in effect well in advance. Be like the boy scouts and always be prepared – with essential safety measures like equipping your home with an evacuation chair.