Condo Buying Top Related Questions
Looking to buy a condo in one of Toronto’s great neighbourhoods? Here is a list of the most frequently asked condo buying questions …
How to buy a condo in Toronto?
The first step in buying a condo in Toronto is to hire a top producing, professional real estate agent. Be fully transparent with your agent; ensure that they fully understand what you want, your timeline, and your expectations. Be sure also to listen and trust in their advice – the best realtors are fantastic communicators and genuinely focused on your success. The next step is to get a mortgage pre-approval so that you know exactly how much you can afford to spend on a condo. Walk the neighbourhoods, ask questions and focus on only the best buildings and units in your price range. Trust your realtor to guide you through the process every step of the way.
How long does it take to buy a condo?
Buying a condo can happen quickly if you are prepared. Frankly, it can take as long or short of time as you wish. We have had many clients buy the first condo they saw with us – the reason being that we prepared them for seeing only the best options and building trust with them. The closing period could be as quickly as two weeks to a more common period of 45-60 days. The condo closing time frame is agreed upon by both seller and buyer.
Where to buy a condo?
There are many areas to buy a great condo. Your primary focus on where to buy should be the following:
1) Always buy in the best location possible
2) Proximity to public transportation and/or highway access;
3) Quality of construction and well maintained;
4) Buy the best condo layout over square footage – a great layout can feel larger than a poorly laid out larger footprint;
5) Buy where you want to live – lifestyle is essential – you will want to enjoy where you live!
Why buy a condo?
90% of wealthy individuals and families have built their primary wealth based on real estate investment. Condos have been a great alternative to homeownership in recent years – not only for lifestyle purposes but also for affordability reasons. If you can afford to purchase a condo, it can be a hugely beneficial long-term investment – not only can you ride the upward appreciation, you will also be paying down your mortgage. In time you can expect to pay off your mortgage entirely. The alternative is to rent for a lifetime, thus ensuring that you will always have to pay someone else to live in a space.
How to buy a condo with low income?
No matter what your income may be, you must seek a mortgage pre-approval. The lender will be sure to explain what you can afford to pay. Once you have a budget in place, your professional realtor will be able to guide you through your options. At this stage, there are no hurdles assuming that you can afford to purchase a condo. The steps will be no different than anyone else purchasing a condo.
What to ask when buying a condo in Toronto?
The most important questions to ask when buying a condo in Toronto are the following:
1) Ask yourself where you want to live – the is paramount;
2) Which neighbourhood aligns with your lifestyle;
3) Which buildings are the best;
4) Which neighbourhoods and condos have the greatest investment upside?;
5) Is the condo status report in good shape?;
6) Will I lose my view?;
7) Is there developments or initiatives nearby that I should be aware of?;
8) Know the condo rules and regulations (ex. are pets allowed?);
9) Lastly, and likely the most important question, ask your realtor what additional questions you should ask – keep your realtor focused on what matters most and get them thinking!
What you need to know about buying a condo in Toronto?
The most important things that you need to know when buying a condo in Toronto are
1) Is the condo building in a great location?;
2) Is the condo in a good building?;
3) Are the financials of the building in good standing?;
4) Buying a condo in Toronto can be highly competitive;
5) Maintenance fees are helpful, be sure you know what these cover and how much they are expected to go up annually;
6) Know the condo rules and regulations before moving in (ex. are pets allowed?)
How to buy a new condo in Toronto?
When buying a new condo in Toronto, start by speaking to a top producing realtor. Allow your real estate agent to guide you through the steps – build trust – it’s essential to a successful transaction and your long-term enjoyment! Get a mortgage pre-approval before you begin your search – you must know your budget before narrowing in your search. Explore the neighbourhoods you most enjoy on weeknights and weekends – then narrow your search into the best condo buildings available in your budget. Do not settle for less than you will love. Keep in mind that a professional realtor will give you advice and appropriate guidance. It’s important to listen and ask constructive questions. You will also need a real estate lawyer to see the deal through to completion.
How to buy a new construction condo?
When buying a new construction condo (also known as pre construction), it is essential to work with a professional realtor who will guide you between your new constructions condo developers and options while also showing you the types of re-sale condos available in your budget – a real estate will ensure that you know all of your options so that you can make a wise, and educated decision. When making an offer to the condo development company, you have a ten-day “cooling-off” period in Ontario – it’s in this time that you can back out of the deal without recourse. Note that there isn’t typically any negotiation room with a developer. Be sure to hire a top-notch lawyer to review the agreement during the ten-day cooling-off period – you will want to cap any expenses, have full clarity on the down-payment schedule and occupancy rules. Also, be sure to know the rules regarding the assignment of the new construction paperwork.
How much money do I need to buy a condo in Toronto?
To buy a condo in Toronto, you will need to have a minimum of a 5% downpayment depending on how much the condo is worth. For example, if you buy a condo for more than $1 million, you will need more than a 20% downpayment. Also, note that there are two land transfer taxes (LTT) payable on closing – one to the province of Ontario, the other to the city of Toronto. There are online LTT calculators that will provide the sliding scale cost in detail.
Want to learn more about buying a condo in Toronto? Get in touch today!