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A special section for those entering the Toronto condo or house market for the first time
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Articles & Guides - Buying Toronto Condos & Real Estate
Tips For The Condo Hunter
Buying your first condo can feel intimidating at first, but the process is a lot easier than you think. Your real estate agent, lawyer and bank representatives will guide you, so choose them wisely and don't be afraid to ask questions.
Get what you want: Before you start looking, make a list of your priorities. Consider approximate size, number of bedrooms/bathrooms, location, price, amenities and how soon you want to move. Check out the "Condominium Buyer's Guide" from the Canada Mortgage and Housing Corporation website, which offers an overview of the buying process and a checklist to help you rank your priorities.
Stay focused: Even the thriftiest shopper can lose perspective when dealing in six-figure amounts. What's another $5,000 when you're already spending $250,000, right? Well, with interest, it's quite a lot. Know what you can afford — it's a good idea to get pre-approved for your mortgage — and stick to your budget.
All the world's a stage: Whether you're looking at model suites or resale condos, be aware of the staging that's been done to make the space more appealing — everything from the art on the walls to the bowl of fresh limes.
Remember, it may be no coincidence that your favourite magazines are carefully fanned out on the coffee table. Don't get suckered in by superficial details.
Know where to shove it: Storage space may not seem as exciting as a gourmet kitchen or a wrought-iron spiral staircase, but when you're about to squeeze your whole life into 700 square feet, it's important that there's room for your prized possessions.
Check out the closets, find out whether a locker is included (or available for purchase) and think realistically about where shelving could be added.
Go with your gut: Finding the right condo is like finding love: If it's meant to be, sparks will fly. Conversely, if the first 10 places don't float your boat, keep looking.
If something bothers you a little on first sight, it'll bother you a lot when you live there. You shouldn't have to talk yourself into a $250,000 purchase.
Call us today to start your condo hunt!