FIRST TIME BUYERS
CONGRATULATIONS !
You have taken your first steps to home ownership. History has proven that buying your first property is probably the largest purchase you've made so far. We know how you feel - we've been there and helped 100's of first time buyer's with their first home. It can be a daunting process and we're sure you have many questions. Just sit back, relax and grab a coffee and follow our 8 Steps to Buying a Condo and you'll feel confident about buying. You are in capable hands with the Toronto Condo Team, so give us a call and we can set up a Buyer's Consultation for you to discuss what you are looking for at 416-918-7620 or 416-418-4910. Lets get you started !
8 STEPS FOR FIRST TIME BUYERS
1. MAKE A DECISION THAT YOU ARE READY TO BUY
Knowing you are ready to move forward and begin the process will give you more clarity and confidence that you have made the decision already, now it's just a matter of starting the process.
2. GET A MORTGAGE PRE-APPROVAL
It's crucial for you to understand what you can afford to buy, so before we even start looking at condos you need to get a mortgage pre-approval. This will help you to know what your affordability is and what you are comfortable paying. When you are approved you don't have to spend the maximum amount but you cannot exceed it. Remember you have condo fees and property taxes on top of your mortgage payments. Click here for a mortgage calculator.
3. GET SMART !
Getting acquainted with the condo market is a time consuming task. There are many factors to consider such as price, location, future developments in the area, how the building is managed, building financial's, hidden costs, appreciation value and much more..... We can help you by-pass all of that as we know the market as we deal with it on a daily basis.
4. HIRE THE TORONTO CONDO TEAM
We provide you with expert knowledge, experience and honest advice. Even better news is that our service is FREE to you as a buyer - that's right you don't pay us any commission unless you really want to ;). We have a proven track record and are in the Top 1% of Condo sales in Toronto. Wouldn't you want the best working for you?
5. BE AWARE OF HIIDEN COSTS !
We could tell you many stories of buyers who have worked with other realtors who didn't even explain other costs they would incur when purchasing a unit and had a very unpleasant surprise from their lawyer on closing day. To be asked to come up with $1000's extra (even more than $20,000 if you can believe it in 1 case) that you didn't expect isn't the kind of surprise we're sure you don't want There are many hidden costs you need to be aware of - we explain this to our clients in detail. These costs include:
Land Transfer Taxes
Adjustments
Mortgage Broker Fees
Bank Appraisal Fees
Lawyer Fees
High ratio mortgage Fees
6. MAKE YOUR DECISION TO SIGN THE DOTTED LINE...
Once you are done with us you'll feel confident about moving forward with your purchase because of our education process you will know comparable buildings, other condo units and have a good understanding of the process and what to expect. You'll get a sense of market value and what you can get for your money.
7. PUT IN THE OFFER & NEGOTIATE
It's our job to get you the best possible price, terms and clauses in an offer situation. We have many years of experience and have saved our client's $1000's. We also want to make sure you are legally protected and don't have any issues.
8. KEEP COOL
We know this is the most amount of money you have spent but keep cool. It's only natural to question yourself and be unsure but don't worry we wouldn't let you buy something that didn't make sense. We have many stories of client's who backed out of deals because of nerves and all of them regretting it to this day, not only did they miss out on a place they loved buy it literally cost them $10,000's in lost value appreciation. I'm sure you'd rather have that money in your pocket when it comes time to sell.
7. STATUS CERTIFCATE
When purchasing a resale condo, you should ensure that your offer is conditional on receiving and reviewing a Status Certificate and the accompanying documents. We want to make sure you are buying into a financially stable building and don't want any unexpected surprises such as a special assessment or large increase in condo fees. This certificate usually costs $100 and your lawyer will review to make sure it's ok.
8. CONGRATULATIONS !
You've bought your condo. Now you just have to plan the big move and get your new home set up the way you want it and make it truly yours. It a big learning process but it's our job to make it as smooth and stress free as possible by guiding you through it, answering questions and educating you. You'll be an expert
Call us to get started today !
