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How to Buy a Condo in Toronto for the First-Time?

How to Buy a Condo in Toronto

Are you thinking of buying a condominium in Toronto? For first-time buyers, they have a lot to understand about Toronto’s real estate market.

Buying a condo can be your biggest investment if you get the right one at a perfect location. Here is a list of tips for getting your first condominium in Toronto:

Pre-Qualification for a Mortgage

If you are taking a loan from the bank to buy a condo, you should consider what your bank has to offer you in terms of the loan. For you to pre-qualify for a condo mortgage, the bank or lender has to check your income, down payment, debts, and credit history.

The process helps you know the amount you can get for your mortgage. You can make use of condomapper.ca to learn more about how you can get your first condominium.

Buy a Condo in Toronto
source:condomapper.ca

Create a Home Buyer Wish List

You should develop a wish list for your first home. This helps you know what you need in your house and what you should stay away from. With this wish list, it becomes easier to get the right property with the perfect amenities.

Select Your Team

When you want to buy your condo, you need a team. This team should comprise your lender, who may be a bank or mortgage broker and a real estate lawyer. You should seek help from these professionals to acquire a property.

House Hunting

When you are ready to house hunt, you should get a good realtor to help you with your choice. You will have to go through lots of condo listings in Toronto. While realtors offer you a great start for your house hunting, you should not ignore using a real estate agent for customized listings to fit your criteria.

Make Your Offer

Now that you have found your ideal home, you should make your first offer for your home. This process can be nerve-wracking and exciting. You decide the house you want to buy based on your budget. Those buying condos in Ontario get what is called the Agreement of Purchase and Sale (APS). The document is a legally binding document that has the following details:

  • The price the buyer is willing to pay.
  • The amount of buyer is going to deposit, which is often 5% of the purchase price.
  • The closing date to take over the house.
  • The inclusions the buyer wants like big screen TV, dryer/washer, etc.

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