Top Tips for Buying a Condo in 2019

Condos continue to be the fastest growing properties across the world. The average prices are below the townhouses and single-family homes. Most buyers like prioritizing the convenience and central location that is associated with the condo ownership. Other considerations include amenities, square footage, and affordability. The following are some top tips to help you buy the right condo this year.

Start the Pre-Approval Process

condo buildingThe good thing with a pre-approval is that it can strengthen your case. This is because it proves to the sellers that you have qualified for a mortgage loan. In this competitive industry, a pre-approval means the difference between losing and winning a bidding war. Buyers with an offer without a pre-approval may have to ask a higher price. You can avoid this mistake by getting a pre-approval.

Set Up an Alert

In a competitive market, good deals sell fast. Ensure you are up to date on the new listings. Ensure you see the listing before buying. The property alerts send you homes that are listed on the market by real estate brokers or agencies. This allows you to filter by location, price, and other buying criteria.

Look for a Mortgage

With the high interest rates, buyers can shop around for best terms before signing the contract. You should not be fooled into believing that your bank must offer the mortgage because you have a good credit history. It is a good idea to compare different loan quotes from multiple lenders to ensure you get the best terms and interest rates. You can also seek the services of a mortgage broker who will do the tough task to help you find the best deals.

Comparative Market Analysis

Before you submit an offer, you should do a comparative market analysis to get a fair market value. The CMAs are offered for free by the most real estate brokers. Also, you should consider the market trends and building characteristics.

Monitor the Rental Market

condo interiorThere will come a time you want to move to a single family house. You may want to sell the condo or leverage it to buy a family home. Unfortunately, it makes sense to rent your condo out. This will provide you with a passive income. Thus, you should monitor the rental market when buying a condo.

Look for Deals

When the market is competitive, you should take additional steps to find top deals. You should try to sign up for the investor’s mailing list and check properties that suit your needs.

Factors to Consider When Buying a Condo in Toronto

Living in a big city is exciting. And Toronto might be one of the best places to live since it has everything that you need from friendly people, cute cafes, big shopping center, promising jobs and companies, parks, and not to mention the delicious food. Whether you are moving to Toronto or you are from the city, the condo life is going to be something that you want to have. Unless you are willing to commute from far away or pay for a ridiculous amount of price to own a house near the city, then putting your money to a condo is the best decision that you could ever make.

Aside from investing in property and giving yourself a great financial future, there are a lot of other reasons why you want to live in a condo even if you have a family or you plan to live on your own. Think about the size of your house and imagine taking care of that, it is not easy at all to make sure that everything is clean, running properly, and safe at the same time. As long as you choose a reputable developer that can assure the quality of the condo, then you have nothing to worry about because the building’s maintenance and safety are in a good hand. So if you are interested, here are other things that you need to consider as well.

Price and size

cashThough getting a loan and figuring out your finance so you can afford even the most expensive one is possible, it might not be the smartest thing to do. You need to stay within a price range that you know will not make you suffer. Another thing is not to push it and get a bigger unit if you do not need one.

Facilities, policies, and securities

Convenience store, gym, laundry, swimming pool, and even a playground can be the deciding factor when you are looking to buy a condo. Do not forget to ask whether pets are allowed and what are the rules that they have to make sure that you will live comfortably and safely.

Location and public transportation

torontoDepending on how you commute every day and your preference in the location that you want to live in, it will make the process faster and easier if you could eliminate condos that are not in the area that you are not keen with because that will waste your time.