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.

Five Reasons Why You Should Buy a Condo in Toronto Today

Canada has numerous new condominiums, and the number is increasing by the day. According to various real estate experts, the city of Toronto is leading on the number of completed condos and those that are in the process. If you are a young person planning to invest in property, then this is the right time to buy one or two units. As much as there are numerous reasons for this move, these five are the best.

Numerous Options to Choose

Due to the increasing number of unsold condo units, one can rest assured to get a variety of options to choose. When using a reliable real estate agent, they will take you around and have a look at all the available options to see the one that suits you. Some of the things to consider include the price, amenities and the location of the condo. Make sure that you plan to buy one today before the best options are gone.

condos

Affordable Prices

The inventory of unsold condos is rising by the day. This has increased the supply of property and therefore, reduced the prices drastically. However, the experts predict that these prices are likely to go up soon as more people buy the units. Due to the sharing of amenities and low cost of production, the condo units are also cheaper as compared to other housing plans. It is crucial to grab this opportunity and buy a unit for your family today.

Toronto is Drastically Growing

As much as Toronto is a well-developed town, there is still much room for growth. The city is expanding as more condominiums, and other infrastructures are coming up. This growth is expected to improve the economy and bring more benefits to those people who have some form of investment here. Even if you have a home already, you can buy a condo unit and lease it out. As the town grows, the rent will go up, and your unit will also appreciate in value. Choosing a condo that is strategically placed in the city is a wise move to make today.

Most Condos are Near Amenities

Condos in the Toronto are built in areas with very many amenities. This includes shopping malls, offices, transport infrastructure and many more. The best hospitals and schools in the city are also near the condominiums which are available for sale today. As the city expands, condos that will come later will be further away from these resources. Therefore, you need to buy one today and remain near the amenities for convenience.

condos and shopping malls

Buying a Condo is Easy

There is nothing that is as simple as buying a condominium in Canada. All you have to do is identify a reliable agent and leave the rest to them. After they take you through the available property and choosing one, they will process all the paperwork and let you know where to sign. The condo rules are also simple to follow since they safeguard your interests and those of others.

These five reasons should convince you to move fast and book your unit now when they are in plenty.