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Steps to Finding the Right Condo for You

 

Buying a condo can either be fun or overwhelming, however you choose it to be. Buying a real estate property is a huge financial commitment. You cannot afford to make crucial mistakes. But, with the right people helping you find the perfect condo, the endeavour could be enjoyable.

 

Get help from the experts. Not all real estate agents are the same. Some agents specialise in commercial properties, others on condos, and many on suburban houses. If you’re buying a condo, get a condo specialist. Condo realtors are trained not only on finding you the right condo, they are also adept at condo documentation processes and pricing.

 

Know your budget. First, you must set your budget. Your condo specialist will direct you to consult with your bank or to contact a broker who will assess your financial standing and capacity to buy real estate property. You will be given a maximum purchase price, which will serve as your basis for your condo search. Looking at condos that are beyond your purchasing capacity will only be a waste of time.

 

Find the right neighbourhood. Where do you want to live? What do you look for in a neighbourhood? Schools, transit system, walk score, entertainment, proximity to work and community profile are top considerations when choosing a place to live. Shortlist your preferred neighbourhoods and take the time to know all about them. Walk around its streets, research and read, ask around and learn as much as you can. Find the neighbourhood that will make you feel like home.

 

Review condo building amenities. Once you’d zeroed into two or three neighbourhoods, get a list of the condos for sale in the area from your real estate agent. From the listings, know the building amenities that come with the unit – does it have a pool, a gym, a day-care centre, or a carwash bay? Find the building that has the amenities that match your needs.

 

Match the units with your needs. At this point, you will only have two to three buildings on your list. Ask your realtor to schedule a showing of the properties on your list. Visit all listings that match your needs – the number of bedrooms, apartment floor area, preferred level and views, parking option, number of bath and kitchen layouts are factors you can use to taper off your list.

 

Know everything about the building. What are the fees and condo living restrictions? Can you bring your pets with you? Who are the developers and builders? For resale condos, know the building age and any previous repairs or maintenance work. Know if there are any future development plans that might affect your unit – you might lose your view, or you’ll be inconvenienced with the construction.

 

Get to know the residents. By this time, you will already have a good choice. But, if you still have two or three strong choices on your list, the best way to break the tie and pick the best condo is by knowing who your neighbours are going to be. Pay the building another visit, observe the residents. Are they loud and friendly or mostly keep to themselves? Do you see a lot of kids? Are they like you living like how you would? Buying a condo is a choice. Choose the one where you could be at home.



 

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Toronto Real Estate Board - IDX Last Updated: 7/21/2018 7:22:43 PM