The information on this page was put together by the hardworking team at TSC Law LLP Real Estate, Commercial and Corporate Lawyers. If you're thinking about buying a piece of real estate, whether it's luxury detached dwellings or high end condominiums, you better prepare yourself for the process you're about to enter. There's a lot that goes into becoming a home owner and if you're not ready for it, you might find yourself getting stressed out at the process and giving up completely. You don't want that to happen. We don't want that to happen. We want you to find the dream property you've always wanted to live in.
In order to ensure that, there are some things you should do before you even begin to look at property listings. Those things include going over your finances to determine how much you can afford to spend on real estate, meeting with various real estate brokers and hiring one, going over mortgage options, making a list of features your new home must have, and deciding on the type of property you'd like to live in. Those are just a few things you're going to have to do before you even start the house hunting process.
If you've decided that you want to live in a condo and not a house, then you've already got a good head start. It's important to know what type of real estate you want to live in so you do not waste time looking at a house or loft for sale you'd have no interest in living in. When it comes to condos, you should know that not all condos are the same. They all have different features and that means they all have different prices.
They range from modest to luxury and you should be aware that condo price tags vary greatly depending on what type of features or fittings they have. Such things that can affect the price tags of certain condo sales include granite counters, marble floors, hardwood floors, built-in appliances, modern windows, skylights, air conditioners, self cleaning ranges, ensuite laundry, stainless steel appliances, heated bathroom flooring tiles, and so on. To view a number of different units for sale in Toronto and make note of the different features and amenities, as well as the price tag ranges, visit a number of local agent's websites and see what catches your eye.
When shopping for a condo, it's best to have a spending limit. Come up with a price that you can afford to spend and try to stay within that budget. Try not to get too sucked into a fitting a condo has like brand new granite kitchen counter tops. While they might be pretty sweet and nice to look at, are they really worth going over budget for? Probably not. Don't worry though as there are plenty of modestly priced condos available in and around the Toronto area. You and your real estate agent will find one.
CMHC has a great Household Budget Calculator you may find useful.