The post Buying a condominium in Toronto and GTA area Part “2” first appeared on Ahmed Amin Real Estate Broker.
]]>We mentioned before the initial factors that you need to consider while choosing condominiums in Toronto to own. They are simply regarding the interior and exterior unit shape. This is your personal evaluation, not much of assistant required and totally up to you. The next step is required both your Toronto Real estate agent and your lawyer assistant to reach correct decision
The maintenance fees is monthly payment set by the condo management corporation, Mainly this amount represent your unite share in the maintenance cost of the entire building. There are special measurements to determine that share mainly the size but other factors might influence the amount each unite pays like floor, parking and locker. Some corporations include utilities like hydro, heating, water etc in the condo fees, knowing what is included in the monthly payments and what you will pay directly is important for a fare comparison. A small portion of each monthly payment is also set to be reserved funds to cover any sudden or unexpected cost other than the corporation planed budget
One of the main conditions that purchase agreements contracts are subject to, and must be reviewed by your lawyer for a legal opinion before waving that condition. The status certificate is a comprehensive financial statement of the condo corporation showing all details of the building, example; operational costs, utility bills, insurance, expected condo fees per each square foot. And the most important part in the status certificate is regarding reserved funds amount held by that corporation for future use. With reviewing the status certificate you will know answers to such questions like: how much is monthly condominium fees? How often increases occurred? Are they significant or slight increases? Is the overall financial status of the corporation clear? Enough reserved funds? This certificate usually provided to potential buyer after putting an offer, so you must be sure that your purchase and sale offer is conditional to sound status certificate also such certificate is not for first time occupation unites but only for resale condos in Toronto
The last step before considering buying condominiums downtown Toronto for some people is to know who is living next door. Please remember that, this might be the biggest invest of your life, some people just knock on the doors to meet the neighbor’s or visit the unit in different times to know the level of noise expected specially if you are surrounded by constant party couples. Age can be good point to consider specially if you are the party people and our neighbors are seniors.
Further if you are ready financially (pre approved for mortgage amount to cover the purchase) you can give your Real Estate Agent in Toronto green light to go ahead and negotiate closing price.
The post Buying a condominium in Toronto and GTA area Part “2” first appeared on Ahmed Amin Real Estate Broker.
]]>The post First Time Home Buyer first appeared on Ahmed Amin Real Estate Broker.
]]>One of the main questions you may eventually ask holding a pay cheque is regarding the place of living. Should I rent or buy?
The answer will depend on many factors; however the most important ones are your income and the stability of your work, besides your savings (not borrowed means) in the amount equal to 8% of the total price of the property you are willing to buy. 5% is the deposit and 3% is for the closing expenses.
Another factor to consider is your feelings as an owner or a tenant. What would you rather to do, to own or to rent? Perhaps you would rather to avoid long term liabilities. In this case a property ownership is not for you. But the fact is that if you have enough income to cover the home expenses such as mortgage, property taxes, and the maintenance fees (only for condominium owners) your vote should go for buying a property.
Majority of the first time home buyers, once had taken the decision, may feel overwhelmed with the time they have to spend considering many issues. Where to begin their search? Whom to trust and choose as the agent? Some may choose to do the research on their own without professional assistance of a real estate agent in Toronto.
There are few important facts to consider that may support, delay or even cancel that final step. Different lifestyles and family sizes must be counted when choosing between an apartment and a house ownership. The location and the neighborhood is another important thing to think of. The financial readiness however is the main factor. You have to be ready with mentioned earlier deposit, which has to be proven by your bank account statement. The next step before searching for home is the visit to your bank or any financial institution to get a pre-qualification mortgage approval showing the range of finances you will be approved for to obtain a property. That step is crucial as it is better to know in advance what you can afford rather than putting all efforts to find the perfect home and end up with insufficient financial means to cover the expenses.
With current low mortgage rates the decision of buying a property specially older condominiums in Toronto or the GTA may be easier than ever. Here is a simple example to illustrate: if you pay a rent of $900 a month, you can afford owning a one bedroom condominium in Toronto in old yet well maintained building worth of $125’000. If you pay a rent of $1300 a month, you can afford one bedroom apartment in a 8-10 years old building located within Condominiums downtown Toronto area worth of $250’000 including the mortgage, the property tax and the condo fees.
All above that, the market place stability of the Real Estate in Toronto can be your final asset and the concluding line in the answer to that question.
The post First Time Home Buyer first appeared on Ahmed Amin Real Estate Broker.
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