Toronto is a city in the province of Ontario in Canada. It is the capital of Ontario and is home to over 2.9 million people. Are you interested in settling in Toronto? This city is one of its kind and you will surely enjoy it. The experience will be even better when you move forward to buy a pre-construction condo because everything will be so easy to an extent that you won’t believe it. If it is your dream to become one of the buyers of pre-construction condos in Toronto then the time has come. If you have not been sure all this while, you no longer need to worry again because you are about to know how to buy a pre-construction condo in Toronto. The steps on how you can go about it are as follows:
- Decide on the location
Location is very important when it comes to buying a home. Many people prefer to live in good areas or places. An area being good means that it has almost everything that you need to live comfortably. When it comes to location you will have to check several things including crime rate, availability of schools and hospitals, economy, and availability of jobs among other things. Living in a place that has a fair portion of all these is an added advantage. Toronto in itself is a very fantastic city that has much to offer when it comes to living comfortably. It is a city that stands out from the rest and therefore securing a pre-construction condo in this place could mean the best investment you have been desiring for a very long time. Once you have made up your mind concerning where exactly in Toronto you want to buy a pre-construction condo, you will be good to go.
- Look for a broker
Dealing with a broker when buying a pre-construction condo in Toronto is the best way to go. Do not try to do everything on your own because it can be hectic or you may make a lot of mistakes that you will regret later. Making a bad choice in the real estate market can cost you so much. Keep in mind that you will have to look for a broker who has experience in pre-construction. In Toronto, many brokers can be of help to you because they are readily available. This is so because the real estate industry is doing well here.
- Find Property
The next thing to do is to find the property you want to buy. In this case, it is a pre-construction condo in Toronto. You have to make sure that you are going for the right one because it is an investment you do not want to get anything about it wrong. Because you already have a broker, you will sit back and watch them find you a more suitable pre-construction condo. All you have to do is to tell your broker everything that you want your home to have and they will make sure they find you exactly what you need. Do not worry about anything because your broker is here for you. They will help you get the best as far as how to buy a pre-construction condo in Toronto is concerned.
- Sign a purchase agreement
Signing a purchase agreement will then have to follow. Here you will have to sign a contract that will assure you future ownership of the condo unit immediately after the building is registered with the relevant authority in the city. Be prepared to pay a down payment while signing.
- Put finances in place
This is where money has to talk. Remember without funds there is no way you are going to make this deal go through. You will, therefore, need to make sure that you have planned yourself adequately when it comes to matters of finances. Just 10 days after signing the contract you will be required to pay a deposit so that you can secure the unit. You will also need to be pre-approved for a mortgage loan. Here, you will have to compare several lenders and see which one will suit you best because as a good investor you cannot afford to make the mistake of dealing with a lender who is not suitable. Remember you will have to wait until it is about 2 or 3 months to the closing date before you can lock in a mortgage rate. This mortgage loan is what will help you to clear the remaining balance after you have paid the deposit. Make sure you seek adequate advice in this stage before proceeding with anything.
- Final closing
After the inspection has been conducted, interim occupancy will follow after which the final closing will then happen. After the closing date, your lawyer will help you to sign documents and the builder will officially transfer ownership to you. After you have paid the closing costs you will now focus on making the monthly mortgage payments. You will now be a homeowner or investor who just made the right choice.
Conclusion
Now that you understand the process of buying a pre-construction condo, especially in Toronto, you are at a better place to start planning how you will get one. Pre-construction condos in Toronto will offer you a good deal that is worth every penny of yours. You do not need to bother yourself going to other places that will not guarantee you the best deals when it comes to pre-construction condos. Just make sure that you get it right in all the steps regarding how to buy a pre-construction condo in Toronto and you will have every reason to rejoice. Any wrong move you make will surely cost you in the end and that is why you need to spare yourself from regrets by doing it right. Make sure you don’t miss the chance of owning a condo in Toronto. It is the best place you can be with your family.