BUYING A CONDO IN TORONTO
It’s 2019 – why are you still paying rent? This is the year that you can change how you invest in yourself. Instead of giving your hard-earned money to your landlord each month, why not invest it in yourself and your own property? It is possible, especially in Toronto! If you work in Toronto, commuting will not necessarily save you money in the long or short term. Living as close to work as possible is one of the smartest financial decisions you can do. So why not step the ante up and see what you can buy? Here are some essential tips to help you buy a condo in Toronto.
Redo Your Finances
With the market being so hot right now, it’s almost guaranteed that the prices of downtown Toronto condos have increased from the time you began saving for a down payment. So if your budget was $500 000 and you had your eye on a specific type of condo with that price, chances are that condo is now worth $550 000. So either you need to save more than you think you need, or recalculate your expectations based on your budget.
Buying in Summer Could Save You Money
The hottest time of the year to buy and sell a house is spring, with fall as a close second. Most people wait to list their homes during this time for this very reason. However, in the summer, most families are on vacation or are preoccupied with summer activities to go house hunting. This is when the tables turn and it becomes a bit more of a buyer’s market. If you are keen to get a very good deal, the summer months will give you the greatest opportunity for sellers to be flexible in their sale price.
Consider Buying on Assignment
An assignment is when the buyer of a pre-construction condo chooses to sell the property before they officially take possession of the condo. This can give you the opportunity to live in a brand new, never-been-lived-in condo in Toronto. The prices will not be as cheap as pre-construction, but they will definitely be more a great investment as they will not have reached their highest level of potential value yet!
Because the Toronto real estate market is currently booming, there is no time quite like the present to purchase. It is practically guaranteed that any property you do purchase will increase in value. Therefore, the logic follows that the sooner you purchase a property, the farther your money will go. You can take the risk to wait for the right deal, but the truth will be inevitable that the sooner you decide to buy the better it will be for your investment.
If you are thinking about buying a condo in Toronto and would like more advice, please feel free to contact our brokerage here. We would love to help you find the condo of your dreams for the best price possible.
(Originally published by Royal LePage Central at http://www.centraltoronto.net/blog)