Moving into a home the smart way
Whether you are a first-time homebuyer, a professional couple, a growing family or an empty-nester, if you are considering the purchase of a new or resale condominium suite or lowrise home with a condo component, it is best to be aware and prepared. The following are a few tips to get yourself organized so you come up with the best choice.
- Ask yourself, what are your personal and family needs? My advice is to make a list of priorities. Are you buying for the first time? Upsizing? Downsizing? Are you looking for more space, less space, or if you’re living in your parents’ basement, will any space at all do? Do you like the idea of having a backyard in a townhome, or does the idea of having beautiful condo amenities under your roof appeal? If children are involved, do you require proximity to a school? Realize that size is relative – you will find condo suites that are larger than some townhomes, and vice versa. Keep layout at the top of your interior priorities. Think about how you like to live and determine which plans accommodate those needs.
- Once you want to start looking around, hire a good realtor. The marketplace is packed with choices (including condominiums and lowrise homes with a condo component) in Toronto and the GTA. There are realtors who are familiar with the area you select, and they will guide your search. Remember that purchasing a condominium is different from freehold lowrise; it is wise to work with a realtor who can help you understand all of the nuances.
- Consider pre-construction for a variety of reasons. Resale is fine for some shoppers, but in many ways, it is like wildly looking in the dark. Buying early in the selling cycle of a new mid- or highrise condominium usually allows you a two-to-five year window until move-in, which means you can save more for your down payment, and you will likely earn equity before you even take possession. Many condo purchasers nowadays earn 20 to 40 per cent in equity prior to closing. This is huge for anyone, but especially young first-time buyers.
- Next, get your finances in order. Find out what you can afford, and buy as much as that allows for – as long as you’re comfortable with it. You know what debts you have to pay off and how much disposable income you need each month to keep up your current lifestyle. If you are downsizing from a large lowrise home, you have to decide how much money to take out of the home, how much to invest, and whether to use a condo as your main residence or a second property.
There are condominiums popping up in Regions of Peel, Halton, York and Durham, where prices are more attainable than Toronto. From Mississauga to Pickering and beyond, you will discover a plethora of choices with differing architecture, amenities, views, layouts, sizes and prices. The goal is to find the right one for you, and a realtor can help you along the way to your best decision.
Debbie Cosic, CEO and founder of In2ition Realty, has worked in all facets of the real estate industry for over 25 years. in2ition.ca