Buying a new condo developments Toronto can be a great way to get into a new home at a lower price. This type of housing also can be an ideal first-time home purchase for people who want to live in the middle of the city. However, you should carefully read the fine print before making a purchase.
Unlike single-family homes, a condo does not come with land. Instead, you will be paying for the maintenance of the shared areas. You will need to read the CC&Rs (condominium bylaws) carefully. You will also need to ask about recent board meetings and how much the HOA dues have increased.
The best way to do this is to hire a real estate agent to help you find the right place. They can also help you determine the appropriate offer price and guide you through the plethora of paperwork involved in the purchase process.
Once you have found a suitable place, you can begin to put together your final signing paperwork. These include a contract and a commitment letter. You can also choose to work with a lender to obtain a loan. You will need to provide a down payment of 20 to 25%, depending on your mortgage type. Most lenders offer the lowest interest rates to buyers with good credit. You will have to make a larger down payment if you have a less-than-perfect credit rating.
The mortgage lender will provide you with an estimate of how much the loan will cost. You will also need to complete a loan application, including a credit check. It would help if you also were prepared to give your lender a commitment letter stating that the loan will be funded. You can also get an idea of how long it will take to complete your loan by contacting a lender before you buy your condo.
The most important step when purchasing a condo is to research the HOA. You will need to check the rules and bylaws to see if there are any pet restrictions. It would help if you also inquired about the number of visitors and how many parking spaces are available.