Expert Advice
When you start to do your research for the condo market in Toronto and its surrounding areas, good advice is to choose a consultant or an expert. This website is designed and updated by one of the top real estate brokerages worldwide.
RE/MAX Crossroads Realty Inc. established in 1980, 39+ years ago, has over 200 sales associates speaking over 50 different languages. Over 100 speak Mandarin or Cantonese. Many specialize in condo projects both new and resale. They can be your personal consultants at no costs to you and will share their knowledge and help you not only find the best condo but make sure it is a good investment and well built.
Our agents will find the right condo for you and negotiate the purchase in your favour plus provide follow up services after the sale to insure that you have a smooth closing and occupancy.
Just contact us at info@topremax.ca and we will match you up with an agent of your liking and your choice.
First Time Buyers
The real estate market's main impetus is first time buyers. They are very important and if RE/MAX Crossroads Realty Inc. is their brokerage of choice to find their first dream home, they are treated as VIPs. They should be as they are key to any Realtor's long term success. It should be a win/win relationship for both parties.
A first time buyer needs honesty and trust in their agent. Not only in finding and selecting the right home but making sure that their agent represents them and negotiates well on their behalf as well as making sure they obtain the best financing and government programs available. First time buyers definitely need a patient and experienced Realtor to guide them through the showing, inspection, purchasing, financing and follow up during closing procedures while purchasing a condo or freehold property.
This website will enable YOU to select YOUR agent that is to YOUR liking and that suits your needs.
Contact us at info@topremax.ca and get started.
Buying a Pre-Construction Condo
The main advantages of buying your condo before it is built are attractive:
- If it is an inclining real estate market price wise as the GTA and it's surrounding areas have had for the past decade the market value of your purchased condo may be higher when you finally move in several years later.
- Your down payment can be spread over several instalments with the final payment made on closing years after your first payment. This may be a benefit to first time buyers and other buyers who need some more time to save up the funds.
- You can select your flooring material, wall colours, appliances, bathroom fixtures, kitchen cupboards, lighting and other choices the builder may offer to suit your tastes not others.
Buying an Assignment Condo
For many reasons, a previous buyer of a pre-construction condo may have to change their decision prior to final closing. A single person for instance may buy a Studio type unit but 3 years later is married with children already and it is too small for their needs. This type of purchase with the Builder's permission will involve buying the Agreement of Purchase and Sale from the previous buyer at a mutually agreed upon price. Definitely you should have a Realtor and a lawyer advise you on this type of purchase.
Buying a Resale Condo
There are many advantages to this type of purchase. Mainly:
- You get what you see. You can see the actually space in 3 dimensions with existing fixtures, materials, colours and other choices that the current owner has selected.
- You can see the views and the Sun's orientation from each room in the condo. Views have a large influence on the market value and desirability of a condo.
- You can see the buildings amenities such as pool, gym, meeting/party rooms, roof top area, etc. completed and in use. You can also see where your parking and locker space is.
- With the help of your Realtor, you can negotiate the purchase price.
- The current owner may have spend thousands or dollars on upgrades that are now included as part of the purchase price. This can be a tremendous saving in "up front" costs for a first time buyer.
Contact Us - We can guide you through your First Time Condo Buying Process
View our OUR TEAM of Award Winning Agents by Location and/or Languages Spoken.
Frequently Asked Questions
This section will have various questions and answers that most buyers and sellers may have when purchasing a condo or freehold property. Since we are just launching this website and making it available worldwide we anticipate we will have many excellent questions to answer. We will share all of these answers with you as well we will continually update the website with the newest condo projects that come on the market.
Do you have any questions? Contact us at info@topremax.ca for the answers.
QUESTION: IS THERE A CHECKLIST FOR BUYING A NEW CONDO?
- Verify the unit’s floor area and boundaries and that your unit factor is reasonable.
- Find out if you can have changes made to the placement of walls, windows and doors and what the costs would be.
- Inquire whether the building and/or your unit will be accessible to someone with limited mobility.
- Find out if there are plans to reduce the ceiling height anywhere in the unit.
- Check how the units will be heated, cooled and ventilated and the location of heating and air-conditioning equipment, ventilators and hot water heaters.
- Ask the developer about noise- and odour-reduction measures, environmental features and options for suite finishes, cabinets and fixtures.
- Check with the developer and municipality about planned construction in the area.
- Be clear about what is and isn’t included in the purchase price so you can compare overall costs with other condominiums.
- Find out if your monthly condo fees are realistic, what they include, and when they’re likely to increase.
- Investigate whether there are any “hidden” costs, such as long-term leases on building fixtures, which will be passed along to owners.
- Check if the unit comes with a new home warranty and the extent of the warranty.
- Assess, as best you can, whether the project will be completed by the date in the purchase agreement before making moving and financing arrangements.
- Request a “disclosure statement” from the developer in jurisdictions where a developer must provide one before the sale agreement is binding.
- Find out if your purchase agreement allows the developer to extend the occupancy date and check your provincial or territorial homeowner protection legislation to learn your rights if your agreed-upon occupancy date is missed.
- Consult with your lawyer before signing any documents.
(Source: Canada Mortgage And Housing Corporation)
QUESTION: WHAT DO I NEED TO KNOW WHEN BUYING A RESALE CONDO?
In many ways, buying a resale condo is similar to buying a house, but there are additional caveats to a condo purchase that buyers should be aware of.
IS CONDO LIVING FOR YOU?
Before you go through with a condo purchase, consider whether condo living fits with your lifestyle. Condos often have rules regarding pets, noise and even drapes and balcony furniture. As such, condo living requires more “give and take” than a house. Take that into consideration before you go on the hunt for a condo.
THE STATUS CERTIFICATE
When you make an offer on a condo, it should be conditional on a review of the status certificate. It’s a document that includes a lot of critical information about the condo corporation.
• By-laws & Rules: Make sure you can live with the condo’s rules. If pets aren’t allowed, don’t try to sneak in your puppy. Instead, find another property that is more suitable.
• Financial Records for the Condo Corporation: The certificate will include the corporation’s most recent budget and the balance of the corporation’s reserve fund. If costly repairs are required in the future, insufficient cash in the reserve fund could require a steep increase in your condo fees or result in a special assessment.
• Utilities: Utilities could be included with your condo fees or paid separately. Each unit could have its own hydro and water meters, or there could be one set of meters for the whole building, with everyone sharing the costs equally. You’ll want to know so you can budget accordingly.
• Rental status: When owners lease out their units, they are required to notify the condo corporation. The corporation keeps a tally and includes the figure as part of the status certificate. If you want to rent your unit, it may make sense to buy in a condo that contains many other tenants. On the other hand, if you plan to live in your unit, a place where most owners live in their condo may give you the kind of community you desire.
• Parking details: Your unit may include a parking space, but it’s important to understand whether you will own the parking space yourself, or whether it’s a common element owned by the condo corporation that you are assigned, but that you don’t own.
Ultimately when you buy into a condo, you are also choosing your community. It’s a big commitment, so take the time to find a place that suits your personal needs. Don’t overlook potential issues in the rush to purchase a property.
(source: Spring Edition 2014 · RECO reconnect)
