Step-By-Step Guide to Buying a Toronto Condo
Have you been thinking about buying a Toronto condo but don't know exactly how to get started? Here's a step-by-step guide that you can use to see just how easy it is to go through the steps to homeownership. With a real estate agent by your side to guide you, it really is not all that complicated.
1. Solidify your buying decision
Are you sure that you want to go ahead and buy a condo here in Toronto? Do you still have any doubts? The doubts are what will hold you back and slow down the process. Usually, doubts are a product of lack of information and this data can be provided by a real estate agent to help you make a final decision.
2. Getting into action
A lot of people avoid buying their first Toronto condo because they're not sure whether they’ll get approved for a mortgage or not. The first step you need to take is to find a lender on your own or use a mortgage broker to find a lender to get pre-approval for your first home loan. You’ll be better off using a mortgage broker, but that is optional.
3. Hire a real estate agent
If you haven't already contacted a Toronto real estate agent now is the time to do so. You'll let him know exactly what you're looking for in a condo and he'll show you what he has available that meets your requirements. He'll also answer any questions you have along the way to keep things as simple as possible. This is actually a very exciting time for you since you'll be actively looking for your new home.
4. Placing an offer
When you find the condo of your dreams it's time to put in an offer to buy. Don't worry about the questions you may have about the legal aspects of signing these forms or the price that you should be offering. You and your agent will sit down and discuss these matters in full so that you feel 100% comfortable submitting these papers.
If the offer gets accepted you'll have accomplished a major feat in your life! Enjoy it! You've taken a major first step! You'll probably feel extremely excited about everything and perhaps a little nervous too. This is to be completely expected and as time goes by and you make your plans to move into your new Toronto condo the nervous feelings will be replaced by feelings of anticipation to finally step into your new home.