Buying a Condo: The Three Biggest Questions to Consider.
Buying a condo, or any property, is a big decision. Especially if you are a first-time buyer about to make the plunge into the real estate world. Yes, there are plenty of things to consider before you even make the decision to buy, but when you're ready to go out and choose your new home, here are the three questions you should make sure to ask yourself first.
How Much Space Do You Need?
In the Toronto market, you can get a giant detached home or an itty bitty condo. Before you start looking make sure you have an idea of what you're looking for. How many bedrooms do you need? Do you require a certain amount of square footage? Your budget may have a big influence on the amount of space you can get but the last thing you want is to purchase a small space when you have a growing family or spend money on a large home with space that will go unused.
How Much Do You Want to Invest?
How much you want to invest is very different than what can you afford. How much you invest in an individual property is something that your realtor will help you decide. When it comes down to making an offer on a property you want to consider what it's worth in today's market, what the seller is asking and what the property is worth to you. Once you've considered those three factors, you and your REALTOR® can come up with an asking price that everyone is comfortable with.
Where Do You Want to Be?
Location, Location, Location! How many times have you heard that phrase when talking about Real Estate. In Toronto, location is everything! Before you even start looking for your new dream home, think about where you want to be. Which neighbourhood or condo building are you looking at? If it's a condo you're after, what is the 'sales' health of the building? An expert REALTOR can keep you informed on the inside scoop and reputation of all the areas, developments and buildings in Toronto.
Becoming familiar with these 'Big Three' Questions will make it easy for you to make the right decision when you're ready to buy.