An Ultimate Guide to Buying a Condominium in Canada

It goes without saying that the real estate industry doing well than most other sectors all over the world. This is not exceptional in Canada. We all know that shelter is one of the basic needs of a human being. The fact that there has been a rise in population and that human beings cannot do without shelter has increased its popularity.

Most individuals do not know that purchasing a condo is a big investment, which calls for one to do it both tactfully and carefully. Before you make a condo purchase, there are a number of questions that you need to answer. You can consider visiting Mirvish + Gehry location and amenities web page for more information. Let us look at more factors that one needs to consider before purchase.

Financial situation

condominiumsSince condominiums are not cheap, you will first need to take into consideration some factors that include the type of development, the facilities that are around that area and its location, as this goes a long way in determining the price of that condo. Thus, when you are purchasing a condo, besides looking at the mode and payment plans, it is also advisable that you take into consideration all the other expenses that are associated with the condo purchase.

Such expenses include taxes, property valuation fees legal fees, purchase and sales agreements, stamps and the options to purchase costs. Therefore, it is essential that you look at your current financial situation before you purchase a condo.


Another factor that you should always consider is the location of the condo. Ensure that the condo that you want to purchase is located in an ideal place. Make sure that it is located in an area that has good infrastructure. Such infrastructure includes the existence of feeder roads, swimming pools, educational institutions, hospitals and any other critical institutions.

Take into consideration the needs of your family before making the final decision. Due to the difference in development in different areas, conduct some research to establish the condo that is situated in an area with the right infrastructure for you.

Modes of transport

condosSince most of the condos are located in highly developed areas, it is more likely that you will be on move most of the times. Depending on your place of work, it is important that you get a reliable and suitable means of transport that will be taking you to and back from work. Before making your purchase, take into consideration things like air, rail and road transport. Settle on a condo that has infrastructure that will aid you easy movement.

Investment potential

Another crucial factor to consider is the investment potential of the area that the condo is located. Keenly examine the area and determine whether it has a potential of attracting more investment in the future as this will maximize your earning in the future.


Mistakes to Avoid When Buying Properties in Toronto

The process of buying a property can be very daunting sometimes. It is a process that can cost the buyer a lot of money if he or she is not careful. Purchasing a property is one of the great investments that you can make. For you to be successful, there are certain pitfalls that need to be avoided at all costs. This article has compiled a list of those mistakes that you need to avoid.

Failure to consider the factors that will affect its resale value

The resale value of a property is affected by many factors. It is imperative to consider these factors when buying a home. Some of them are apparent while others are unforeseen, and they should always be considered. Its location is one of the important factors that determined its value. You are advised to avoid buying a property next to the hydro lines, gas stations or next to subway stations. Its value is also affected by the neighbouring value

If you own the most expensive property in a certain street, then its appreciation potential will be limited. This problem might even become worse if you are planning to model it in future. You should, therefore, avoid falling in love with such a property. If it is a condo, its value might greatly be affected by the future developments in that area especially those which may obstruct its view.

Purchasing a home on short-term basis

These are some clients especially the first time buyers who prefer living in a home for about 5 -6 years. Their financial situations limit most of them. Some situations might change around this time. For instance, you might need more space. Moving to a new house is a bit costlier in the modern days. You will be required to pay a commission, and land transfer tax when buying a new property. Together with the cost of furnishings, this might cost you about $ 50,000. Buying a house on a long-term basis will help you in saving a significant amount of money in the long run.home on sale

Being too picky

Most of the first time buyers are confronted with many items on their wish lists. Those who have unlimited funds are forced to compromise on various items. Some of these compromises include making extra repairs on your own, foregoing the extra bathroom and accepting an outdated decor. You should avoid being too picky as this might cost you a great amount of money.