Recently, it has been reported that there has been a drop in the prices of condos located in and around downtown Toronto. Though, prices of condos, lofts, homes, and mansions in the city have risen by quite some margins in the last 10 years, the slightest drop in prices sounds like a miracle for Torontonians looking to buy their own home.
However, with issues in the supply of homes; the number of Toronto condos for sale remains almost the same. Yet a lot of potential buyers are gearing up to buy their own homes and those who wish to remain close to the city are looking for condos.
Since they are fashionable and have amenities in them, they are also favored by Toronto’s urban planning as a means of curbing suburban sprawl (which now is hard to control).
What mistakes should first-time condo buyers avoid?
Purchasing a condo for the first time can be a cumbersome process; rushing to get the needed paperwork signed and attested, getting mortgage financing approved (if needed), or getting a pay-order made for purchasing a home
This process has never been done before by first-timers so hence they feel overwhelmed. But once the process is complete, they will understand how it is done.
Those who are reading this post are lucky, especially if they are first time home buyers (whether it is a condo, a suburban townhouse, a loft, an apartment, a mansion, or a row-house) because they will learn about the common mistakes first time home (and condo) buyers make and how they can be avoided.
#1 – Forgetting about the cost
The mortgage will not be the only cost in terms of purchasing a home. There are other costs (which can be small, medium, or large) that need to be considered. They are property insurance, utilities (bills for electricity, water, gas, and internet), property tax, maintenance fees (for apartments, lofts, and condos), and other expenses that can start piling up.
Before purchasing a home, buyers might need to dig in further and examine their savings to see if they are ready to pay all these expenses, or not.
#2 – Searching for the home before even securing the loan
Once buyers find the home of their choice and decide upon buying it, they should not spend their time wondering whether they could buy it or not. It virtually and logically isn’t possible for a taxi driver to purchase a mansion but given today’s circumstances, buyers need to find a home as per their budget.
Speaking of, buyers ought to know their budget and should see if they are qualified buyers before they start searching for homes. Meaning, if they apply for a mortgage before (or while) searching for a home, they can make the process a whole lot easier and efficient for themselves. Once they have decided that it is the right time to buy a home, they should get pre-approved for a loan.
#3 – Hiring amateurs instead of professionals in the process
Moving is not a simple job. It’s not as simple as packing all the stuff and renting a van. It takes a whole town to move into a new neighborhood. In simple terms, the moving team can be as good as the buyers’ weakest link. Hence, buyers should ensure they have hired the best home movers so they can move the furniture by packing it and arranging it nicely.
The same can be held in terms of looking for a home to buy. The real estate agents to be consulted should be as usual experienced top-notch professionals who would never rip the buyers off.
#4 – No buyer should be too picky
When it comes to buying a home, there is nothing wrong with the buyer knowing what they want. However, if the buyers must have a list gets quite long and too specific in detail, then they may not be able to find the home they are looking for.
They should also remember that they can make changes to the home once they move in. They should take time in determining what they need in comparison to what they want.
#5 – Buyers can lack vision when it comes to buying a home
Some of the open houses’ buyers attend do not look ready for a move-in. They either aren’t properly staged, or the home is not in a good shape. However, a lot of homes have hidden potential. When buyers look at a home, they should look past the existing rugs, lamps, and furniture it has.
They should try imagining how it would look like when they have moved in with their belongings or try envisioning the home in its original state. This is an important skill especially if buyers are looking for a fixer-upper as their first home.
#6 – Often at times, the future is ignored
If buyers intend to live in a particular property for the long term, then they ought to think ahead. They could decide to settle down and get married, have kids, and other legitimate concerns. Will the existing bedrooms be enough? Does the district have good schools? What about the crime in the area? Amenities? Facilities? Any parks or grounds nearby? And what kind of people live here? Etc.
Regardless of whether buyers are beginning to think about buying their first home or have spent time looking; best for them to read this post and avert these mistakes so they can find the home they have been looking for and to smooth the purchasing process as well.