How To Buy A New Condo And Save On Buying

Searching for North York condos for sale can seem complicated in today’s age. Gone are the days of the colonists, when it was enough to fall on a cleared clearing, plant a wooden stake in the ground and declare this land his family property. Finished the beautiful era of the bourgeoisie where your parents bequeathed you a vast field in inheritance (today, all that they leave you is a collection of stamps and a predisposition to decayed teeth).

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And because it’s not in your cereal box and marshmallows that you’re going to find a free condo, you probably need some tips to help you become a homeowner without having to spend 5,000 times more than you pay for presently. Believe me, if you know the real estate business, there are definitely ways to save on this important purchase.

Plan your finances

Before starting anything, make a budget. Buy a small notebook, take notes, draw some sketches and bring everything to the bank. When you want to get a loan, ask for the maximum amount you are willing to pay. In this way, you will have to trade at that price or less. Imposing such a discipline will be very useful when you start visiting condos and you suddenly realize that you need this lounge with jacuzzi. In addition to the mortgage, do not forget to include in your expenses the costs of closing, moving and notary as well as property transfer taxes.

north york condos for sale

Buy a condo that does not exist

That’s right: invest in a large sample of free air, space in the sky saves money! When a condo development project gets the green light, the developer develops plans, screens and creates a series of computer-generated photos of a building with luminescent aura, eclipsing any other building in the city. . These “pre-construction” condos are sold directly by the developer during a process called “presale”. How does it save you? First, when buying north york condos for sale, allow yourself to pay your deposit in installments. No condo fees, mortgage, spa membership, nothing. This gives you more time to save while having the assurance that you’re new home and you will be ready at about the same time.

Second, your property is likely to grow in value. If you buy one of these trusted developer’s condos, these will most likely increase in value and appeal as people hear about this prestigious development. Thus, not only will you pay less than those who will have followed the advertising and will now want to join the game, but if you want to sell, the effect of scarcity will also ensure a significant return on your investment.

north york condos for sale

That said, there are North York condos for sale during the week following the launch of the project. You will be able to evaluate its popularity first. In adding, trade once the project is sold at 40% is a good idea, as developers usually have to sell 50% of the units before they can start construction. Naturally, at this point, they are usually very eager to sell.