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Real Estate in Toronto

Toronto-Realtor-Details
Buying a house

Buying a house:

An emotional and financial decision is quite crucial when you want to buy a home, but the process of buying a home doesn’t have to be formidable and that is why the east realtors are here to guide and ensure you are informed properly with our home buying tips to confidently guide you through the process of buying that desired dream home.

These simple home buying tips will give a guide through the process of buying a house:

Advanced financial preparations:

Lenders would definitely scrutinize all your debts, income credit score and down payment which would take almost 6 months to a year or thereabouts in the process of purchasing your desired house in Toronto, so it is quite necessary to get your credit statement and make sure to pay down your credit card and loan balances as well as correcting errors if any to hasten up the process.

Determine Your Position

There are several questions we have to ask to ascertain if we are in the right position to be a homeowner and such questions are: how much down payment can you afford as well as taxes, utilities, mortgage and more? do you have a stable job? Within the next few years, how soon may your needs change? Do you plan on starting a family? Would there be any need for work relocation?

Mortgage pre-approval

Once you pre-qualify for that mortgage, the next step is immediately making an offer while knowing your financial worth when you find that dream home. While determining your down payment, it is quite important to know that the pre-approval would be in writing stating that there would be a guaranteed interest rate which would be valid for 90-120 days. The only way your monthly mortgage payment can be lowered is if large deposits are made in the initial stage. Finding out the most competitive amount and rate you would have to interview several mortgage brokers and banks of which I can give you the contact of lenders that are credible and qualified on inquiry.

As your Real estate agent

Protecting your investment as a house buyer, you would need a realtor who would guide and negotiate on your behalf with all manner of integrity. the There are loads of benefits contracting me such as:

  • Choosing your community
  • Experienced on complex clauses in purchase offers
  • Access to private listings and brokers version of the MLS (the public version has a delay in updates)
  • Trained and experienced in negotiation tactics and multiple offer situations
  • Informing and teaching you on all aspects of the closing process
  • Avoiding overpay for clients through our knowledge of the homes current value

It is quite important to find that neighborhood that brings to you the type of lifestyle you desire both now and in the future and Toronto is a city which you can choose various types of the desired neighborhood and select your community as well as your home. Try considering researching transportation alternatives, recreational activities, proximity to shopping, health services, green spaces and dining activities in your desired environment. Make sure to visit the environment during the day and evening. My experience with several environments, communities, and neighborhood, will adequately provide you with all necessary information.

Screening Potential Homes

While buying a house, a very important step to consider is determining features that the house must possess as well as how flexible you are about those features. These would entail the yard space, bedroom and washroom numbers, how old the house is, distance to commute and many more. Seeing all the desired features in the house you want to buy would save you a lot of time and also not to forget considering your future lifestyle.

Home Inspection

A home inspection is quite necessary and advisable while buying a house resale. Checks and inspections are done on cooling systems, plumbing and electrical systems, foundation and roofing, and important of all the structure of the home that is visible to identify areas that require repairs or changes estimating the costs all done by a professional inspector which if required will provide you with professional and credible home inspectors.

Purchase Offers and Negotiations

After finding that perfect home the next step to take is presenting an offer to the seller for purchase including conditions, price, deposit, and closing date. The seller would thereafter send a counteroffer, accept or reject the offer made. There may be a multiple offer situation considering a highly desired property. With years of experience as a realtor who has closed multiple house deals in Toronto, winning that desired house price negotiation with that professional offer draft is one of my major expertise also.

Legal Representation

Your home purchase generally requires hiring a real estate lawyer for all legal elements such as fraud and standard legal categories like taxes, liens, and registered title searches; all you need is a real estate lawyer that is qualified for all categories of the procedure to ensure a smooth process. Need a recommendation for a qualified lawyer all you need to do is contact the East realtors whom would give you one of Toronto’s most qualified and professional real estate lawyer.

Closing the Deal

Once all requirements and conditions stated above have been concluded and fulfilled, the property ownership, as well as possession of the property, take up to 30-60 days after the offer was accepted. Also make sure to subscribe to a property insurance plan which is usually required on the closing day, so that advancement of funds won’t be carried out by the bank until this requirement is fulfilled Buying a house.

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Pre-construction

If customizing your home is something you love doing or is a hobby and you love being the owner then what is recommended for you is buying a pre-construction condo in Toronto. It is quite important to be represented by a real estate agent who has the knowledge and professional skill in negotiating builder’s contracts, and steps to closing and safely protecting your investment

When purchasing pre-construction condos you should consider the following factors:

Protection at No Charge

When buying a pre-construction condor, the fees of the buyer’s agent is infused into the purchase price. The merit of buying a pre-construction condo through a real estate agent is the fact that it won’t add any extra fees for guiding you. It is quite necessary to introduce your real estate agent to the builder once registration as a client so he can stand in for them.

Deposit Payment Plans

When purchasing a pre-construction condo higher deposits are required. They are usually 25 % higher than their purchase price which is due before your occupancy date. The is the difference when it comes to the deposit schedule with different builders but is usually timed

Cooling Off Periods

In Ontario, ten calendar days after you have received either the full signed purchase agreement or the disclosure statement is considered the cooling off period. If you change your mind, your deposit plus any interest that may be payable will be refunded. During this time frame, it is recommended to arrange your mortgage financing and obtain legal representation.

Disclosure Statements

A disclosure statement is provided by the developer of the building which entails the following details: the unit number, property description, estimated start and finish dates, condo fees, condo bye-laws, rules and restrictions and the condos corporations’ current budget.

New Condo Warranty

Sipping the home inspection should not be an option just because the Ontario New Home Warranties Plan Act covers new pre-construction condos

Anticipate Delays

In spite of the fact that you will be given a normal date of fruition for the working, there are factors that may influence this date. Your consent to buy will decide whether there are developer punishments for delays, however, be set up to hold up somewhere in the range of a half year to a year or more before you can move in. Plan interchange living courses of action if there are broadened delays.

Building Revisions

The data in regards to the building itself that shows up in your business assertion is liable to change and may incorporate condominium format, the number of stories, or certain building luxuries. Be exhorted, you will be shielded from certain material changes, be that as it may, you may not get precisely what you agreed to accept. I will have the capacity to recognize what these are and teach and exhort you in this circumstance.

Break Occupancy

Amid the time in the middle of the fruition of the building’s units and when you can really collect, you don’t claim the condominium and you will be required to pay the developer an inhabitance charge. These might be evaluated at the cost of your home loan in addition to townhouse charges and assessments, however, will be paid to the manufacturer. In these conditions, you can depend on my experience to guarantee you are being dealt with recently.

Apartment suite Maintenance Fees

Commonly, the first apartment suite upkeep expenses you were cited when you consented to your buy arrangement will increment once the building is enlisted and a board is chosen. There might be alterations up to 10-15%, which as a rule happen amid the second to a third financial year of possession after the leading body of chief’s direct the primary save finance think about and the genuine expenses of keeping up the building become known.

Shutting Costs

There are extra shutting costs when you are purchasing pre-development condominiums rather than resale apartment suites. These end expenses more often than exclude HST on included apparatuses, establishment charges for utilities, manufacturer change, and advancement charges. It is savvy to spending plan an additional 3-5% of the first price tag to be included at shutting.

Save Funds

At shutting, you should contribute, at the base, no less than 2 months of condominium upkeep expenses which will be devoted to the townhouse’s hold support if there should arise an occurrence of building crises.

Deals Taxes

Purchasing pre-development townhouses are liable to HST, notwithstanding, on the off chance that you are the tenant of the apartment suite, you might be qualified for an HST discount. This is something that ought to be checked through lawful exhortation and in the event that you might want a suggestion, I have a rundown of trusted experts whom I have constructed associations with.

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Buying a Condo?

Buying a Condo: Acquiring a condo in neighborhoods that are quite close to the heart of Toronto would be a very valuable investment because you get to experience cultural and social activities, dynamic nightlife, excellent and shopping and easy movement to work. The guidance/services of a professional and trustworthy realtor such as the east realtors are required to help make the right decisions and finding that condo that suits your lifestyle desire in Toronto. There are some things to consider such as:

Advance Financial Preparations

Lenders would definitely scrutinize all your debts, income credit score and down payment which would take almost 6 months to a year or thereabouts in the process of purchasing your desired Buying a Condo in Toronto, so it is quite necessary to get your credit statement and make sure to pay down your credit card and loan balances as well as correcting errors if any to hasten up the process.

Determine Your Position

There are several questions we have to ask to ascertain if we are in the right position to be a homeowner and such questions are: how much down payment can you afford as well as taxes, utilities, mortgage and more? do you have a stable job? Within the next few years, how soon may your needs change? Do you plan on starting a family? Would there be any need for work relocation?

Mortgage Pre-Approval

Once you pre-qualify for that mortgage, the next step is immediately making an offer while knowing your financial worth when you find that desired condo in Toronto. While determining your down payment, it is quite important to know that the pre-approval would be in writing stating that there would be a guaranteed interest rate which would be valid for 90-120 days. The only way your monthly mortgage payment can be lowered is if large deposits are made in the initial stage. Finding out the most competitive amount and rate you would have to interview several mortgage brokers and banks of which I can give you the contact of lenders that are credible and qualified on inquiry.

As Your Real Estate Agent

There are many benefits you would derive such as making sure that you have a stress free process in obtaining your investment in Toronto and we would do this by providing the needed knowledge of condominium contracts from management companies as well as a reputation of developers and the local neighborhood, current market trends etc.

  • Choosing your community
  • Experienced on complex clauses in purchase offers
  • Access to private listings and brokers version of the MLS (the public version has a delay in updates)
  • Trained and experienced in negotiation tactics and multiple offer situations
  • Informing and teaching you on all aspects of the closing process
  • Avoiding overpay for clients through our knowledge of the Buying a Condo current value.
  • Picking your desired future neighborhood

It is quite important to find that neighborhood that brings to you the type of lifestyle you desire both now and in the future because of rental or resale and Toronto is a city which you can choose various types of the desired neighborhood and select your community as well as your home. Try considering researching transportation alternatives, recreational activities, proximity to shopping, health services, green spaces, public transport and dining activities in your desired environment. Make sure to visit the environment during the day and evening. My experience with several environments, communities, and neighborhood, will adequately provide you with all necessary information.

Explore the Amenities

Features for amenities and leisure such as swimming pool, fitness centers, guest suites, party and game rooms, car washes, libraries and a lot more are one of the attractions of living in a condo building. This feature adds values to your life so they are included in the condo fee.

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Buying or selling?

Contact Us

1265 Morningside Avenue, Suite 203, Toronto, ON M1B 3V9, Canada
Juvan Mariathasan Real Estate Agent
To speak with our agent, call +1-416-273-4114
You can also contact us by e-mail: juvan@eastrealtors.ca