5 Simple Steps to Buying a Condo in a Hot Market

Tried & True Steps to Buying a Condo

Buying a condo in a hot market like Toronto can be tough and it’s getting tougher. Many buyers that were once eying a detached home, now are considering a condo. So the competition for condos is heating up in the city. This means bidding wars for some of the most popular condos. Here are the steps to buying a condo that has worked for many of our buyers.

Get new listings the day they come on the market & go see them the same day. Hot ones will go quickly. You don’t want to miss out. Your realtor can set you up to get these listings as they hit the market.
Be ready to put in an offer. Have your financing in order, and a deposit cheque ready with your offer.
Have your lawyer review the status certificate BEFORE you put in an offer. With financing and status out of the way, you will be able to go in with a clean offer. This is much more powerful to a seller than an offer that is conditional on financing or reviewing the status certificate
Work with a reputable realtor that knows and works the area. This will save you time and the risk of buying in the wrong building or overpaying for your unit.
Be ready for an appraisal from your mortgage lender. They will go in and assess the value of the property after you are firm on your offer. If they assess the property at $450,000 and you paid $460,000, they will only be given a mortgage based on the assessed value of $450,000. You will have to come up with the shortfall or find a lender that will assess the property for what you paid.

These simple steps to buying a condo will save you time, and reduce the stress of moving into your dream in the sky.