Michael Camber
Real Estate Salesperson
Royal Lepage Real Estate Services, Ltd.
905 King St. W. #100, Toronto
Tel.: (416) 205-0355
fax: (647) 435-4944 info@kingwestcondo.com
Purchasing your first home can be a very intimidating and stressful experience. What follows are my recommendations to anyone thinking of purchasing a condo for the first time.
Be definitive and make sure you have really decided to buy.
Pre-qualify yourself for a mortgage. It is essential that you know what you can afford and what you are comfortable buying.
Educate yourself.It can be a slow and difficult process. Ensure that you spend the required amount of time to become an expert or hire one. Your Realtor can provide a personalized crash course in mere hours. It's a free service as Buyers do NOT pay a fee to their Realtor. The Seller of the purchased property pays the fee.
Know what your purchase will cost you. When buying a resale condo, be aware of closing costs. The following is a list of common closing costs:
Land transfer tax
High-Ratio mortgage insurance fees
Bank appraisal fees
Pre-paid tax adjustments
Mortgage Broker or application fees
Pre-paid condo fee adjustments
Legal fees
Remember,your first mortgage payment is due one month after your purchase closes. Condo fees are always due on the first of every month. Property Taxes are due in installments (usually 4 per year) or can be transferred by your bank on a monthly basis.
When buying a New Development you should prepare for the following expenses:
Education levy
Park levies
Development charges
Discharge of the Developers mortgage fees
Law Society of Ontario fee
Heat pump fees
2 months of condo fees
Pre-paid Occupancy fees
Remember, when buying a new condo from floor plans, your first closing is when you occupy the unit. At this stage, you do not actually own the unit, rather, you are considered an Occupant. You will pay the Developer an "occupancy fee" until the building registers with the City of Toronto.
