Wyne County Housing | Better Living For Everyone

It is a well-known fact that with a thousand dollars, you can own a house in Toronto.
Some homeowners prefer buying single-family homes whereas others are inclined to buying condos.
Any seasoned real estate investor will attest to the fact raising funds to buy property in Canada is not an easy thing.

Factors to Consider When Buying a Condo in Toronto

by Spencer Trujillo June 12, 2018 No Comments

Some homeowners prefer buying single-family homes whereas others are inclined to buying condos. This disparity is often inspired by personal preferences and the benefits that come with each of these housing units. In Toronto, condos make up a huge fraction of new homes. They are known to be affordable than single-family homes in the same neighborhood. If you are shopping for a condo in Toronto, here are some tips that could see you get the best condos.

Cost

One primary consideration to make when shopping for a condo is the cost. The higher your purchasing power, the easier it becomes to get what you need. If you do not have a lot to spend on this undertaking, you might be forced to compromise certain key features. Most potential buyers with limited purchasing power are often forced to buy preconstruction condos, which tend to be cheaper only that it takes a long time before one moves in.

Value for Money

As much as this might appear to be more or less the same as the cost, the value you get from investing in certain types of properties varies significantly. In light of this, wisdom dictates that buying already build homes offers real value for money. Instead of paying rent or a mortgage for a unit that is still in its preconstruction stage, a condo that can be lived in or rented as soon as it is purchased thus creating immediate financial benefits.

Shared Amenities

Almost every condo has shared amenities that are communally owned. The most important thing to look at when buying a condominium is the nature of amenities. Here, you need to objectively evaluate the facilities in potential condos and ensure they can serve you right. The last thing you need limited parking spaces, swimming pools and swimming pools that cannot accommodate everyone.

Age of the Property

If you are looking for a decent condo, you might be forced to go for an older building. As much the finishes seem dated, some renovation can change this. As such, when buying a condominium, pay attention to the age of the home.…

Finance

Property Financing Tips

by Marcelina Richardson June 12, 2018 No Comments

Any seasoned real estate investor will attest to the fact raising funds to buy property in Canada is not an easy thing. This is especially true when it comes to qualifying for a mortgage with friendly terms. Thus, before buying property in Canada, seeking finance should be a crucial part of your investment strategy. Ideally, the goal here is not just to find a loan; you also need to position yourself as a low-risk client and get friendly rates.

Have a Goal

What are your investment goals? Your mid or long-term investment goals should be clear before you start looking for finances. The type of financial aid extended to anyone investing in real estate depends on the nature of the investment.

For a fact, the loan extended to someone looking for a single-family home should be different from that extended to investor buying an apartment. You need to have a clear goal before you start looking for financing.

Proof of Down Payment

Most banks require proof of down payment before extending a loan. In most instances, the amount should be almost a quarter of the loan amount. Most lenders will also be keen to ensure that the down payment is not borrowed as this could lead to a conflict of interests. Some lenders might also require you should have tangible proof about where you might be getting your down payment.

Details of Other Properties

If you have other properties, you might be expected to share financial details about these properties. This might include things like mortgage statements, property tax statements as well as lease agreements if they are rented. Ideally, the essence of showing this is to convince the lender that you can be able to service your loan.

Work with an Expert

Working with a real estate agent, an insurance broker, or a mortgage professional improves your chances of goes a long way in ensuring you get the best out of your investment efforts. Most of these professional know lenders that offer the best terms and some will be willing to go about of their way to ensure you get the best deal.

Besides the tips shared here, you also need to have a good credit score, proof of income, and some emergency or closing finds to be an attractive client to lenders. Access to finance is a fundamental tenet of real estate financing considering that properties, especially for properties that tend to be relatively priced.…