Many people do not realize that investing in Toronto Condos is time-sensitive action. Blink, and the opportunity is gone. here is a simple description of the three main opportunities to buy a condo. For detailed info see “Seven Stages of Condo Investing“.
Always use a Realtor, it won’t affect your purchase price and we may be able to get you a better deal.
Option 1: Buy from Plans
- Use a Realtor to guide you through the process.
- You’re buying from the Builder, not from an individual
- First-time home buyers NOT in effect
- Downpayments up to 25%
- Occupancy fees in effect
- Closing costs in effect
- Longest wait, yet most appreciation (in an uprising market)
- Option to Assign/Flip you contract
Option 2: Buy a Contract Assignment / Under Construction
- Use a Realtor to guide you through the process.
- You’re buying from an individual, not from the Builder
- First-time home buyers NOT in effect
- Downpayments are previous buyer’s + markup (highest)
- Occupancy fees in effect – check for limitations
- Closing costs in effect – check built-in caps
- Move in Now or very soon
Option 3: Buy from Individual / Re-sale / Exisiting Building
- Use a Realtor to guide you through the process.
- You’re buying from an individual, not from the Builder
- First-time home buyers in effect
- Lowest downpayments – in accordance with your lender
- No Occupancy fees
- No original Closing costs (was paid by former owner)
- Move-in now
Confused yet?
For additional information, contact us, or visit the Investing category page.