Buying a condo is an exciting time for many people. It’s the first step on the way to financial independence and freedom. You can finally start living life outside of your home, with more space and less responsibility.
But it’s also a very big decision that involves a lot of things you didn’t think about before. From how much money you’ll need in order to buy one, to what kind of neighborhood you want to live in. Here are some things to consider when buying the continuum condo at thiam siew:
– Location
First of all, where do you want to live? If you’re looking for somewhere new, then you should look at neighborhoods near public transportation. There are a lot of places in the city that offer this service, so make sure you check out the options.
If you’re looking for something a little closer to you, but still have good access to the city center, then choose something in the suburbs or close to a major highway. Keep in mind that if you don’t drive, you will need a car. However, there are plenty of places in Toronto where it doesn’t cost too much to get around without driving.
Once you’ve decided on a place to move into, take a look at what kinds of services are available. Is there a pool, gym, restaurant, or movie theater nearby? The location of these amenities plays a huge role in whether or not you’ll like the area.
If you have kids, then you might also want to take a look at schools in the area. Will they be able to walk to school safely? What sports teams are available in the area? And what kind of community does the school have? Are there any clubs or activities? These things will play an important part in determining how well your child will fit in.
Finally, the type of building you choose to live in can make a difference as well. Do you want to be within walking distance of your place of work? Does the building have a great view of the lake or the mountains? Or maybe you’d prefer a high rise building right next to a busy street? All of these factors can affect the amount of time you spend commuting.
– Monthly Expenses
The second thing to keep in mind is how much cash you’ll need to pay each month. As we mentioned earlier, buying a condo requires a large down payment. So you’ll likely have to come up with a hefty sum of cash upfront.
But what happens after you’ve made the purchase? Your monthly expense won’t go away. You’ll still have to pay property taxes, utilities, maintenance fees, and insurance. You may also have to pay a mortgage every month.
So if you have a small budget now, you’ll need to save up even more money. But there are ways to reduce your monthly expenses. For example, you could choose to rent instead of owning, which would drastically cut down the amount of money you pay every month.
You could also opt for a smaller apartment. This will let you maximize the space you have, and give you more room to stretch your dollar. But you will end up paying more for your unit in the long run.
Another option is to find roommates who are willing to split the costs. Of course, you’ll have to ask them first before you can proceed, but it can be worth it.
– Taxes
The last thing to consider when buying a condo is taxes. In Canada, there are two different types of taxes: provincial and federal. Each year, both governments impose their own tax on properties.
For example, Ontario residents pay a total of $4 billion in taxes every year. They levy another $3 billion in provincial sales tax (PST). On top of that, the province charges a municipal property tax on homes. The average homeowner pays $2,200 per year.
To calculate your own tax bill, you’ll need to figure out how much you paid in taxes over the past few years. This is called “net taxable income”. Then you multiply this number by the applicable rate. Next, add up all the resulting numbers.
This information is usually provided on your property assessment notice, which is sent to you by mail. For more information, visit our article on how to calculate property taxes.
There are no taxes levied on condos. That means that you have to pay your own property taxes.
– Financing Options
When you decide to buy a condo, there are lots of different financing options available. You can borrow from a bank, credit union, or finance company. Alternatively, you can get a mortgage from a government agency or private lender.
In Canada, most buyers use a mortgage offered by a private lender. There are two main types of mortgages offered:
1) A fixed rate mortgage. With this type of loan, interest rates are fixed for the term of the loan. They never change throughout the duration of the mortgage.
2) An adjustable rate mortgage. With an ARM, interest rates change each month according to a pre-determined schedule.
So what kind of mortgage would you like to have? Would you rather pay a lower interest rate now, or lock in a higher rate later? If you plan on staying in your condo for a while, you should probably go with a fixed-rate mortgage. Otherwise, you’ll want to pick an ARM, since it offers you flexibility.
If you plan on selling your condo in the future, you might want to look into getting a reverse mortgage. This is an extremely flexible form of lending that allows you to tap into your condo equity without having to sell it first.
It’s always wise to consult an experienced real estate agent when buying a condo. They can help you determine the best way to finance your purchase, and ensure that you understand all of the various options available.
Buying a condo isn’t as easy as just going online and putting a deposit down. There are lots of things to consider, so talk to a professional. They’ll be able to guide you through the process, and help you avoid common mistakes.
Most importantly purchasing a townhouse is a major choice that influences numerous parts of your life. Take as much time as necessary, and gauge your choices cautiously. Whenever you’ve found the ideal spot, you’ll be prepared to appreciate living in style!
