It’s a new year and if you aren’t yet living in the condo of your dreams, this is the year to make it happen. With so many exciting new condo developments in Toronto, your new dream condo can soon become a reality! Condo ownership takes planning and research, and we have some tips for how to plan for purchasing your new condo in 2017:
YOUR BUDGET
Take another look at your overall budget- have you structured it with the goal of ultimately buying a new condo? Your budget should have an overall long-term goal in mind and shouldn’t just concentrate on short-term actions. If necessary, restructure your budget with your attention on purchasing a condo and see where you end up. You may be able to cut down on some expenses or increase your income so that your dream of owning a condo can come true.
START BUILDING YOUR EQUITY NOW
Take a look at the new condo builds that are happening throughout the Toronto area and see if it’s possible to put a down payment on one of them now. You’ll be able to start building up equity right away and you’ll thank yourself in the future for making the decision to buy. As well, you should consider your future income. Is your income likely to rise in the next few years? If so, this should be taken into consideration when looking at the new condos that are being built.
FOR INVESTMENT PURPOSES
If you’re looking for a condo for an investment purpose, consider taking a look at 2-bedroom condos on the market. While 1-bedroom units were the rage for quite a while, the 2-bedroom condos have been quite the rage recently. Buy as much as you can afford to see larger profits later.
UNDERSTAND EXACTLY WHAT YOU WANT
Take the time to make a list of all the desirable features you’re looking for in a condo as well as the amenities that you’d like to have nearby. Do you want to live close to a grocery store so that you can pick up some food items on the way home from work? Do you go to the movies every Saturday night and would like a movie theatre nearby? Take a good look at your lifestyle so that you can narrow down the type of condo you want and the area you would prefer to live in.
If you’re thinking of buying a condo, Condo Royalty can show you new condo developments in Toronto and the surrounding area. With so many condos available in the Toronto area right now, Condo Royalty can help you narrow down your options so that you can make the right choice easily. To tour new developments, simply fill out our convenient online contact form, and you can get started on the path to condo ownership!
