Looking to buy your own Condo in good old T-Dot? Chances are, your experience will be different because its not a townhouse in the first place. Condos in Toronto are located in some of the city’s unique districts giving the resident a unique viewpoint and a vantage point.
Yorkville, Bay Street, City Place, King’s Street, Etobicoke and the Toronto Waterfront are unique locations. And before you think of buying one, consider the following factors in mind before you embark on the purchase journey.
1. You need to gather more money than you need to catch a down payment
When you are going to buy a home, you must keep in mind that a down payment is a must otherwise it is a no-no situation. Paying a suitable amount for down payment helps speed up the condo acquisition process.
When buying a condo in Toronto, you will need 5% for reselling the condo and 20% for pre-constructed condos in the final purchase price. If there are unsold condominium units coming close to the project’s finishing date, builders at times accept reduced down payments.
But it is preferable to have more than the minimum percentage of the ideal purchase price because your preference might change. Paying for a pre-constructed condo is more expensive than one that already exists.
2. Keep some money for the closing costs
There are costs when it comes to closing a real estate acquisition, known as ‘closing costs.’ In Canada, buyers cannot lump these costs in their mortgage as they are required in cash.
Here are the possible costs that are due when buyers close in on a condo:
- Land transfer tax (for the purchase of condos on resale).
- Municipal tolls.
- Notary fees (lawyer’s charges).
- Condo home inspection fees.
- Prepaid condo fees covering the first month’s balance.
- Prepaid municipal tax.
- Appraisal fees for lender or banks (when buying resale condos).
There are also post-closing costs, such as:
- Connection fees for services and utilities (water, internet, gas, phone).
- Moving expenses (cost for shipping the goods).
- First maintenance charges on cooling & heating systems.
They don’t cost considerably but they add up quite fast.
3. Organize the necessary documentation
Before you sign a mortgage, you need to validate your information and show the necessary documentation.
That being said, most lenders prefer seeing your proof of income and your official letter of employment, as well as your last two years’ tax papers and bank statements of the last two months.
They are easy to get but take a lot of time when collecting them.
4. Lower your debt burden
That is a problem most first-time condo buyers overlook. Debt ratio is the ratio of one’s debts to their gross income. This is used by lenders to check a buyer’s credit worthiness and the level of risk when approving a lease or mortgage.
When debt load is low, the mortgage rates one gets will be much better.
For those having large debts, they must pay their bills each month timely and work towards an established income. Consulting a debt specialist also helps as a person can consolidate their debts to raise their monthly cash flow & pay less in interest.
5. Check and improve credit score
This is a person’s first impression in purchasing a condo when interacting with banks and lenders. It exhibits to lenders how much debt they have and how can one pay them off.
A low credit score can hurt a mortgage’s interest rate when purchasing a condo. Debt or no debt, that score can get low. Reasons are:
- Poor credit utilization.
- Opening and closing numerous credit accounts constantly.
- Debt ratios are unbalanced.
- Untimely payments.
- Non-awareness of a bad credit mark.
People can check their credit score without cost by ordering a copy of their credit file via mail from either Equifax Canada or TransUnion Canada after filling out their relevant questionnaires.
6. Using mortgage brokers to get better rates
A mortgage broker is the first person to contact when buying a property. They are experts at finding the right mortgage as per a buyer’s specific situation. In fact, they also have access to lending companies in a manner that buyers don’t get.
Lending companies specialize in residential mortgages and do not offer services that a bank does. They do not interact with the public as not only do they not have any overheads but have rates better than what banks offer.
Buyers will face the following challenges when shopping around for mortgages themselves:
- Finding the best rates can become hard
- A lot of time will be consumed in appointments.
Mortgage brokers offer free services and get a commission once the deal is signed at no extra charge to the buyer. In fact, buyers face no drawbacks in using them.
7. Take help from real estate specialists
Always find a realtor you feel are honest because they help you find the best property at the best price. The realtors take their commission from the sellers and not the buyers.
When buying a pre-constructed condo, realtors can help buyers catch reduce down payments, get upgrades at the same costs, ability to get valuable storage units and park spaces as well as reviewing the contract for negotiating better terms.
Do not forget to hire a home inspector when buying a resale condo.
8. Never buy a condo just for the view
Do check for amenities you need, the facilities you need and accessibility to work when you are buying a condo. Do not forget to ask yourself if you really need a condo?
Toronto is unique because it has more apartments and condos per square foot in North America (more than New York). Such helped the city combat a massive urban sprawl. If you are looking for Affordable Condo in Toronto Visit Toronto Condo Team right away.
6 Reasons to Try Cannabis Edibles
Are you looking for a reason to try cannabis edibles? If you’re wondering if there are benefits to edibles that you can’t get with other forms of cannabis, the answer is yes. Here are some of the best reasons to try cannabis edibles.
- Some edibles are boosted
When you smoke cannabis flower, you’re only getting cannabis. That’s not a bad thing, but there are brands that sell edibles that have been boosted with other ingredients. For instance, you’ve probably seen capsules with added herbs to help you sleep – the same is true for edibles.
One of the newer enhanced cannabis edibles are the Bits adaptogen-boosted edibles. These new cannabis edibles contain just 5mg of THC per Bit so you don’t overdo anything. Each flavor is packed with a unique blend of adaptogens like ashwagandha, reishi, elderflower, lemon balm, ginseng, guarana, and rose hip.
Why adaptogens? Adaptogens have been proven to have a positive impact on the central nervous system by decreasing sensitivity to stressors. In other words, adaptogens reduce stress and anxiety and contribute to an overall sense of wellbeing. When you consume cannabis edibles boosted by adaptogens, you’re going to feel more relaxed.
- Edibles provide precise and consistent dosing
One of the best reasons to try edibles is for precise and consistent dosing. When edibles are made, the cannabis is thoroughly and evenly mixed in, so each serving has the intended dosage when the final product is made. In addition, premium cannabis brands like Verano lab test each batch to ensure quality and consistency with all of their products, including cannabis edibles.
When you smoke flower, you won’t always get the same amount of THC. It’s nearly impossible to know how much THC or CBD you’re getting from smoking flower. Even when you smoke the same strain in the same amount, the THC and other cannabinoids are distributed unevenly throughout each bud.
If precise and consistent dosing is important to you, then edibles are going to be your favorite cannabis delivery method.
- Edibles are tasty
Edibles taste good, so why not try them? It’s just like eating a snack or a treat, but with a purpose. If you’ve avoided trying cannabis tinctures or oil because you don’t like the flavor, that’s understandable. Edibles are different because the taste of cannabis itself can be easily masked.
Brands go out of their way to come up with recipes that taste good because they know some people don’t like the strong flavor of cannabis. Edibles like brownies, cookies, and chocolate bars usually just taste like any other cookie, brownie, or chocolate bar. Premium cannabis brands will also use quality ingredients to produce the best cannabis-infused gummies, hard candies, and baked goods.
- Edibles are easy to carry
If you want to carry your cannabis around discreetly, that’s easiest with edibles. They usually come in smaller packages that you can fit into a pocket or bag, and edibles are easy to eat without anyone suspecting you’re consuming cannabis.
When carrying edibles, be smart about where you bring them. Make sure you know where you can and can’t have them. If you’re headed to the airport of a government building, for example, you’ll want to leave your edibles at home.
- The effects of edibles last for a long time
Smoking flower is great when you need relief quickly, but when you want the effects to last a long time, edibles are your best option. When you ingest cannabis, it takes longer for the effects to kick in, but those effects will last for a much longer time. You also don’t need to consume as much cannabis to get these long-lasting effects.
Everyone is different, and the timing depends on a multitude of factors like our metabolism and whether you’ve eaten or have an empty stomach. However, in general, it takes between 30 minutes and 4 hours to start feeling the effects of edibles. From there, the effects can last a few hours or even up to twelve hours. This is why many people take edibles before going to bed – getting that full impact while they sleep makes them wake up feeling incredibly rested.
- Edibles are a great alternative to smoking
Although smoking cannabis is probably the most popular consumption method, it’s not for everyone. Edibles won’t expose you to the potentially harmful effects of smoking. If you’ve been avoiding trying cannabis because you thought you had to smoke it, edibles are the perfect opportunity for you to try cannabis.
Already familiar with edibles? Try something new
If you’ve been consuming cannabis edibles for a while, maybe it’s time to try something new. If you’ve always been into baked goods, branch out and try some beverages, chocolate bars, or even an adaptogen-boosted cannabis gummy for example. There are plenty of edibles to choose from so you can be sure you’ll find something new that you can enjoy.
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