Everything You Need to Know About Buying Condos in Etobicoke

If you are looking to buy a condo in Etobicoke, there are many different options available to you. You can purchase pre-construction condos, choose between different types of floor plans, and choose from various types of amenities. The city offers many transportation options, as well as many green spaces. Most condos Etobicoke also include maintenance fees that cover things like gym equipment, elevators, parking, lockers, and guest suites. Some buildings also have reserve funds for building plumbing, which means that you won't have to worry about plumbing emergencies.

Pre-construction condos

• Pre-construction condos in Etobicoke offer a great selection of floor plans and amenities. These homes are just a short drive away from the city's downtown core. Many of these condos have swimming pools, fitness rooms, and more. Aside from these amenities, the homes themselves are elegantly designed with modern loft-style layouts and stunning finishes.

• Buying a pre-construction condo can be a smart way to break into Toronto's real estate market. However, the process is different than buying a resale property. It is best to work with a broker who has experience with pre-construction condos. Brokers who have experience in this type of real estate often have access to Platinum Stage properties, which allows them to have an advantage over other brokers.

Cooling-off period

• A cooling-off period is a legal right that gives you a chance to back out of a condo purchase before it closes. In Ontario, this right is applicable to the purchase of newly-built condos. It is important to remember, however, that you do not have the right to use this period when buying resale condos. A real estate lawyer can help you avoid any pitfalls and make sure you have the best deal possible.

• When buying new condos, you have a ten-day cooling-off period, which allows you to change your mind and seek a refund of your deposit. During this time, you should carefully review the agreement and note any questions you have. If you don't feel comfortable with the contract, you should hire a real estate lawyer to go over the document and see if there are any mistakes.

CMHC financing

• CMHC financing for buying condos in the Etobicokes area can be a great option for people who can't afford to pay full price for their new home. However, you need to understand the fees associated with this type of financing. These fees increase as the loan-to-value ratio goes up. This means that CMHC will be bearing a greater risk, which will require more upfront capital.

• When determining if you're eligible for CMHC financing, you should be sure to research a building's blacklist. Blacklisted condos are risky and are unlikely to receive financing from CMHC. Also, be cautious of agents who ask you to put 20% down.

Home inspection condition

• It's important to hire a qualified home inspector when you are buying a condo. The inspection should not only cover the inside of the building, but it should also look at the outside as well. This will help you to find out about potential problems before you buy the property. In addition, a home inspector should be able to tell you if anything is nearing the end of its lifespan or if structural integrity is compromised.

• Another important thing to look for is water damage. Check the ceiling and floors for cracks and stains. Also, make sure the walkways are clear and ice-free during the winter months. Make sure that the amenities are functioning properly as well. While they are relatively standard nowadays, it is still a good idea to check whether they're clean and well-maintained.