How Much Money do I need to buy a House , Condo Townhouse in Toronto
You made the decision to buy a house in Toronto. Or maybe a Condo or a townhouses . You took the time to save and borrow money for down payment and now you are calling the expert, your real Estate Advisor. What will be first thing to do before you buy a house , condo, or townhouse ? Take your time and sit down and calculate how you are going to pay for the house or condo. If not, you will be looking at houses which you will not afford to buy . Then, call your agent . Based on your income he will advise were are the houses , condos or townhouses for sale in your price range. Today anybody wanted to buy a House in Toronto will look at at least $ 400 to $500000 as a starting point. Of course there are exceptions but a good solid house in uptown , midtown , Downtown or North Toronto will take over a half a million from your pocket.
The triple Location, Location and again Location is the word which will determine how much you will pay. First time buyers with limited resources will take the route of starting with a condominium, loft or townhouse either in downtown Toronto or on the Yonge corridor up to North York on the subway line.
Lets look at the situation today Toronto City Central. This is the City itself from the Lake to suburbs in North Toronto . Due to the high price of the property new buyers will not afford anything more than a condominium and maybe a old semi , if they want to keep the mortgage down and have little or nothing for the down payment. Today a good combine salary of two buyers with no debts and good credit score will help them to get close to 4 to $500000 of mortgage for a salary of over $ 150000 .
Calculating how much money is going to take for your purchase and making sure you will pay it back comes as a main task for everybody before going out and looking at the real estate properties.
Wether you are selling or buying Real Estate in Toronto and vicinity feel free to get in touch with me anytime. If I can help and be of assistance to you , I invite you to call me or e-mail anytime. Yor privacy will be protected and calls and e-mails held in confidence.
Best Wishes and All the Best