First-Time Homebuyer Experience #4

So far, we’ve heard from first-time preconstruction homeowners in the GTA, purchasing condos and houses, so this time we chatted with someone who went the resale route. If you’ve had your heart set on one particular building for years like Anthony Prochilo, who purchased a resale unit in the Maple Leaf Square, then you might be interested in his experience.

Where and what did he buy?

“It all happened by accident,” says Anthony about the fateful day when he bought his 476 square foot piece of Toronto heaven. “I went to view the condo for the first time when this girl blew me off when I wanted to go shopping for shoes,” improvising last minute, he made plans with a friend who was expected to finish work in several hours. Killing time, Anthony decided to go view a few condominium units across the city with his realtor. He fell in love with the very first unit he saw. “I buy a condo instead of shoes. Most expensive shopping day of my life,” he told Newinhomes.com.

Recalling that he had been interested in these units a year prior to having purchased one of his own, Anthony said he was unable to buy preconstruction because he was still a student at the time, but that he jumped on the opportunity when he had saved the necessary funds. “I wanted to live in the city, and did not want to have to worry about cutting grass, shoveling snow, etc.” He said that this was the most appealing condo because the building offers incredible amenities, including a Longo’s and LCBO on the main floor, the well-known restaurant e11even, and a state-of-the-art gym. “A house wouldn’t give me what I needed, a condo provided me with all of that, at an affordable cost,” said Anthony.

The homebuying process

With an extremely quick closing date, only four weeks from his initial offer, Anthony describes the whole process as “pretty thrilling,” but he remembers the pressures of constantly being in communication with lawyers, realtors and bank representatives in order to try to close the deal.

Having just landed a great new job in his hometown, Brampton, Anthony decided the only place for him was downtown because of the lifestyle it provided. “I loved the fact that I had the freedom to buy anywhere,” he said. As a banker at nearly thirty years old, he was able to save enough money for the home on his own, only seeking support from family members in terms of opinion. One of the most important things he looked for in every unit was the view from his balcony. Anthony said, “I hated that there were no guarantees in terms of view. One minute you have a great view, the next it’s blocked by a new building. I did a lot of research on sight lines and what was going up in the area.”

One of the benefits of buying resale is that there is more of a chance of finding what you’re looking for in a really established area. That way, if something like a view is important to you, then you have a better idea about whether it’s there to stay.

Tips for first-time homebuyers

From Anthony’s experience, homeownership is a satisfying feeling, “it’s a sense of freedom and accomplishment,” totally content with his purchase, his best advice is to be familiar with all of the expenses, paying particular attention to closing costs, land transfer taxes and possible Canada Mortgage and Housing Corporation (CMHC) charges. In his personal experience, the CMHC wanted him to pay more insurance because of the size of the unit, regardless of his eligibility for a conventional mortgage status (meaning, despite having 20 percent down, they wanted to charge him insurance because his unit was considered ‘too small’). Warning new homebuyers against being caught off guard with the total costs, Anthony says that “the cost of homes these days are outrageous, and the costs associated with buying add up rapidly,” but he is very happy with his purchase, mostly because he has a great view of Maple Leaf square that isn’t going anywhere.