How to buy a loft
Buying a loft can be intimidating for first-time buyers, but we promise, it’s not that scary, especially if you know what to expect! Check out our step-by-step process and don’t hesitate to get in touch if you have questions.
Step 1: Create a Wishlist
What are you looking for in a home? Before your hunt begins, think about what location and amenities you’re looking for in a building and the features within the suite.
Step 2: Have a Budget
Identify your affordability through financial pre-qualification. Talk to your bank. Click here for mortgages calculator.
Step 3: Let the Search Begin
Start your hunt with a trusted friend or a realtor and see what options are available. Ask lots of questions.
Step 4: Get the Tour
Schedule an appointment at the presentation centre to learn about the project.
Step 5: Make your Selection
Once you’ve found your dream loft, a sales representative will walk you through the contract and facilitate the purchase. Many home buyers and renters use walkscore.com to judge the walkability and transit-friendliness of buildings. The average Walk Score rating of Streetcar’s current and past projects is 93.25 out of 100!
Step 6: Due Diligence
Upon signing, you’ll have 10 days to review your contract and make sure you’re comfortable with what’s provided. Get a lawyer specializing in condos to help.
Step 7: Close the Sale
Congratulations! Once 10 days has expired, your purchase is complete.
Step 8: Note Your Interim Occupancy Date
This date may change, but it will give you an idea of when you’ll be moving into your new home. We will keep you informed of construction updates by way of newsletters so you can follow the progress until occupancy.
Step 9: Choose your Design Finishes
If your loft is in pre-construction, you’ll be contacted to schedule a meeting with our designer to choose your colours and finishes. This is your chance to customize your home.
Step 10: Pre-delivery Inspection
The PDI is when you inspect your home and record any deficiencies or incomplete items. This occurs approximately two weeks prior to occupancy.
Step 11: Purchase Homeowners Insurance
Homeowners insurance will cover contents and betterments (improvement you make beyond the standard finishes).
Step 12: Interim Closing
Move in. This is when you occupy the suite.
Step 13: Final Closing
This is the date when you receive the title to your loft after the building is registered.
Step 14: The 30-day Form
This is your opportunity to notify the Builder of outstanding and new items you have discovered since taking occupancy.
Step 15: Warranty
After you move in, there are three specific statutory warranties: the one year warranty, the two year warranty and the seven year warranty as described in the Ontario New Home Warranties Plan Act.
Have questions? Get in touch with one of our representatives.