Mortgage rates are at a historical low! If there’s a right time to make that first purchase or upgrade it is now! here are some terms to help you better understand what a mortgage is and what its composed of. … Continue Reading
All owners should have and maintain a comprehensive condo insurance policy to cover damage to their personal possessions as well as to their upgrades and to cover any damage that they might incur to a suite below or adjacent to theirs as a result of an accident, negligence or, as stated in a condo’s declaration or insurance by-law. This insurance should include a sufficient amount for liabilities in the event of an injury in the suite, such as if someone falls as the result of a toy left on the floor. … Continue Reading
North of Dundas St., Simcoe St. is a dark urban thoroughfare that one imagines exists in permanent shadow.Lined with tall buildings but narrow, this north/south artery is one of many such roads in downtown Toronto. It sounds a bit like the movie Blade Runner, but it’s more a case of honest urban chaos than a future dystopia. These streets may not stand out, but their importance cannot be underestimated. They constitute much of the landscape of the city; ultra-versatile, they are the location of residential towers, office buildings, parking garages and everything in between. They also form the network of roads that make downtown Toronto so accessible.
The condo boom of recent years has taken particular advantage of these urban byways, remaking them as residential neighbourhoods. Though not everyone agrees, this generally has been a good thing; the issue is that of design. Do these buildings take more than they give? How seriously do these buildings take their responsibility to context? Some do better than others, of course, though one is tempted to believe Toronto condo architecture continues to improve.
Established neighbourhoods tend to have their own personalities, mature trees and larger yards. Older building styles tended to lean toward higher, plaster ceilings, hardwood floors and decorative woodwork. Depending on the age of the home, it may require a little more maintenance.Established neighbourhoods are usually closer to the city. Urban living usually puts you at the centre of the action. It offers a wide variety of amenities like shops, theatres and restaurants. It may be closer to your workplace. Of course, the drawback of an urban location could be a smaller, older or more expensive home. Look for schools, playgrounds, parks, etc.
Make sure there are no undesirable areas surrounding your neighbourhood such as a garbage dump, industrious buildings disposing bad odours, etc. The suburbs usually have the advantage of newer homes, and more square footage for the same price as an urban location, but may not have the other amenities as close as you’d like.
New neighbourhoods tend to have a noticeable lack of foliage and can look barren for years as the landscaping matures. If you purchase a home or condo before it is built, you will be able to take advantage of upgrades during construction, and when you move in you can decorate to your taste.
A new home or condo won’t have the charm of an old one, but will have warranties covering most major components. Be careful in understanding what the warranty covers. New homes have some real disadvantages that most people don’t think of until it’s too late. It is important that the neighbourhood you choose to live in is well suited to you and your family. The following is a list of considerations and possible problem areas:
Environment – The quality of air, water and soil is a top concern as a polluted neighbourhood can be detrimental to both your health and property value. Ask your real estate agent, neighbours and local media about any known environmental issues in the area.
Appearance – The home or condo you are considering may be tidy and attractive inside and out, but how does it compare to the surrounding area? Explore the neighborhood, keeping an eye open for signs of neglect (overgrown lawns, houses in need of paint, trash and junked appliances littering streetscapes). No matter how diligent you are in the upkeep of your property, a run-down neighbourhood can drive your property value down.
Crime Rate – Check with the local police department to find out if the home you are considering is in a safe neighbourhood. Police may be able to provide statistics regarding break-ins and other crimes.
Schools – If you have children, the proximity and quality of schools is an important consideration. Talking to neighbours with school age children can be helpful. In some areas schools will provide data (such as average test scores) that can aid you in determining a school’s quality.
Transportation – Convenient access to public transportation and/or major highways can mean the difference between a pleasurable and not-so-pleasurable commute to work.
Amenities – Amenities like a grocery store, parks, recreational facilities, post office, dry cleaner and a doctor’s office can make life easier if they are located nearby.
Property Values – By researching the selling prices of homes in over the past decade or so, you may be able to predict future trends. Your real estate agent may be able to provide helpful data.
Utilities – Avoid unpleasant surprises by finding out what utility costs are before you decide to purchase. Fees for water, electricity, cable TV, phone and gas vary greatly by region. Don’t forget to find out what is included in your maintenance fees and what isn’t if you are buying a condo – sometimes the maintenance fees plus the regular utility costs can be a small fortune!
Noise and Nuisances – It can be hard to get an accurate impression of a neighbourhood in just one visit. Be sure to return to the neighbourhood at different times of the day and night. Listen for traffic noise, barking dogs, low-flying airplanes and any other noises that could bother you as a resident.
Choosing a neighbourhood is an important part of choosing a new home. You want to make certain you will like your new surroundings as much as your place. Moving into a new home or condo is a wonderful experience, just make sure you are ready for the new area and change of amenities.
It takes some getting used to when you move from the city to the country and vice-versa. Your conveniences change dramatically. Be prepared to accept changes of conversely, find a place that has the conveniences you are accustomed to.
Many of you out there are now entertaining the idea of taking the plunge and buying your first home, but are boggled by some pretty overwhelming questions. I am here to tell you, that you are not alone, there are many out there like you and at mycondonetwork.com, we’d like to share not only our expertise but connect you with other Buyer’s who have gone through what you are now journeying towards. In order to get you there, there is a check list that you should go through to help you get started and make sure that the process is informative and enjoyable from start to end. 
First off and this should be done before you even get excited about window treatments and lighting fixtures:
1) Speak to your bank or financial advisor and find out what you can afford and what is most comfortable for you to carry every month. Make sure that you factor in (besides your mortgage payment), property taxes, utilities (maintenance fees if you are considering a condo), and home insurance. Another good reason to speak to your bank and get a preapproval, is that you can get them to cap an interest rate for you for up to 120 days, which is great as interests at present are at an all time low. If interest rates trend upwards over the next few months, you’ll be protected without having to commit to that particular lender.
2) Find a neighbourhood that you can call home
3) What type of home are you looking to make your first, is it a condo, or a house. This will also be easy to identify once you’ve gone through the preapproval process as price will often answer this ?.
4) Finding a realtor that understands what you want and how to make your dream a reality. Finding a realtor is a pretty easy thing, but finding one that you can gel with, now that may take some work. So ask friends and family to give you a referral of someone that you have come in contact with, do some research on the web and check out websites and see if the information that you find on the realtor websites give you any insite into what area they specialize in, then ask for a meeting with them and prepare a list of ?’s for them, like;
- how many years they’ve been in the business
- are they a broker or salesperson
-what areas of the city do they specialize in any types of properties, ie: condo’s etc…
-can they provide you with a list of references, previous clients that they have serviced
This should put you well on your way to home ownership!!
The biggest story in the Toronto condo market over the past 6 months has been the disparity between supply and demand. Simply put, inventory (condos available for sale) is at an all time low, and demand is at an all time high. This has been a recipe for rapid price appreciation, frenzied buying, and sellers [...]
Starting July 1, 2010 Ontarians can expect to pay a harmonized sales tax (HST) rate of 13% on a long list
goods and services that were previously exempt from the 8% Provincial Sales Tax (PST). While the impact of the tax will be felt by all Ontarians, the province’s 3 million homeowners and the thousands who [...]
All owners should have and maintain a comprehensive condo insurance policy to cover damage to their personal possessions as well as to their upgrades and to cover any damage that they might incur to a suite below or adjacent to theirs as a result of an accident, negligence or, as stated in a condo’s declaration [...]