Condo Buying Tips!!!

When buying a condominium whether its your first time or not there are some things you really should consider to assure your making a good buying decision.

1. Try to choose a nice exposure, looking into another building is not the greatest re-sale selling feature.

2. Don’t have a car but the condo comes with a parking spot? Rent it out and earn an extra little income.

3.Avoid units that overlook the garbage area, its tends to smell in the summer and can be very noisy

4. Try to purhcase the largest suite you can afford, studios and small one bedrooms are sometimes hard to sell

5. Keep a mental note of the conditions and aroma’s of the hallways, lobby and common areas

6. Try to visit the suites twice before you put in an offer, make sure you get that feeling when you walk in!

Get in contact with an agent, and keep these pointers in mind when your out looking at properties. You also have to look at the potential re-sale aspect when out searching because the reality is you will not live there forever! its a stepping stone to bigger better things.

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The Pros vs: Cons to buying "NEW"

Lets face it there are advantages and disadvantages when it come to purchasing through a developer whether its a condo or a detached home. 

A number of people out there are buying from builder off plan, rather than pr-existing homes or condos that are ready to move in. Buying off plan is basically purchasing a property based on the drawings and proposals submitted by the developer, usually before  any work on the property has even started.  

Sales from off plan in recent years have flown off the shelves, selling within 72 hours of their release. In many cases, off-plan buyers have seen their properties appreciate significantly before they have been given their keys!

The Pros:

- Buyers get into the development before it even launches which mean lower prices per square foot. The overall price for the property is much lower then it would be then buying it as re-sale.

-Flexible payment structure. Most developers require a minimum of 15% until closing, some even can work a better payment plan. This is also good where you can budget yourself, you have some time to put together each deposit because its not all required at the same time.

-You get to take advantage of developer incentives, could be cash back on closing, 3 years free condo fees, upgraded finishes and much more.

- You are able to choose from a variety of floor plans. In some cases the developer will allow you to add some of your personal touch to the floor plan with some minor changes to the layout.

The Cons:

- Delays in construction- closing can be pushed several months. This could be due to good old mother nature.

-Can be risky, your buying something you don’t see physically.It can be tough at time to visualize. You have to base your purchase by word of mouth and reputation of the developer.

Some other things to keep in mind:

-Read all the documents before signing, especially the sales and purchase agreement, which contains important information about proof of ownership, resale restrictions, penalty clauses, and building delay penalties. Buyers should be clear about the details of all of these provisions.

-Research the developer, find out what other developments they have completed and what the overall satisfaction is.

mls.ca

MLS.ca is a fantastic way to start yourself into the Real Estate market. You get to see whats new and available on the market, check out photos and neat virtual tours.You are able to get information on different locations and neighbourhoods. Find out whats close by and what are all the hot attractions and entertainment hot spots.

The downside of the system is that is not updated on a regular basis.Some homes you may be viewing may have sold 3 months ago. Or a home you have your heart set on may have a had price reduction and you had no idea. This is why its a good thing to hook up with a REALTOR in your local area. They have there own mls system that is updated every minute of the day, if there a price reduction or any status change they will be the first to know!

Another great feature is the “prospect match” your REALTOR can set you up on this system where you will get a report almost everyday at midnight with all the new listings, and updated information, this will also save you lots of time instead of sitting on the computer looking through 20 pages of listings that are all outdated. All you need to do is sit down with your representative and outline your buying criteria( price range, # of bedrooms, parking,square footage, balcony etc). He/she will then input this into the system and you too will be the first to know of any changes. Its really easy and if you come across a listing you are interested in viewing, all you need to do is contact your real estate salesperson and give them the “MLS number”, they can pull this listing in a flash and book you a private viewing right away. This will also give you a good sense to what is out there in market and any activity.

So if your looking to purchase, find a REALTOR in local area and ask them to put you on a prospect match! With the help of a REALTOR you will be well on your way finding that dream home!

Thinking of buying a Condo? Here are some tips!

Condo sales are always on the rise. In GTA, people are rediscovering the joys of living downtown again, along with the low-maintenance, easy lifestyle that goes with having your very own castle in the clouds. And with real estate value on the rise a condo is an affordable way into the market, especially for the young first time buyer!

First things first!
1 Hook up with a professional realtor to help with the buying process. It costs you nothing, since the seller pays the commission.

 2 Go to a financial instutuion and get qualifed, to determine how much of a mortgage you can afford.

3 Find a good solicitor

4.Crunch those numbers and really put all costs on the table, think of closing costs, moving costs, land transfer fees, and lawyers fees.

5. Keep an open mind, on your hunt you will have the opportunity to view several types of housing types from Hi Rise, Low rise, condominium,freehold. Some with amenities some without, there is something out there for every buyer. You just have to find it!

6 Visit the neighbourhood at different times of the day and evening, also at different days of the week. To see if you really like the location and demographics

7.Try to avoid suites in front or beside elevators and garbage shoots. It may not bother you but for resale purposes it may narrow your marketing capability

8. A parking space is a great investment! Even though you may not drive its a great way to bring in a small little income. And for resale it adds value to your suite.

9. Storage lockers are something to consider as well, a lot of condos don’t have enough storage space. This will give you that space to store away sporting goods and household items you do not use on a daily basis eliminating clutter.

10. Condo fees, most condos now days meter hydro and gas separately you pay for what you use which keeps the carrying costs down. Indoor pools can be fun but also a burden 15 years down the road, the cost of maintaining that pool and can harmful on the condo fees. Try to look for condos that have outdoor pools instead. This way that pool is only open 3 months out of the year and keeps the maintenance low.

11. When going on showings, don’t allow the razzle dazzle fool you, try to look through the glitz amd glam. Also if you go into a condo that doesn’t look so great try to ignore the not so up to date decor, look at the raw potential the suite has, a little paint goes a long way.

Good luck with the search of your new home!