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Canadian Real Estate Market in 2018
Posted on Fri, 31 Aug 2018, 03:10:00 PM  in My services
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Canadian Real Estate Market in 2018

Canadian Real Estate Market in 2018

Overview

The real estate market in Canada last year suffered lower overall sales. In 2018, the market has started at a slow pace. However, toward the end of 2017, the market had flattened out.

 

Current Activity In The Canadian Real Estate Market

In the spring and summer months of last year, activity was down with the numbers of listings increasing. This situation brought small increasing residential pricing for housing. With this situation, the market had moderate increases and flattened out toward the end of 2017. Even though activity and sales of Canadian real estate were booming before 2017, amendments to mortgage regulations have caused a slowing of the Candaisn's real estate market.

With the new amendments to mortgage regulations, all lenders must qualify new loan applicants. Also, those renewing a mortgage or negotiating a new lender must follow these new regulations. As of 2018, all loan applicants are qualified on the mortgage rates which run around 200 points more than previously discounted mortgage rates. These new regulations were voted on and approved in the latter part of last year. These regulations went into effect on January 1, 2018.

 

What Do These New Regulations Mean For The Canadian Real Estate Market

While the earlier boom in real estate sales may be over, the Candian real estate market is in a state of balance. Concerning months of inventory, in the late part of 2017 in housing inventory, the average months of housing inventory were 4.8 months. The number of months of inventory signifies how it could take to liquate actual inventories at the present rate of sales activity. Overall, the current long-time average is 5.2 months. Presently, these numbers represent a balanced market showing the housing inventory is meeting the demand.

 

CREA

The most disappointing outlook comes from The Candian Real Estate Association. CREA is a trade organization that includes over 100,000 of real estate brokers, and agents in Canada. CREA has dramatically lowered its real estate sales project for 2018. CREA's financial analysts feel the stronger mortgage rules and affordability issues in Canda's real estate markets will slow the Canadian real estate market.

CREA has posted a possible decrease of 5.3% in the number of actual home sales. CREA has projected a 1.4% decrease in national average housing prices for this year. This decrease is based off last year's average housing price of $503,400, bring the average housing price for 2018 at 496, 353. If CREA statistics forecast is accurate, this year would be the first year the national housing price has decreased since the worldwide recession in 2008.

 

The Forecast For Buyers

Unfortunately, stricter lending regulations usually indicate possible higher interest rates. For buyers, they will not be able to afford the same home as they could have bought just last year. On average for the new home buyer, their housing budget will have to be reduced from 5% to 25%. On borrowers qualifying for a mortgage with a down payment of less than 20% would see an 18% reduction in the maximum purchase price in the home they could buy.

As a buyer, a mortgage pre-approval is a good idea before you start shopping for your home. For home borrowers having issues qualifying with a traditional lender, a non-prime lender could be a good choice. Non-prime lenders will allow higher debt ratios. However, these lenders charge higher mortgage rates. Some non-prime lenders may charge a lower interest rate but make up for their lost revenue by adding additional fees.

 

Summary

The days of selling a home in a week or two are gone. However, the changes in the market will warrant rapid housing price changes creating a balance stable real estate market in Canada.


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Canada's New Mortgage Rules and How They Affect a Homebuyer
Posted on Thu, 15 Feb 2018, 10:30:00 AM  in Home buying tips
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Canada's New Mortgage Rules and How They Affect a Homebuyer

Canada’s new mortgage rules will cause hardship for some new and existing borrowers. These rules went into effect on January 1 and applied to all new or refinanced home loans. Anyone who applies for a new or refinance loan will have to pass a stress test to ensure they can afford the mortgage.

In January of 2017, applicants who did not put at least 20% down when buying a home are required to have mortgage insurance. With these new rules, applicants who put 20% down or more are required to still face a stress test. These rules make it seven times since 2008 that the mortgage market has seen new regulations to limit the amount of debt a Canadian can assume.

Canadas New Mortgage Rules and How They Affect a HomebuyerThese guidelines will affect people in a variety of ways. If an individual is purchasing a home with a down payment of at least 20% or more, he or she will need to pass a stress test. This stress test requires the financial institution to qualify the application by using a minimum qualifying rate.

This rate must be equal to the greater of the Bank of Canada’s five-year benchmark rate. This rate can also be the Bank of Canada’s contractual rate increased by two percentage points. This stress test may require the buyer to wait to purchase the home with a more substantial down payment or choose a less expensive home. The average reduction would be around $31,000 or approximately 6.8%.

If the individual is renewing a mortgage, he or she does not have to face a stress test. However, if he or she do not pass this stress test, it limits his or her choice in lenders. He or she will have to stay with the current financial institution and will not be able to look for a lower interest rate. It is even possible that individuals who do not pass the stress test will be forced to agree to the uncompetitive rates from their current loan providers.

If the person is refinancing a current mortgage, he or she will have to qualify at a higher stress-state rate than the current contractual mortgage rate. An example is a home purchased for $500,000 with only $50,000 is owed. A person wants to borrow $20,000 for home repairs and renovations. The current loan was financed at 5.0% and is a fixed rate mortgage.

The lending institution would evaluate this loan using the new mortgage rules. The investment would be for $70,000, but the individual would have to be able to pass the stress test at 7.0% instead of the 5.0%. If the person does not meet this requirement, he or she may not be able to get the loan, or he or she may have to decide on a smaller loan amount.

People who signed a purchase agreement before January 1, 2018, will not have to pass this stress test. This fact is true even if the mortgage is not applied for until after January 1, 2018. This loophole applies to new construction and pre-construction sales also.

If the individual was pre-approved before January 1, 2018, he or she might receive 120 days starting on January 1 to purchase a home without the new rules being applied. If a mortgage refinancing commitment was signed before the last day in December, the borrower might receive this same consideration. The only way to ensure a person gets the home of his or her dreams is by successfully passing the stress test which means he or she needs to be able to financially afford the loan or have a more substantial down payment.


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If You Didn’t Ask Your Sales Representative These Questions, Then You May Be In Trouble
Sunday, 30 July 2017, 11:20:00 AM
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Buying and selling houses in Canada can be a rough and tough business to get into. Sometimes your sales representatives may be moving too quickly for you to understand. Maybe they skip over information that they assume that you already know to avoid boring you or bogging you down with the small details. Maybe they really are trying to do as little as possible in order to get the job done. You may know which of the scenarios you fall under if you have failed to ask your sales representative the following questions. Don’t get yourself into trouble that you could have avoided.ask your rep

 

What Are Your Strengths?

Everybody on Earth has their strengths and their weaknesses. That is why we have different personalities, enjoy different hobbies and items, and work at completely different jobs from one another. Your sales representative will also have strengths that will help them to buy or sell your house. This is your opportunity to ask them what they have to offer and why you should hire them to represent you during your unique process.

 

What Experience Do You Have?

Sales representatives can range from having just a small amount of experience to having decades of experience buying and selling homes for people just like you. This may bother you, but it may not bother you either. This really depends on you, your unique situation, and what you are really looking for in a sales representative. In any case, you should know what sort of experience they have and for how long they have been buying and selling houses professionally.

 

Are Your Fees Negotiable?

Any great sales representative will understand that not every sale works itself out perfectly as outlined in a textbook. There are sellers that decide that they really do not want to sell their home, buyers that find last minute offers for other homes that they’d rather live in, and professionals that drop communication at various times throughout the process. For these reasons and more your sales representative should make their fees negotiable in certain situations. If they are not willing to work with you, then you may want to look for an agent that will.

 

Are You Willing To Communicate With Me Often?

Going along with the point made above, you are going to want to make sure that your sales representative is open and willing to communicate with you as often as you feel comfortable with. This shouldn’t matter whether or not you call in on a regular basis for updates or whether you specifically ask them to notify you only when there is a significant update to share with you.

 

Will You Walk Me Through The Process Step By Step?

This is your opportunity to build a relationship with your sales representative. You get the information that you need and your sales representative will get the opportunity to impress you with their skills and knowledge.

 

What Should I Know That I May Not Already Know?

This is your sales representative’s opportunity to give you any information that they feel you need to have before signing contracts and starting a process that could change your life. If they say that there is absolutely nothing that they have that they can share with you, then you must decide whether or not they are being truthful or if they are trying to hide something from you.


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Buying a Home? How to Find the Right Community
Posted on Tue, 30 Aug 2016, 11:25:00 AM  in Home buying tips,  Marketing strategies,  My services
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Are you thinking of buying a new home? If so, it is important to understand that the neighborhood that you choose can be just as important as the house that you buy. After all, you will likely be living in that neighborhood for many years to come. The last thing that you want is to buy in a neighborhood that is not a good fit for you or your family.

So, how can you find the right community? The key is to figure out what you're looking for, do research and find a neighborhood that meets your needs. Even if you have already found the perfect home, you should fully investigate the neighborhood before making an offer. Here are some things to think about when researching a neighborhood.

Do You Want to Live in the City or the Suburbs?

communityDeciding what type of setting that you prefer is one of the most important things to consider when buying a home. Do you love skyscrapers and cityscapes? Do you want to be able to walk to shops, restaurants and parks? If so, the city might be for you. One the other hand, if you are more at home living someplace quieter where you can take advantage of nature’s wonderful views then moving just outside of town might be ideal. Some folks prefer rural areas where there are no nearby neighbors.

What Type of Home Do You Want?

Would you prefer a single-family home or a condo? Typically, location is the deciding factor. If you want to be located in the middle of the city, you will likely find that condos are more plentiful. Typically, large single family homes are not as common in the city.

Is the Neighborhood Attractive?

Are residents maintaining their homes? Do the yards look like they are being kept up? If so, this is good news. An attractive neighborhood means that the residents care about it. A neighborhood that is attractive will help home prices in the area stay strong. On the other hand, lots of vacant homes or foreclosures in a neighborhood is a bad sign. They often become eyesores as they deteriorate from neglect. These properties can significantly diminish property values in a neighborhood. Be wary of any neighborhood that has a lot of these properties.

Do You Have Children?

If you have children, one of your priorities might be choosing a neighborhood in a good school system. Another factor for parents might be the number of nearby community centers, libraries, pools and parks.

What are Your Interests?

Do you like hiking, boating, and swimming? Many of today’s communities offer a number of amenities to support almost any interest or hobby. Do you want to be able to hike near your home? Maybe you are an avid tennis fan and want neighborhood courts. Whatever your interest, find out if your neighborhood has offers things that you are interested in.

Is the Neighborhood Safe?

Even a neighborhood that looks nice can have a crime problem. Often, a neighborhood’s crime statistics can be found online. Check out the local police department website to determine if they publish crime statistics information online. Do not forget to look up registered sex offenders in the area. You can get this information by searching the National Sex Offender Registry. This is especially important if you have young children. You do not want to purchase a home only to find out that a violent sex offender lives next door.


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Top Benefits of Home Inspections for Buyers and Sellers
Posted on Mon, 15 Aug 2016, 11:15:00 AM  in My services
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Many sellers forego a home inspection and find themselves going through a lot of hassles during the negotiation process with a potential buyer. Being caught up with excitement during the buying process prevents most buyers from asking for an inspection. However, regardless if you are selling your home or placing the property on the market, having an inspection done provides you with many benefits.

Exposed Issues

inspectionsFor buyers, there are many issues that go unnoticed by an inexperienced eye; however, an inspection will expose those problems. This includes anything from bad wiring to plumbing issues. When you choose to work with an inspector, she can assess major defects, potential threats, and safety concerns. In addition to finding the issues, the inspector can give you suggestions on how to fix those things. Buyers and sellers do not want to deal with code violations, which are things that an inspector can identify on the property. Finding the problems beyond the drywall is something that inspectors can do without actually ripping the walls apart, regardless of how subtle the signs are.

Accurate Estimates

Having a home inspection helps determine what needs to be fixed and the cost of those repairs. It is best for sellers to have a presale home inspection completed in order to determine if the issues are major or minor. For example, if the inspector reports that the roof is cracked or missing shingles, a buyer may believe the work will cost thousands of dollars. However, as a seller you can have a roofer come out and learn that it is just a matter of replacing a few shingles or tiles, which will cost you a few hundred dollars.

Presale home inspections help sellers fix an issue before the buyer learns about the problem and jumps to the wrong conclusion. You do not want to lose a potential buyer over a minor issue.

Peace of Mind

Purchasing a home is a big step for buyers, which is why they want to know exactly what they are getting before making this huge commitment. Although there are no perfect homes, a presale home inspection will provide buyers with a thorough report on the property before they decide to make a purchase. The inspection is assurance that the seller has taken the issues into consideration when determining the asking price. The more a buyer knows about the property, the less shocked he will be when he encounters issues in the future. In instances when the repairs are too extensive, buyers will have the option to opt-out of the contract. The home inspector could also advise the buyer on what type of maintenance he can do to avoid additional repairs.

Marketing Tool for Sellers

You will have an edge over other sellers in the community when you have a home inspection performed. Giving this full disclosure to potential buyers is a sign of good faith. The findings in the report also give you the opportunity to make repairs ahead of time, which expedites the sale of your property. The presale home inspection could increase your home’s marketability. Any repairs that you fix prior to selling the home could help justify your asking price. Having the inspection done allows you to fix the issues at your own pace, and according to your own budget. When you make the repairs ahead of time you do not have to worry about getting hit with everything at once during the negotiation process. These upgrades and repairs will add more value to your home.

Buyers and sellers are generally turned off by home inspections due to costs; however, having the inspection done can save both parties time and money in the long-run.


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Canada's Lucrative Real Estate Market
Posted on Thu, 30 Jun 2016, 02:30:00 PM  in Marketing strategies
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Right now in Toronto and Vancouver foreign investors are scrambling over one another in the acquisition of luxury real estate. The reason has to do with Canada's housing market being exceptionally hot right now, and showing no sign of slowing. This boom started around 2013, and as of 2015, people were making noises concerning its reversal. As of 2016, the current average is over $500,000, and there are no signs of reversal in Vancouver. 

What Pushes Foreign Investors Toward Canada?

marketOne reason foreign investors are so intent on Canada's market right now is because purchasing the right property represents an investment that will appreciate over time, facilitating turnover profit. Furthermore, luxury properties need not be flipped, but can be increased directly through refurbishment in a way that can transcend certain market trends. Foreigners with assets have purchased approximately 25% of luxury homes on the market in Canada currently. Behind Vancouver in lucrativeness are Toronto and Victoria, B.C., respectively. 

Canada has political and financial systems which are, in practice, much safer than a lot of other countries. This has been attracting foreign investors also. Furthermore, Canada is extremely open to differing lifestyles, as well as immigration. Additionally, a somewhat stable energy market is ensuring stable infrastructure; a further security against continuously volatile markets without Canada. 

Crunch The Numbers

Just to give you an idea how much the market has expanded in Canada, consider that a luxury home sold in 2005 for around $2.6 million would end up coming in at about $6 million today. That's a 125% increase. Think of the investor who purchased that home, hired a property manager at $20,000 a year, and then sold the exact same property today for $6 million. He'd make a profit of $3.3 million. The same wise investor might purchase three luxury homes at $1 million apiece today in Vancouver, Toronto, and Victoria B.C., then sell them in five years for another tidy sum. It is very rare when a P.I.G., or Passive Income Generator, can be facilitated solely by the market. Usually renters are required!

An Accommodating Market

Hot markets aren't exclusive to buyers without extensive purchasing capital, however. It's just that buyers with a smaller price range have to look to differing communities. Quebec is amenable to the millennial home buyer right now, as is Ontario and Atlantic Canada. For an extensive list of markets friendly to millennial home buyers, this website has handily compiled them.

A Reasoned Approach

As expensive as the market seems to be today, that doesn't mean mortgages are non-negotiable. Certainly, 25% of luxury homes have been purchased by foreign investors in Canada right now. But that's only one homeowner's market. For those simply looking for a good place to live, there are yet a bevy of properties whose monthly mortgage expenses can be adjusted to fit individual needs. And, when one considers that a market continually increasing stands to add to a property's value, it's not a bad idea to get involved with the right property. Certainly, hasty decisions are usually not good; it makes sense to take some time and do a projection of one's existing financial situation and what its future may be. But in a hot market, opportunities become available that would not be possible elsewhere.

The Future

Currently no one knows where this market will end up going. The cycle has to end eventually; it's not done yet, though. Since it is May, buyers from all over the world are about to make purchasing choices. While Springtime is generally the most busy for real estate markets, there is also a spike after graduation among millennial buyers and newly-emancipated individuals. 

Real Estate cycles take longer than other market cycles do. If you can get in, get in.


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Benefits of Lease to Own Homes
Posted on Fri, 15 Apr 2016, 09:00:00 AM  in Home buying tips,  Marketing strategies,  My services
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One of the hottest real estate trends sweeping the world today is something called lease to own packages. In the same way that rent to own stores let you make small payments to buy a product, lease to own homes let you make small payments to buy a home outright. The trend started during the worldwide recession as many buyers couldn't afford home loans, but the trend continued as buyers found it harder to qualify for home loans. Buying a home through a lease to own agreement has some big benefits that appeal to many buyers.

 

Smaller Down Payment

Saving money to make a down payment on a house may take you years or even more. Many lenders ask that you put down 10% or even 20% of the total purchase price as a down payment. You're also responsible for closing costs and other fees that add to the total amount you need to put down upfront. With a lease to own home, you generally make a smaller down payment. Some sellers require a down payment equivalent to three months of rent, which also covers your security deposit.

 

Fewer Monthly Payments

Banks offer mortgages that range in length from 10 years to 30 years. That leaves you making payments every month for 120 months or more. Sellers who uselease lease to own contracts often ask that you make payments for as little as six years. The amount you pay each month is equivalent to one month of rent, and the seller agrees to put that money into a special account. If you decide to buy the home once your lease expires, the seller will use that money and any additional money to pay off the house.

 

More Time to Save

With a traditional mortgage, you may find yourself scrimping and saving every month just to make your payment, which leaves you little savings for the future. A lease to own contract gives you more time to save. Once you reach the end of your lease, the seller gives you the option to buy the house outright or walk away from the sale. If you walk away from the sale, you can use your savings as a down payment on another property or rent another home. If you want to buy the house, you can use your savings to cover the final balloon payment and take over ownership of the home.

 

Freedom to Make Changes

When you rent a home, you must follow the rules in your rental agreement carefully. Most landlords forbid tenants from making any significant changes to the property. The landlord may not let you paint the walls inside, make repairs to the exterior or even plant new flowers outside. With most lease to own contracts, you have complete freedom to change the house because the seller expects you to finish buying the property later. You can replace bathroom fixtures, change the floors, paint the walls and even do landscaping outside.

 

No Bank Intervention

One of the biggest benefits of lease to own homes is that these properties do not go through the bank. Instead of applying for a home loan, you work directly with the seller to buy the house. Each payment that you make goes to the full purchase price of the home. You won't worry that the bank might foreclose if you miss a payment or that a late payment will affect your credit score. Buying a home on a lease to own or rent to own contract may appeal to you more and have more benefits than taking out a traditional mortgage does.


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The Benefits of Open Houses for Home Sellers and Buyers
Posted on Wed, 30 Mar 2016, 08:45:00 AM  in Home buying tips,  Home selling tips,  Marketing strategies,  My services
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The process of buying and selling a property can be very tedious and frustrating. One of the frustrations of sellers is too much waiting around and having to clean up continually and taking time off to wait for individual buyers who come to view the property. For buyers, the frustration comes with someone else seeing the property and making an offer before you do. Again, buyers and sellers depend on real estate agents to arrange for viewings, and this can be very time-consuming. An excellent way to combat these problems, whether you are a seller or a buyer, is to consider open house viewings. Open houses have many benefits that are worth considering, and here are some of them.

Benefits of Open Houses for Sellers

The following are the advantages of open houses for sellers.

1. Convenience
It is inconvenient for sellers to keep taking time off their busy schedule to accommodate one prospective buyer after another. If you have a desirable propertyopen and a good real estate agent, your property can generate a lot of interest and you can be overwhelmed with viewings. And if you have family commitments and a full-time job, it can be very inconvenient for you. But, with open house viewings, you can get most of your viewings at the same time.

2. Saving time
You don’t have to thorough-clean your property and brew fresh coffee to make your property smell nice, and keep answering monotonous questions from different viewers every other day. And here is where open houses can come in handy. You can clean your house and get all questions answered in a single sitting, and you can impress your potential buyers en-masse, and this can save you a lot of time and hassle.

3. Increase your chances of quick sales
Choosing an open house boosts your probability for a quick sale. The reason is, potential buyers can gauge the interest level in your property by the number of people that attend your open house, and if they are interested, they will most likely put a proposal quickly for fear of someone else ending up with the property.

4. More money
Depending on the attendance of your open house and the level of interest of the people attending, there can arise a bidding tug of war that will see you getting your asking price and even more than your original quotation.

Benefits of Open House Viewing for Buyers

As a buyer, you can also gain from an open house.

1. Ability to get more answers

It doesn't matter how prepared you think you are, when it comes to asking sellers and agents questions during the viewing, usually, there are a lot of things you forget to ask, and you only discern you forgot to ask some key questions afterwards. This too can be frustrating. However, with lots of people at the open house, they will ask questions and most likely you will get answers to questions that you forgot to ask, or even those that you never thought about asking.

2. Gauging the interest level

There will always be a seller who will smugly tell you of how a lot of people are interested in their property. While this may be true, usually, sellers will tell you this to rush you into making a decision. But, going to an open house will help you gauge for yourself what the interest level is, and you can make a wise decision regarding making an offer.

Open house events are the perfect moment where buyers and sellers can interact and make decisions regarding a particular property. These events give both sellers and buyers the convenience they desire in the property buying process.

 


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What to Consider before Buying a Condo
Posted on Tue, 15 Mar 2016, 08:40:00 AM  in Home buying tips,  Marketing strategies,  My services
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Investing in a home, especially a condo is a terrifying proposition for most people. It is virgin ground for most people. There are things you may not be aware of when venturing into the condo market. It is advisable for prospective buyers to look into details of by-laws, rules and condo declaration documents with their lawyers. As a buyer, you should not go into a sale blindly but follow the following suggestions closely.

What should you Look to do before buying a condo?

1. Down Payment
Are you able to put down a down payment? It is the initial question you need to ask before deciding on this venture. Note that, the larger the amount you put up as a down payment, the less interest you will pay on your mortgage.

2. Mortgage
Reflect on what type of mortgage suits you. Consult your banker on eventualities like rising rates. Know the total cost of the loan. Some mortgage providers require mortgage loan insurance. Factor it in your monthly budget. If you want to pay less, make more frequent payment. You will enjoy smaller rates and your repayment period will be less.

3. Ask for the Condo Budget
Most buyers never think about it. Demand for one since most associations you are buying the condo from usually give the budget to the sellers, not the buyers. cndoSeek to find out if the budget has increased over the years and for what reason. Has it appreciated due to inflation or a ballooning cost of utilities? Another thing you should know about the budget is the total outstanding debt owed to the association and the number of owners not attending to their obligations.

4. Condo Fees
Ensure you learn everything that is there to know about the expected monthly costs. Condo fees include monthly fees. You may encounter condos with high monthly fees which may turn you off, but on the other side of the coin, it may indicate a well-maintained condo. Condo fees cover things like costs of operating swimming pools, security officers, gardens, and the concierge. 

5. Reserve Fund
Major repairs to the roof, heating, exterior of the building, plumbing and electrical need a designated fund. Part of the condo fees ends up in the reserve fund to cater for such repairs and maintenance. You may want to buy a resale condo: it is imperative you find out if the contingency fund exists and if it is adequate. 

6. Property Tax
When looking to own a condominium, be aware that you will have to pay property tax. The municipality in which you acquire the condo will advise you on how much they expect when you are buying a new condo. For a resale condo, the real estate agent has the obligation of providing the information. Ask for copies of recent taxation documents.

7. Utilities
Things like gas, electricity and water are not part of the condo fees. You will have to pay for them yourself. Find out how you are going to pay, either from the real estate agent or the municipality where you are buying the condo. You may also find out how to pay for the utilities from the cooperation which sells you the condo.

Never make a commitment to buy a condo without being absolutely sure what it is you will encounter. Get the facts right with these suggestions and you will never have to complain.

 


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Things to Ask When Buying a Vacation Home
Posted on Mon, 29 Feb 2016, 10:30:00 AM  in Marketing strategies,  My services
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If you're like many, you might think that vacation homes are only for the very rich or the very famous. While dozens of celebrities own multiple homes in North America and around the world, the majority of those who own vacation properties are just like you. They want a place that offers an escape from their everyday lives and a place they can visit year after year with their friends and loved ones. No matter how much money you have in your budget, you can find a vacation home when you know what questions to ask upfront.

What Destination is Right for You?
The absolute first thing you should consider is which destination appeals most to you. It's important that you think about the foreseeable future and what the future holds for you years from now. While investing in a vacation home in a popular city that has bars and nightclubs within walking distance might be a great option for a younger couple just starting out, it might not be as great once you have children.vac

What Does a Timeshare Offer?
While looking at vacation homes, give some thought to choosing a timeshare as opposed to a standard home. A timeshare is a property that you can visit once a year or more often based on the package you buy. Timeshares typically have dozens of other people who also own a portion of that property, and those other owners will visit the home too. A timeshare company may give you the freedom to choose when you want to stay there and even swap your home for a stay in another property in a completely different destination.

How Much Space Do You Need?
You also need to consider the amount of space that you need. If it's just you and your partner, you might opt for a studio apartment. Once you have kids, you'll need a home that has at least one bedroom and a fold out couch in the living room. Those who love traveling with kids may prefer a property that has multiple bedrooms or a large shared space that features bunk beds. A cabin that has its own bunk bed room is also great for those who want to travel with their friends or a larger group.

What Attractions and Activities are Nearby?
When choosing a new vacation home, make sure you give some thought to the nearby attractions and activities. The more things there are to see and do, the less likely it is that you'll feel bored staying there. If you keep visiting the same museums, historic parks and other attractions year after year, you'll eventually reach the point where you no longer want to stay there. Depending on the age of your kids, you may look for properties that have a range of activities nearby. Teens might love skateboarding and hitting the beach, while younger kids might prefer playgrounds and petting zoos.

How Much Can You Afford to Spend?
While there are a number of factors that determine which vacation home is right for you, you need to consider how much you can afford to spend. If you buy a stand alone vacation home, you are responsible for the maintenance and upkeep on that home. Timeshares typically charge a set fee each year for maintenance costs. You should also look at how much your total mortgage costs will go up when you buy a home and take out a second mortgage. Be smart when shopping for a new vacation home before you make the decision to buy a new property.


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