Condo's have more benefits then you may realize. Especially when starting out as a first time buyer. Think of it this way, you have no roof to worry about, no new windows! You don't have to cut grass or shovel the snow!! You will also save on having to purchase outdoor yard materials such as a lawn mower or heavy duty shovel for those Canadian winters!!
They are also quite affordable. So if you are considering purchasing a condo..read this!!
Before you start
1 Hire a professional realtor to help with the buying process. It costs you nothing, since the seller pays the commission.
2 Make sure you have a good lawyer.
3 Seek financial qualification, to determine how much mortgage you can afford.
4 Crunch the numbers with your financial backer; you'll need extra money for closing costs, moving, land transfer tax and lawyers' fees.
On the hunt
5 Be prepared to see a variety of styles: low-rise, high-rise, with or without amenities such as doormen or gym facilities.
6 Purchase the largest suite you can afford. Studios and one-bedrooms are more difficult to re-sell.
7 Visit the neighbourhood at different times of the day and evening. Does it suit you?
8 Choose a handsome view. Not only will it make day-to-day life more appealing, but it helps with resale later.
9 Bear in mind that a southern exposure, although bright and sunny, may also be hot in the summer.
10 Avoid a layout that looks out over the garbage pick-up area.
11 Avoid a suite that overlooks the garage entrance and the coming and going of vehicle traffic.
12 Avoid a suite beside or across from the elevator.
13 A parking space is highly recommended. Even if you don't drive, you can always rent it out.
14 A locker is also highly recommended. There is rarely if ever enough storage space in a condo.
15 Find out about visitor parking. How many spaces are available?
16 With a resale condo, examine the appliances and wear and tear on the suite closely.
17 Note the condition -- and aroma -- of the lobby and common areas such as hallways and stairwells.
18 Find out who the occupants of the building are: mostly owners or tenants? Owners are preferable.
19 Find out the monthly condo maintenance fees and what exactly they include (and don't include).
20 What are the property taxes? Are they included in the maintenance fees?
21 Chat with other owners and ask about their experience in the building.
Make me an offer
22 Visit the suite at least twice, if you can, before making your offer.
23 Know what comparable suites in the building and in the area have sold for.
24 As for offer price, listen to and discuss with your agent.
25 When you are ready to make an offer, make it conditional on your lawyer reviewing the Condominium Documents and Status Certificate.
If you have any more questions regarding this or any other property or real estate idea. Please call us or email us! We look forward to working hard for you!
Dan and Rachael Polakovic
Learn how to avoid making your home a turn-off when you're looking to sell.
In many cities across Canada, the real estate market has cooled noticeably from the heady days of a year ago. There is a growing inventory of houses on the market, and buyers are much choosier than ever before. If you're planning to sell, it's important that you put your very best foot forward, if you want to sell quickly and at a decent price.
Toronto real estate agent Matt Dawson of Chestnut Park Real Estate has seen some amazing blunders by sellers. Here's his take on some of the biggest buyer turn-offs, many of which could be avoided -- or at least mitigated-- with a little care and forethought.
1 Wacky paint colours
Some buyers can overlook strange decor choices and picture the house painted white or in tasteful neutrals, but many can't. Furthermore, colour can have a strong effect on mood, both positively and negatively. Don't take the chance.
2 Dirt
A house for sale should be as near to spotless as you can make it. Particularly in kitchens and bathrooms, grimy grout, stained countertops, dishes in the sink and crunchy floors are definite turn-offs. Do at least a light cleaning before every showing and a more thorough clean each weekend before the open house.
3 Odd (or oppressive) smells
If you smoke, at least take it outside while the house is up for sale. In fact, any noticeable odours, whether pets, lingering cooking smells or even heavy perfume, can turn away a potential buyer. Use fabric refresher on upholstery and air fresheners or room scents where needed, but use a light hand.
4 Unkempt exterior
Curb appeal makes a very strong impression on a potential buyer, and so does lack of it. Make sure the landscaping is trimmed and the lawn mowed; plant a few annuals or cover your flowerbeds with a neat layer of mulch, staying away from the bright red colour and opting for the natural coloured mulch. If the front porch needs painting, paint it. Also, keep the outside of your home as tidy as the interior: remove kids' toys from the backyard, and keep the porch steps swept.
5 Too many pets
It's hard to believe that not everybody loves Fluffy, Fifi, and Rover as much as you do, but they don't. A dog that comes barking fiercely to the door as soon as you ring the bell, or worse, a whole pack of them, is unnerving. One cat sleeping quietly in a chair might be fine; a noisy (and possibly smelly) menagerie isn't. Try to find temporary homes for your friends, at least while the house is being shown.
6 Wrong-headed renovations
This is on a slightly different scale than the other points mentioned here, but should be considered at the time of renovation if possible. A toilet off the kitchen; an open-concept reno that creates a vast, empty space; or an oddly configured hallway or room is viewed by a buyer as money they'll have to spend to put things right. Try to modify your alterations to make them more universal, or better still, avoid wacky renovations in the first place.
7 Dark and dingy interiors
You can't do much about the building two feet beyond your side windows, but you can do a lot to brighten the inside of your house. White or light walls and woodwork is a classic brightener; if you can afford to add windows, they're a good investment in a dark house. Adding more lighting, whether by wiring overhead lights or just installing more lamps, works too. At the very least, keep your windows clean, to let in as much natural light as possible.
8 Horrid basements
Again, this may or may not be under your control, but a dank, dingy basement, especially if the ceiling is very low, can be off-putting. If you have the option, painting the cement floor or installing low-cost carpeting can help cheer it up a little. Also, clear out all the junk, right to the walls, so that buyers can see how much space there is -- even if it's only for their own junk.
9 Dirty appliances
Even if the house is generally clean, don't discount the possibility that people will be looking inside the appliances. Keep your fridge clear of old take-out containers and aging leftovers -- what my mother used to call "furry friends" -- and use the self-clean mode on your oven.
10 Swimming pool
It's perhaps unfair to include a pool as a buyer turn-off, since for some people it's a major attraction. But financially, pools rarely make back the money spent on them and can sometimes even lower a home's value. Almost certainly, a pool will cut down the number of potential buyers interested in the house.
Learning something new everyday is our number one priority. We make it a point to find new opportunities and avenues to learn from.
The best way to do this is to learn from the best! If we want to be the best, we have to do what the best does!
Being a part of such a dynamic and knowledgable team like Realty Executives Elite Ltd in London ON makes this easy!
Everyday in our office we are surrounded by what we perceive as "the best in the business!" ( and I am sure we are not alone in this perception.) So we have access to some of the most informative brains out there. And the greatest part about it is, they are all ao willing to share!!
Being able to work so closely with such successors has made is possible for us (the rookies) to excel and provide our clients with quality service just as "the best" have done in the past. And still do for that matter.
So go on and ask us!! How have we become successful? We learn from the best!!
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Dan has been licensed just shy of two years. Rachael is fairly new in the business. (Licensed just one year) We are a very enthusiastic team (also husband and wife). We are also very fortunate to be a
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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