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high rise condominiums with modern looks and feel

Before you make the largest purchase of your life, by buying a condominium you need to be sure that you have all of the relevant details. A condominium is not ever going to become someone’s total or autonomous property.

By the very definition of a condominium you can easy know that a condominium is a collection of units in a building that have been apportioned according to size and level or floor. The higher floors seemingly being known as the most valuable. Who would not want to live in the Penthouse? The view is phenomenal. Unless you need to walk to your unit, the top floor is the most illustrious place to live in a condominium building.

As a prospective purchaser you need to know that, even if you may seem to own your unit, you do not have sole authority over it. If you want to renovate your condominium you will need permission of the building management. Perhaps you want to install a new floor or have work done on your in-suite plumbing. Before you hire a contractor you will need to obtain an estimate and a work plan for the renovations. You will need to complete a form(s) provided by the building management and provide details, such as insulation or padding for new flooring; specifically stating the thickness and density of the padding. Likewise, a similar process is mandatory for plumbing and other renovations that could potentially encroach on the units of other unit owners in the building. While your floor and your plumbing exist within your unit, the correct padding for flooring will ensure that no one is disturbed by your walking in your own unit. Your plumbing must be properly installed to prevent leakage to other units.

You will want to assess the attitude of the management staff for your building before you buy a unit in a set building. You should request a meeting with the Manager of the building, in advance of buying your new or resale condominium. Knowing all of the forms to be completed for renovations, booking the party room, billiards room, media room and / or other amenities is of utmost importance. You do not want to live in a building that is housed in massive bureaucracy.

You should request an Estoppel Certificate far in advance of buying a condominium. This document will include by-laws or internal policies of the condominium corporation and list particulars, such as the deposits required to rent facilities like the elevator or party room and also state the maintenance fees for your unit. You can call the local tax department to find out the monthly and yearly property taxes for your unit.

You should request a copy of the Management Agreement. This document will explain the obligations and / or duties of the building management. Cleaning and maintenance of the building; including facilities will be detailed herein. You may need to specifically inquire as to what repairs, if any are provided by the building management. Generally no repairs within a condominium unit will be completed by the building Superintendent. Other than refinishing of the front door of your suite the Superintendent will not repair any part of your condominium. Replacement of smoke detectors and HVAC filters is usually standard maintenance covered by the Management. Some buildings have a combined agreement for cable television, which is incorporated into the maintenance fee. Not all buildings offer this perk.

In the rare case hydro (water), HVAC and insurance for your unit may all be covered in the maintenance fee. To be sure, you should probably bring a Real Estate Lawyer with you, along with your Real Estate agent before you officially present your offer to purchase. This will enrich your chances of knowing all you can and should know before you sign on the dotted line to buy a condominium.

One other item of consideration is which property management company will be managing a condominium. Usually builders have a broad agreement with a property management company to be installed for all building they construct. Once in place, it is nearly impossible to vote them out. This because positions on the Board of Director’s are for a most 2 (two) years, while a Management Agreement is often for 3 or 5 years. This means that the management company will likely outlast many officers of the condominium corporation.

The company hire to clean and maintain facilities at the condominium is hired under contract by the management company on behalf of the Board of Directors. The same is the case for the waste removal and exterior building maintenance and also the situation for the Superintendent and Assistant Superintendent. The security company or concierge services is hired under a similar arrangement. It is highly recommended that you thoroughly research any and all of the companies that will directly or indirectly providing services to the condominium building where you plan to buy a condominium. Once you a resident you will are stuck with whoever is working there and the policies, which govern their work.

On the following links you will find useful information about legislation that governs condominiums, in Ontario, Canada.

Condominium Act Ontario

Condominium Owner Rights and Responsibilities

Bill 106 – Protecting Condominium Owner’s Act

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You need to ask yourself if you really want to live in a condominium. There are pluses or positives and minuses or negatives with every option. If you choose reside alongside many other people in an apartment like setting, then are some issues of concern that you should consider beforehand.

Every condominium building has a management company that administers the day to day activities of the building, including enforcing or not caring about policies.

Policies can include enforcing boundaries of smoking areas in compliance with local and Provincial by-laws.

Other policies can include facility maintenance, in compliance with municipal and Provincial standards.

Every condominium corporation will also have a Board of Directors that votes on issues related to the building. While the so called Board is meant to govern the policies of the building, as with many forms of government the administration of policies is a bureaucratic responsibility. Bureaucracy is managed by management, likewise at a condominium corporation.

Before you choose to purchase a condominium be sure you know how it is managed. Request a copy of an Estoppel Certificate for the unit your plan on purchasing, far in advance of submitting an offer. As management for a meeting, as a prospective purchaser. If granted a meeting, be sure to bring a set of questions you want to ask. Also, bring a notepad for noting answers to your inquiries.

Walk around the area surrounding the condominium building and find out for yourself how close amenities are to the property. You may purchase a nice looking condominium building, but you need to be sure that you will be able to live well while you reside there.

You will also want to find out what traffic patterns are like near the condominium building. Inquire about air quality outside and inside the building, pollution levels and smog in the area near the building. Depending on the direction your unit face you may receive a lot of wind and / or sunshine. Conversely, if you unit is across from a shopping centre, then you could have a lot of fumes from vehicles and pollution, as well. If your unit is above the so-called designated smoking are you may receive a lot a second hand smoke.

Be sure to ask as many questions about the overall living conditions in the building. Find out from prospective neighbours, on your future floor what their experiences are in living at the building and ask them if they recommend that you move in or buy elsewhere.

Here are some useful references to review before buying a condominium:

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If you are in the process of purchasing a new home, then you need to ask yourself some important questions. Firstly, Why Pay Market Price for A Home? Do I have the money to buy what I want? Will I be purchasing the house or condominium that I need?

If you are single, then your situation is surely different from married people who will be competing for the same  property. As a single person you may not have the same credit history or credible standing with bank or loan company. A lender may view you, a single entity, as being unstable.

Whether or not their is any credibility to the lender’s view of you, the way market yourself matters. If you present yourself as being grounded and interested in putting down roots, then the lender may be willing to take a chance on lending you money. The leverage a married couple may have over a single person is that the lender envisions the married people as one unit that is focused on one goal: building a home in their house or condo.

Real Estate Agents, similar to lenders, also assess prospective purchasers. They will size you up based on their set criteria. Perhaps they will consider you a more serious investor if they know you have already been pre-approved for a line of credit for a substantial amount. If you have a strong career, in which you are advancing in terms of job position and salary, then both a Real Estate Agent and a lender will consider you to be someone to bank on.

Based on how you present yourself and your financial position to lender’s and Real Estate Agent’s, you will likewise receive measurable service. If an Agent knows you will certainly qualify for a mortgage and that you have a readily available down payment, then they will be more inspired to show you their special book of property listings. Agent’s may not show the same properties to all clients and / potential clients. This is because they do not want to sully the relationship they have will a seller and also do not want to build a relationship of bringing would-be buyers to the table who are just not serious, or who are unable to close the deal.

If an Agent brings buyers to sellers and deals do not close, then eventually the Agent will become known as an unreliable Agent. To build and establish a portfolio of successful transactions, Agents will reserve their best buy’s for buyers that can close the deal. The benefit to for real buyers who have cash on hand, is that they will be able to get bargains on properties. If there is no condition based on financing and a down payment, without limit, can be provided on a moments notice, then a seller will likely be willing to substantially bend on the price.

But there is such much more. Power of Sale properties, urgent sales due to divorce, bankruptcy or general financial problems can be secured by buyers who can show the money quickly. These real deal properties need to be liquidated to satisfy immediate debts. Buyers who have liquid capital will be able to cash in big time on these super- save homes.

To pay less than market price for a house or condominium you need to be known as a buyer who can close a deal without any doubt or fuss. Seem to be an Agent’s dream and you will be able to make your own dreams come true.

interior of condo building living room

Who Took the Real Estate Market?

Has the Real Property market been stolen? Who Took the Real Estate Market? Why is it so difficult to afford a home in major cities throughout Canada? Conversely why is it so affordable or cheap to buy a home in urban areas? Did one major Real Estate Developer purchase every house or housing development? Or was it many Developer’s, as part of conspiracy to compel the increase of housing costs?

It may seem as though there is a concerted effort, by an elite aristocracy to bolster home costs. But this is a paranoid perspective that should cease. Instead, let us focus on what is actually happening. Firstly, it seems as many streets where there were once bungalows or small shack-like shanty town dwellings are being replaced by large box multi-leveled structured dwellings.

Where are these independent builders getting all of this seemingly newfound cash flow? Possibly this influx of money is coming from foreign investments / investors. It could seem like foreign investors sent relatives to buy up many areas and populate them with immense building that look like houses. Entire families could reside in these super-structured domains for many years, all the while paying for utilities and maintenance upkeep fees. Eventually these houses will be so at a high increase far over above the general market price for so-called comparable residences. The homes being used in the comparison, which are not even similar in design, size or structural integrity. This is perhaps a major issue of concern.

With a new standard being set for house sizes, homeowner’s are listing their dissimilar properties at outrageously high-prices in an effort to compete with homes that are not even slightly related. It seems we may have partially determined the cause of the ever-increasing house listing crisis – egoism (great big egos). A great desire by home sellers to fetch a high price for their average house puts potential buyers into a financial dilemma.

This translates into big business for loan companies, mortgage agents / brokers and trust companies. These financial powerhouses will be able to set high interest rates for loans and mortgages, as so-called standard loan processing fees. This process can be interpreted as being a great farce by a hard working person who just wants to be able to afford a home. The result is many potential home buyers will need to find a place to dwell in undesirable but affordable areas. Is there an elite status for home ownership?

 

housing complex in Canada area

Cheap Property Discoveries

Where are all the best deals on property? They are everywhere on-line. You only need to know where to look and you will find a great buy – for cheap property discoveries. Options for seeking and securing great deals on a new home include: searching often, hiring a specialized Property Researcher, and enlisting the expert assistance of a trained Real Estate Agent.

While anyone can use the Internet, not everyone is able to search effectively to sort out relevant information and separate it from junk. Even in a junkyard there can be a really valuable find and also garbage. Knowing the difference between old things and antique items is a skill. Similarly, in a property search one must distinguish a golden deal from a money pit.

To be sure, spending a small amount initially, to hire a Property Research Specialist, is a worthwhile investment, which will pay major dividends well into the future. If you could save $10,000 or more on your home purchase and you only need to pay $500 to $1000 to hire an expert Property Researcher, then you are ahead – by thousands of dollars in savings – in the Real Property game.

There are various firms that offer detailed property research programs to assist would-be buyers in sourcing a hard to find home; with rare specifications. Perhaps you want a large backyard or wide front yard or no front yard. You will need a special search for your home. This effort requires a qualified researcher.

Even in deciding what you are actually hoping to find, in terms of: price, location, size and design; you may need help deciding on what type of home you want to buy. A Property Researcher will be able to offer a unique perspective for purchasing the right home, on budget and on time.

Timely purchases should not be entered into hastily. A Real Estate Agent may want their client to buy a home quickly, because the Agent will likewise be paid soon after. To be a smart home buyer you could utilize the services of Property Research Specialist and a Real Estate Agent simultaneously. Once the researcher has narrowed down your selection options, an Agent can ensure professionalism in closing the deal.

Negotiation skills are a must in a home-buying transaction. A specially trained and licensed Agent will be able to negotiate on your behalf. But you could enlist the services of specialized Property Researcher to source the most qualified Real Estate Agent to meet your home-buying needs.

You should utilize the specialized Property Research Services of Resale.Condos for your next property exploration process. Contact condos@resale.condos to begin your search today!

real estate agent in restaurant waiting for client

Agent or Not?

Should you employ the services of Real Estate Agent or not to sell your home? Or should try to sell it yourself and save on the potential commission you would otherwise have to pay? To correctly decide on the best choice to sell your home quickly at the best price you need to consider the following factors:

  • Total payable commission as a percentage of the sale you will need to pay
  • Actual dollar amount of commission you will have to pay the agent & broker handling your sale
  • Benefits of a marketing campaign managed by a qualified real property professional
  • Amount you could save by listing and promoting your property yourself
  • Time you will need to devote to advertising your property by yourself and time to show it
  • Resources you have available relative to a trained agent who has office support staff
  • Documentation to close the deal (Offer / Counter Offer / Agreement of Purchase and Sale)
  • Do you have a website or access to an online resource where you can list your home?

Selling a home is a great amount of work and requires that you be accessible nearly 24 / 7. A prospective purchaser could contact you at anytime to submit an offer or to request a showing. Having the valuable experience of a real property agent could prove useful, especially because they do have office hours and they have many resources available; many of which a homeowner may not have access or use of regularly.

Even if you do choose to sell your home on your own you will still need to be sure to hire a competent lawyer to manage your side of the sales transaction. You will also want to seem professional and be able to provide a buyer with a detailed feature sheet that highlights the valuable components of your home and lists amenities and details of local utilities.

  • You might even consider having your own business cards printed which will display a photo of the best room in your home or a view of it from outside in the best perspective; along with top saleable features and your contact information.
  • You may want to consider having a separate e-mail address specifically for your home for sale.
  • A distinct phone number (preferably a cell phone or internet phone line) would be a good choice, since you don’t want to be pestered all day and night by unqualified buyers. You can turn off this phone and turn it on when you want to be available. You can also set up voicemail with options for a vast amount of messages to be left.

 

 

evening sunset with boats and water

How to Make the Right Move Overseas

Perhaps you received a job offer in a foreign country, or you may have been reassigned within your existing place of employment. You may need to decided how to make the right move overseas. What matters now is that you may need to move. You want to be sure that you can find an equivalent accommodation. You will want to know how to make the right move overseas. If property research is not your job, then you might need help from authorities in this area. Relocation specialists’ are highly trained and experienced to ensure that you will be able to achieve comfort in your desired destination.

You can benefit from experts who know the real property market conditions where you hope to reside. These connoisseurs of comfort will surely be able to assist you in realizing the reality of your dream home. All the components of a new house or condominium will be carefully analyzed according to your: budget, requirements and specifications; by a team of trained relocation professionals.

Factors of consideration could include:

  • Specific location within a city or region
  • Set size of home (house or condominium)
  • Number or rooms / bedrooms / washrooms
  • Nearness to amenities
  • Proximity to public transportation
  • Quality of life

To be sure that your relocation expert will be able to accommodate all of your expectations you need to be specific in your request.

  • Will family members be moving with you?
  • Is your move temporary (few months) or permanent (1 year or much longer)?
  • Are you active in recreational activities / sports?
  • Do you enjoy entertainment?
  • Do you want to be near venues for movies / plays?
  • Do you want to be located near grocery stores?

Also, being clear on the type of work you do and the nature of your job duties can be useful in the design of a relocation plan for you and your loved ones. Depending on how much time you plan to spend at home, versus outside will determine the necessity of a spacious or luxurious home. If you  plan to be out most of time, then perhaps you only need a small space, which should be well decorated to ensure your remain inspired.

Your budget will also have a bearing on your course of relocation. If your employer is going to pay your relocation costs, then your counselor has to work within the allocated budget. If you will bare the burden for your new residence, then you can be lavish in your spending or thrifty while remaining nifty.

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