Monday 27 October 2008
Sunday 26 October 2008
Going Green
Going Green & Recycling are just a few of the new buzzwords of our time. We are recognizing that we must be more conscious of our footprint and less wasteful with our resources and yet living in the city and especially in a high-rise or townhome development dealing with the garbage is sometimes confusing.
Just what goes where and how much and when doesn’t seem clear. What I’ve been able to glean from various sources is that the recycling methods are not what they used to be. It began with being asked to separate plastics, metal, glass & paper products but no longer. Mixing the recycling is just fine – the new confusion lies in just what can be recycled and what is still considered garbage! For example – clear plastic egg cartons are NOT recyclable while the paper ones are – who knew!
Organic composting hasn’t come to the multi-unit buildings yet as testing is still being done in a few areas to understand just what’s entailed in the collection & storage of it. Recycling information can be found on the web at www.toronto.ca/garbage/multi and it clearly states what is and isn’t recyclable.
Have an old computer that you’re not using anymore? Did you know that you can drop it off as a donation to the Salvation Army? Before doing ensure you’ve properly removed all identification from the memory. There are other locations for drop offs – just check out the website for the City of Toronto under Garbage & Recycling. You’ll also find ideas about where to donate furniture & appliances that you no longer need.
Be green and take the time to understand how, so at the very least you are participating in keeping your garbage disposal to a minimum. Every little bit of effort by us can make a huge difference and as we become accustomed to this new way of living it gets easier and more natural each time.
Just what goes where and how much and when doesn’t seem clear. What I’ve been able to glean from various sources is that the recycling methods are not what they used to be. It began with being asked to separate plastics, metal, glass & paper products but no longer. Mixing the recycling is just fine – the new confusion lies in just what can be recycled and what is still considered garbage! For example – clear plastic egg cartons are NOT recyclable while the paper ones are – who knew!
Organic composting hasn’t come to the multi-unit buildings yet as testing is still being done in a few areas to understand just what’s entailed in the collection & storage of it. Recycling information can be found on the web at www.toronto.ca/garbage/multi and it clearly states what is and isn’t recyclable.
Have an old computer that you’re not using anymore? Did you know that you can drop it off as a donation to the Salvation Army? Before doing ensure you’ve properly removed all identification from the memory. There are other locations for drop offs – just check out the website for the City of Toronto under Garbage & Recycling. You’ll also find ideas about where to donate furniture & appliances that you no longer need.
Be green and take the time to understand how, so at the very least you are participating in keeping your garbage disposal to a minimum. Every little bit of effort by us can make a huge difference and as we become accustomed to this new way of living it gets easier and more natural each time.
HATS OFF TO THE ARTISTS!
Some of you might remember what Queen St. west of Spadina or even Bathurst used to be like! I remember the corner of Queen & Shaw before the restoration of the Candy Factory into todays uber cool lofts! The area was a rough one and we owe it to the artists and outgoing gallery owners who saw the potential and had the courage to invest their money into the first galleries. That move helped bring in the people who then could also see the potential of this great area with it’s loft spaces waiting to be transformed into desirable living spaces; Trinity Bellwoods Park beckoned with it’s endless green space and CAMH saw that future – they too are progressively changing the face of this “institution” by integrating their new structures into a more user friendly streetscape. The older more ominious looking buildings are being replaced with a look that holds less of a stigma to its purpose.
The Gladstone Hotel renovation has been a welcome one in that it continued to keep its doors open to its faithful patrons as well as beckoning new ones with a facelift to the premises and instilling a fresh vibe into the local scene by holding events that promote the arts and culture of our city.
All of these activities have worked together to revive this neighbourhood into what we see today. That of course translates into a vibrant real estate market due to the tremendous exposure creating a buyer demand that doesn’t seem to see an end. And being a happy resident myself since 1996 I remain grateful to those businesses who cater to the arts as they have done our neighbourhood a great service.
The Gladstone Hotel renovation has been a welcome one in that it continued to keep its doors open to its faithful patrons as well as beckoning new ones with a facelift to the premises and instilling a fresh vibe into the local scene by holding events that promote the arts and culture of our city.
All of these activities have worked together to revive this neighbourhood into what we see today. That of course translates into a vibrant real estate market due to the tremendous exposure creating a buyer demand that doesn’t seem to see an end. And being a happy resident myself since 1996 I remain grateful to those businesses who cater to the arts as they have done our neighbourhood a great service.
"Should we upgrade before selling?"
This is a question I hear a lot. And the answer is not always black and white. Market conditions have always got to be considered when deciding how best to present your property. But also the seller’s financial conditions must be taken into account. Determining your cash flow and timing together with your reason for selling are all important factors to be considered.
But in general an updated or renovated property gets more attention and sells faster than one that needs work. Most of todays’ buyers are simply too busy and find renovating overwhelming to take it on. When they are looking at different properties the renovated updated ones that have the WOW factor always grab the buyer’s attention much more than those that need some imagination to see the potential.
So how far do you go in “prepping” your home for sale?
The rule of thumb is spend wisely and as little as possible. That said, using inferior products is a waste of money too. You need to use good quality paint, carpet, countertop whatever it is you’re renovating and choose neutral tones to capture most buyer’s palettes.
If your entrance stairs carpeting shows that you have a pet and years of wear & tear remember it’s the buyer’s first impression. Spend the money to enhance that area and buy a carpeting that most buyers will look at and want to keep.
If the paint job is showing it’s age and touch ups won’t do the trick then a fresh coat of paint in a neutral tone is the way to go.
These expenditures are well worth the cost and the hassle since the finished product will make your home shine and be able to carry the asking price you’d prefer. Not doing some simple fix ups can result in your home staying on the market longer than the competition and thereby being beaten down in price.
Again, every situation is unique and getting an opinion when you are thinking of selling is always wise. Inform yourself and then you can make a sound decision.
But in general an updated or renovated property gets more attention and sells faster than one that needs work. Most of todays’ buyers are simply too busy and find renovating overwhelming to take it on. When they are looking at different properties the renovated updated ones that have the WOW factor always grab the buyer’s attention much more than those that need some imagination to see the potential.
So how far do you go in “prepping” your home for sale?
The rule of thumb is spend wisely and as little as possible. That said, using inferior products is a waste of money too. You need to use good quality paint, carpet, countertop whatever it is you’re renovating and choose neutral tones to capture most buyer’s palettes.
If your entrance stairs carpeting shows that you have a pet and years of wear & tear remember it’s the buyer’s first impression. Spend the money to enhance that area and buy a carpeting that most buyers will look at and want to keep.
If the paint job is showing it’s age and touch ups won’t do the trick then a fresh coat of paint in a neutral tone is the way to go.
These expenditures are well worth the cost and the hassle since the finished product will make your home shine and be able to carry the asking price you’d prefer. Not doing some simple fix ups can result in your home staying on the market longer than the competition and thereby being beaten down in price.
Again, every situation is unique and getting an opinion when you are thinking of selling is always wise. Inform yourself and then you can make a sound decision.
The Impact of Women on the Real Estate Market
Part of the reason for the real estate boom we’ve been experiencing for the past decade or more is a direct result from more women buying homes and condos on their own than ever before. This has changed the marketplace touching every factor from banking & mortgages to the renovation home décor industries.
It used to be common that women didn’t buy their first home until they were married and then bought together with their husbands. But society is forever changing and there have been drastic changes in ours in a relatively short period of time.
Women have empowered themselves and the marketplace has recognized this growing sector and has scurried to cater to the demand. The trickle effect is enormous – there’s no single factor that can take the credit but the result has to be recognized. Mortgages have become more flexible and easier to obtain as banks loosen their formulas for determining eligibility.
This demand has helped shape the condo market as more buyers are asking for smaller places. With women moving out on their own and not waiting for marriage before purchasing the need for smaller more affordable starter homes has grown. Couple that with the low interest rates we’ve been enjoying and it has been a huge factor in fuelling the boom of recent times.
Demographics have changed in general with our population aging and our birth rate slowing; the immigration that has brought so many newcomers from all over and add women to that to the mix and it helps understand how this boom has been one of natural growth and economic stimulus – very different driving factors from the boom & bust of the 80’s.
It used to be common that women didn’t buy their first home until they were married and then bought together with their husbands. But society is forever changing and there have been drastic changes in ours in a relatively short period of time.
Women have empowered themselves and the marketplace has recognized this growing sector and has scurried to cater to the demand. The trickle effect is enormous – there’s no single factor that can take the credit but the result has to be recognized. Mortgages have become more flexible and easier to obtain as banks loosen their formulas for determining eligibility.
This demand has helped shape the condo market as more buyers are asking for smaller places. With women moving out on their own and not waiting for marriage before purchasing the need for smaller more affordable starter homes has grown. Couple that with the low interest rates we’ve been enjoying and it has been a huge factor in fuelling the boom of recent times.
Demographics have changed in general with our population aging and our birth rate slowing; the immigration that has brought so many newcomers from all over and add women to that to the mix and it helps understand how this boom has been one of natural growth and economic stimulus – very different driving factors from the boom & bust of the 80’s.
You Need to Know!
TV shows depicting $2000 room makeovers in 48 hours are just that – shows for TV not real life!
These incrediblly popular reality home-improvement shows are providing viewers with wonderful ideas for redoing their homes through the use of interesting new paint colours and the revamping of furniture, etc. They are useful for showing how a room can be transformed by adding crown moulding or changing window treatments. Reality home-improvement shows are great, however, viewers need to understand that this is not reality. These shows depict an accelerated pace that would require that absolutely everything has been thoroughly planned in advance and meticulously organized and that all of the materials have been prepurchased and are waiting on-site before the 48 hours kick in. Remember too that the $2,000 budget covers materials only – that likely were purchased with big discounts or via donations -- and that the very expensive fees, salaries and services of the on-site decorators, the highly skilled carpenters, the supervisors and coordinators, the delivery services, rental equipment, the professional shoppers is all part of a vast network of people and companies that are not being paid out of that money.
We have become a culture of immediate gratification and shows such as these help feed that. They create false expectations of what is possible for contractors and especially do-it-yourselfers to accomplish Don’t get me wrong – these shows have their value as long as they are watched for their ideas with the understanding that with some creativity and know how and of course money a plain room can take on a new life! I would strongly advise homeowners to enjoy these shows for their entertainment value and for the lessons they provide on how colors interact or how a simple bookcase or the rearrangement of some furniture can make a huge difference in a room's flow. But don't take these shows as a glimpse of reality and don't expect that you or your contractor can perform the same feats of magic without a very extensive -- and very expensive -- infrastructure to back you up.
These incrediblly popular reality home-improvement shows are providing viewers with wonderful ideas for redoing their homes through the use of interesting new paint colours and the revamping of furniture, etc. They are useful for showing how a room can be transformed by adding crown moulding or changing window treatments. Reality home-improvement shows are great, however, viewers need to understand that this is not reality. These shows depict an accelerated pace that would require that absolutely everything has been thoroughly planned in advance and meticulously organized and that all of the materials have been prepurchased and are waiting on-site before the 48 hours kick in. Remember too that the $2,000 budget covers materials only – that likely were purchased with big discounts or via donations -- and that the very expensive fees, salaries and services of the on-site decorators, the highly skilled carpenters, the supervisors and coordinators, the delivery services, rental equipment, the professional shoppers is all part of a vast network of people and companies that are not being paid out of that money.
We have become a culture of immediate gratification and shows such as these help feed that. They create false expectations of what is possible for contractors and especially do-it-yourselfers to accomplish Don’t get me wrong – these shows have their value as long as they are watched for their ideas with the understanding that with some creativity and know how and of course money a plain room can take on a new life! I would strongly advise homeowners to enjoy these shows for their entertainment value and for the lessons they provide on how colors interact or how a simple bookcase or the rearrangement of some furniture can make a huge difference in a room's flow. But don't take these shows as a glimpse of reality and don't expect that you or your contractor can perform the same feats of magic without a very extensive -- and very expensive -- infrastructure to back you up.
Condominium Or House: Which Is Right For You?
The condominium market is flourishing, with modern towers and low mortgage rates luring would-be home buyers with the possibility of building equity at rent-like prices.
Because of all of the advantages of home ownership in comparison to renting, many of you will soon be reaching a point where you want to buy a home. However, you may not be sure whether you should actually buy a house or if you should look in to buying a condo instead. This is especially true for younger home buyers who might want the benefits of living in the more communal situation of the condo.
Should you join the condo club or go for a more traditional home ownership? Consider your lifestyle and weigh the pros and cons of each before deciding which to buy.
A condo is probably the right choice for you if:
You don’t have a lot of money to spend but still want to invest in home ownership.
You are interested in being part of a small community living in the same complex.
You are comfortable living in close proximity to your neighbours.
You are a single individual or a couple that is looking for a small home rather than a large property.
You don’t mind having certain aspects of your home ownership regulated by a committee (a home owner’s association made up of some of the tenants who live in the other condos).
You live in an urban area where condos are common (such as Toronto or Vancouver)
You run a busy lifestyle and prefer to enjoy amenities like a pool or a shaded grounds area but aren’t able to maintain such amenities yourself either because of the time that it takes or the cost.
However a house is more likely to be a better choice for you if:
You have (or plan to have) a large family.
You are a very private person who does not like living close to your neighbours or having your home choices regulated by an association.
You are investing in home ownership primarily for the purpose of resale of the home in the future (since property values are usually higher than condo values).
You are seeking to purchase a large home and / or you need outdoor grounds areas for things like large pets.
You enjoy maintaining your own yard or garden.
You live in a rural area or in a location where there are not many condos on the market.
Although there are always exceptions, condo purchases are usually best for single individuals who have neither the money to invest in a house nor the time to maintain the upkeep of the home. These tend to be young people who don’t mind apartment-style living in close quarters with their neighbours, who are comfortable having some regulation by the home owner’s association and who enjoy sharing common areas with others. Often, condo buyers are first time home buyers. If, in contrast, you are an older adult who has (or may soon have) a family and would like the freedom and privacy of a home with its own property, then a house is probably the right choice for you.
Regardless of whether you buy a house or a condo, it's important to do your homework and consider the future of the neighbourhood you're buying into. The old saying of "location, location, location" remains true for both. Each is a significant investment, and you need to find a safe and vibrant neighbourhood capable of nurturing your investment into the future.
Because of all of the advantages of home ownership in comparison to renting, many of you will soon be reaching a point where you want to buy a home. However, you may not be sure whether you should actually buy a house or if you should look in to buying a condo instead. This is especially true for younger home buyers who might want the benefits of living in the more communal situation of the condo.
Should you join the condo club or go for a more traditional home ownership? Consider your lifestyle and weigh the pros and cons of each before deciding which to buy.
A condo is probably the right choice for you if:
You don’t have a lot of money to spend but still want to invest in home ownership.
You are interested in being part of a small community living in the same complex.
You are comfortable living in close proximity to your neighbours.
You are a single individual or a couple that is looking for a small home rather than a large property.
You don’t mind having certain aspects of your home ownership regulated by a committee (a home owner’s association made up of some of the tenants who live in the other condos).
You live in an urban area where condos are common (such as Toronto or Vancouver)
You run a busy lifestyle and prefer to enjoy amenities like a pool or a shaded grounds area but aren’t able to maintain such amenities yourself either because of the time that it takes or the cost.
However a house is more likely to be a better choice for you if:
You have (or plan to have) a large family.
You are a very private person who does not like living close to your neighbours or having your home choices regulated by an association.
You are investing in home ownership primarily for the purpose of resale of the home in the future (since property values are usually higher than condo values).
You are seeking to purchase a large home and / or you need outdoor grounds areas for things like large pets.
You enjoy maintaining your own yard or garden.
You live in a rural area or in a location where there are not many condos on the market.
Although there are always exceptions, condo purchases are usually best for single individuals who have neither the money to invest in a house nor the time to maintain the upkeep of the home. These tend to be young people who don’t mind apartment-style living in close quarters with their neighbours, who are comfortable having some regulation by the home owner’s association and who enjoy sharing common areas with others. Often, condo buyers are first time home buyers. If, in contrast, you are an older adult who has (or may soon have) a family and would like the freedom and privacy of a home with its own property, then a house is probably the right choice for you.
Regardless of whether you buy a house or a condo, it's important to do your homework and consider the future of the neighbourhood you're buying into. The old saying of "location, location, location" remains true for both. Each is a significant investment, and you need to find a safe and vibrant neighbourhood capable of nurturing your investment into the future.
Five Things You Should NOT Do Before Buying a Home
Planning ahead is crucial to buying a home, particularly if you don't have extensive financial resources. Since mortgage lenders will be sizing up your finances carefully, don't give them any reason to reject your application.
Here a few things that you should NOT do for at least six month before buying a house:
1- Do not make any Major Purchases
If you're buying a home, don't invest in any major purchases. Cars, weddings, jewellery, furniture and electronics can all wait until you're settled in your new home. When you make a major purchase, you limit the amount of money available for your down payment, and decrease the amount of liquid capital in your name.
If you do have to make a major purchase before buying a home, you might want to put it on a low-interest credit card until after your mortgage application is approved. Sometimes you can't control what life throws you, but think carefully about your options before making a decision.
2- Don’t Move Money Around
When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company pension or retirement accounts.
If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.
The mortgage underwriter will probably require a complete paper trail of all the withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious.
Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document and measure your finances.
So leave your money where it is until you talk to a loan officer.
3- Do not make large Investments
It is also a bad idea to make investments just before buying a home; again, you're decreasing the liquidity of your assets. If you've come across a new stock in which you'd like to invest or if it's a great time to buy bonds, wait until after you've settled the finances on your home.
Furthermore, you'll have to disclose all of your finances before buying a new home, which means accounting for every withdrawal and deposit in all of your accounts. This can get quite tedious, especially if you're trying to dig up cancelled checks for the new Home Theatre or HDTV you just had to have three months ago.
4- Do not change your Bank
Changing banks is always a hectic ordeal, so don't do it before buying a home. You'll have to provide information about previous accounts that are now closed, and therefore inaccessible. And if you diversify your money too much in money market accounts, savings accounts, checking accounts and other places, you'll have a harder time with the disclosure process.
If you're fed up with your bank and want to change, tough it out a little longer and switch after your mortgage is approved and you've set up shop in your new house. This will save you hours of headaches and frustration.
As mentioned above, there will be times when you can't avoid all of these things before buying a home, but know that it's in your best interests to wait until the dust settles, so to speak. The goal should be to move into your new house with as few obstacles as possible.
5- Do not change Job Unless Absolutely Necessary
Try not to change jobs. Your employment is a key factor in the mortgage approval process, and if you can't show steady employment, you might be denied. Of course, you can't help matters if you've just been laid off or an opportunity presents itself that you can't pass up.
If you're going to change jobs before buying a home, wait another six months before going ahead with the real estate transaction. This gives you an opportunity to establish employment and to show a steady income of pay checks from a single employer. This looks much better on a loan application than a long list of recent employers.
Here a few things that you should NOT do for at least six month before buying a house:
1- Do not make any Major Purchases
If you're buying a home, don't invest in any major purchases. Cars, weddings, jewellery, furniture and electronics can all wait until you're settled in your new home. When you make a major purchase, you limit the amount of money available for your down payment, and decrease the amount of liquid capital in your name.
If you do have to make a major purchase before buying a home, you might want to put it on a low-interest credit card until after your mortgage application is approved. Sometimes you can't control what life throws you, but think carefully about your options before making a decision.
2- Don’t Move Money Around
When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company pension or retirement accounts.
If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.
The mortgage underwriter will probably require a complete paper trail of all the withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious.
Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document and measure your finances.
So leave your money where it is until you talk to a loan officer.
3- Do not make large Investments
It is also a bad idea to make investments just before buying a home; again, you're decreasing the liquidity of your assets. If you've come across a new stock in which you'd like to invest or if it's a great time to buy bonds, wait until after you've settled the finances on your home.
Furthermore, you'll have to disclose all of your finances before buying a new home, which means accounting for every withdrawal and deposit in all of your accounts. This can get quite tedious, especially if you're trying to dig up cancelled checks for the new Home Theatre or HDTV you just had to have three months ago.
4- Do not change your Bank
Changing banks is always a hectic ordeal, so don't do it before buying a home. You'll have to provide information about previous accounts that are now closed, and therefore inaccessible. And if you diversify your money too much in money market accounts, savings accounts, checking accounts and other places, you'll have a harder time with the disclosure process.
If you're fed up with your bank and want to change, tough it out a little longer and switch after your mortgage is approved and you've set up shop in your new house. This will save you hours of headaches and frustration.
As mentioned above, there will be times when you can't avoid all of these things before buying a home, but know that it's in your best interests to wait until the dust settles, so to speak. The goal should be to move into your new house with as few obstacles as possible.
5- Do not change Job Unless Absolutely Necessary
Try not to change jobs. Your employment is a key factor in the mortgage approval process, and if you can't show steady employment, you might be denied. Of course, you can't help matters if you've just been laid off or an opportunity presents itself that you can't pass up.
If you're going to change jobs before buying a home, wait another six months before going ahead with the real estate transaction. This gives you an opportunity to establish employment and to show a steady income of pay checks from a single employer. This looks much better on a loan application than a long list of recent employers.
Tips for the Condo Hunter
Buying your first condo can feel intimidating at first, but the process is a lot easier than you think. Your real estate agent, lawyer, and bank representatives will help guide you to buying the right condominium that suits you, so choose them wisely and don't be afraid to ask questions. Here are some tips to help you start your search and find your dream condominium.
1. Make sure you get what you want
Before you start hunting for condominiums, make a list of your priorities. Consider approximate size, number of bedrooms and bathrooms, location, price, amenities, and how soon you want to move. Check the "Condominium Buyer's Guide" from the Canada Mortgage and Housing Corporation website to help you start searching for potential condos.
2. Stay focused
Even the thriftiest shopper can lose perspective when dealing in six-figure amounts. What's another $5,000 when you're already spending $250,000, right? Well, if you consider interest, it's quite a lot. Know what you can afford, get pre-approved for your mortgage, and stick to your budget.
3. All the world's a stage
Whether you're looking at model suites or resale condos, be aware of the staging that's been done to make the space more appealing.
4. Know where to shove it
Storage space may not seem as exciting as a gourmet kitchen or a wrought-iron spiral staircase, but when you're about to squeeze your whole life into 700 square feet, it's important that there's room for your all your possessions.
5. Go with your gut
Finding the right condo is like finding love. If it's meant to be, sparks will fly. If the first 10 places don't float your boat, don't be disappointed, just keep on looking.
6. Does your car have a space?
Parking can be an uncovered stall, a covered stall, indoors but unheated or indoors heated and secured. Its legal status can be either assigned common-area space, or legally-titled ownership. If it is assigned, it should be protected by a formal lease agreement. You should also find if there is guest parking.
7. Warm and cozy
Heating is an important issue in condo buildings. In apartment condos it is usually central gas-fired hot-water heat, which means the cost is covered by your monthly condo fees. However, older hot-water heating systems can be heard! Electric heat is convenient, quiet and controllable in each room, but it’s expensive. Learn about the condo's heating system and see if it works for you!
8. Who are your neighbours?
Renters will be found in any condo building. That’s good for your flexibility as an owner, but find out how many renters are in the building. If it’s primarily renters, this means that investors own the building and they may not share your standards of operation and maintenance. You may also find a less sense of community in the building.
9. Light
Orientation of the condo is important if it’s an apartment facing only one direction, less so if it’s a townhouse or duplex bungalow condominium with more exposures. How much sun does the condo receive, and is that sun hitting your bedroom windows at 5 a.m. during the summer? You may prefer it, or you might hate it, so be aware of which ways the condo faces and whether it will be bright enough, too hot, or too dark for your needs.
10. Quality counts
Construction of condominiums can vary dramatically. Concrete is more long lasting and generally quieter than frame construction, but “post-tensioned” concrete construction can have problems requiring maintenance. Concrete transmits tapping sounds, while wood-frame buildings can quiver slightly under heavy footsteps. Remember, quality will be your best investment!
11. Check and Double Check
If something bothers you a little on the first sight, it'll bother you a lot when you live there. You shouldn't have to talk yourself into a $250,000 purchase. Think twice before you make the deal. Check all documentation carefully and make a wise decision.
If you take the above steps into consideration when you start your hunt, you're guaranteed to be on the right track to finding your dream condo. Remember, buying a condominium is not difficult if you do your research and consult with your real estate agent.
Have a Happy Condo Hunt!
1. Make sure you get what you want
Before you start hunting for condominiums, make a list of your priorities. Consider approximate size, number of bedrooms and bathrooms, location, price, amenities, and how soon you want to move. Check the "Condominium Buyer's Guide" from the Canada Mortgage and Housing Corporation website to help you start searching for potential condos.
2. Stay focused
Even the thriftiest shopper can lose perspective when dealing in six-figure amounts. What's another $5,000 when you're already spending $250,000, right? Well, if you consider interest, it's quite a lot. Know what you can afford, get pre-approved for your mortgage, and stick to your budget.
3. All the world's a stage
Whether you're looking at model suites or resale condos, be aware of the staging that's been done to make the space more appealing.
4. Know where to shove it
Storage space may not seem as exciting as a gourmet kitchen or a wrought-iron spiral staircase, but when you're about to squeeze your whole life into 700 square feet, it's important that there's room for your all your possessions.
5. Go with your gut
Finding the right condo is like finding love. If it's meant to be, sparks will fly. If the first 10 places don't float your boat, don't be disappointed, just keep on looking.
6. Does your car have a space?
Parking can be an uncovered stall, a covered stall, indoors but unheated or indoors heated and secured. Its legal status can be either assigned common-area space, or legally-titled ownership. If it is assigned, it should be protected by a formal lease agreement. You should also find if there is guest parking.
7. Warm and cozy
Heating is an important issue in condo buildings. In apartment condos it is usually central gas-fired hot-water heat, which means the cost is covered by your monthly condo fees. However, older hot-water heating systems can be heard! Electric heat is convenient, quiet and controllable in each room, but it’s expensive. Learn about the condo's heating system and see if it works for you!
8. Who are your neighbours?
Renters will be found in any condo building. That’s good for your flexibility as an owner, but find out how many renters are in the building. If it’s primarily renters, this means that investors own the building and they may not share your standards of operation and maintenance. You may also find a less sense of community in the building.
9. Light
Orientation of the condo is important if it’s an apartment facing only one direction, less so if it’s a townhouse or duplex bungalow condominium with more exposures. How much sun does the condo receive, and is that sun hitting your bedroom windows at 5 a.m. during the summer? You may prefer it, or you might hate it, so be aware of which ways the condo faces and whether it will be bright enough, too hot, or too dark for your needs.
10. Quality counts
Construction of condominiums can vary dramatically. Concrete is more long lasting and generally quieter than frame construction, but “post-tensioned” concrete construction can have problems requiring maintenance. Concrete transmits tapping sounds, while wood-frame buildings can quiver slightly under heavy footsteps. Remember, quality will be your best investment!
11. Check and Double Check
If something bothers you a little on the first sight, it'll bother you a lot when you live there. You shouldn't have to talk yourself into a $250,000 purchase. Think twice before you make the deal. Check all documentation carefully and make a wise decision.
If you take the above steps into consideration when you start your hunt, you're guaranteed to be on the right track to finding your dream condo. Remember, buying a condominium is not difficult if you do your research and consult with your real estate agent.
Have a Happy Condo Hunt!
Friday 24 October 2008
Advantages of Using a Mortgage Broker
Finding the right home may seem like the hard part of a real estate transaction, but in reality, getting the best financing can be much harder. This is partially because we have so many options nowadays for mortgage loans and so many places to find them. A mortgage broker or your local bank can often lay out your options clearly. They will be armed with what you want in terms of loan term, ideal rate, targeted monthly payments and the like. If you're smart, you will talk to them before you decide on your home so you really know your price range.
Using a mortgage broker is by far the best way to go about finding and arranging the very best mortgage to suit your specific needs. Trust in a specialist that knows how to package your application, what pitfalls to look out for, and how to protect your interests when dealing with the banks. Sure, you might get the same rate that a broker could get for you, but what you won’t get is all the facts about the mortgage that you have shopped for.
A mortgage broker/specialist navigates you around those banks with mortgages that appear to be the best deal out there, but fall short of your expectations. Brokered mortgages may not be as “flashy” on the exterior, but they will have all the “nuts and bolts” built into them to protect you from unforeseeable circumstances that often arise.
The benefits of using a professional mortgage broker include:
Reduce your stress and frustration. There are dozens of lenders from which to choose, so why not let an expert handle the application process for you? These days the forms and other data that are required for a loan application can be quite complicated, so it is wise to hand the entire process over to a professional.
Fewer complications. A seasoned mortgage professional will have years of experience, and that will help him or her navigate the tricky loan application waters that lie ahead. Let a broker’s know-how work to your benefit.
Help you get the best deal possible. Although you may be tempted to apply for the mortgage on your own, by hiring a professional you are assured of getting the best interest rate, the best payment plan, the best deal in general. Save you time. The most valuable of all commodities. A broker has the experience to make sure you get the best package for your individual needs
Real personalization. Since the mortgage broker works for you (not the lenders), he/she offers you unbiased advice and help you select the mortgage that's absolutely right for you. You get the personal service you just cannot get from a bank.
Service at no cost. Not only will a broker obtain the best mortgage rate for you, the broker services cost you nothing.
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