Condo Life Magazine | For Good Health Indoors, Start With Your Floors

Condo Life Magazine | For Good Health Indoors, Start With Your Floors

4 Essentials When Buying a Condo

Toronto's real estate industry has seen tremendous growth in the popularity of condominiums and that has people debating condo VS house living.  Although markets are continually changing, 4 things you can count on when buying a condo are....

1. Fees & Service Charges:
   These fees and services charges cover anything from typical maintenance costs of common areas to extravagant luxuries.  Do your homework when considering a condo.  Exactly what is included in those fees? What amenities will you have access to, parking, storage, the pool, and tennis courts? Pay attention to deferred maintenance, planned upgrades, or other potential costs so you are not taken by surprise. Budget Calculator
   
2. Management and Operational Efficiency: Spend time speaking with current residents, and someone on the board if possible.  Although your realtor might be able to tell you the functions of the development, if you can, take a look around the building a few times to get a feel how things are on a day to day basis.
   
3. Finances and Reserve Funds: Perform due diligence on the finances and reserve funds of the condo association to make sure their problem doesn’t become your own. Pay special attention to large numbers of foreclosures or vacant units that could eventually result in higher per owner premiums to compensate for loss of revenue.
   
4. Lifestyle and Values: When you buy a condo you buy a lifestyle –increased access to amenities and reduced personal maintenance. If you enjoy owning a lawn and garden, you may want to reconsider condo living. Condominium exemplifying amenities.
   
   Looking for more information? Or access to new and upcoming condo developments?
   Email us here!

Is your house going to sell? Two simple things to make your home more appealing to buyers….

When selling your home, it is important to keep your perspective.  Although you may have shared memories, and spent hours redecorating your child’s bathroom by hand painting fish on the walls, that does not necessarily add value when it comes to sell.   Sellers’ objectivity is compromised because of personal experiences lived within the property.  What two things should you do before placing your house on the market?

1. Have a friend, family member or your realtor walk through your house

The person should make comments about what they see is very important.  You may not notice the discolored carpet, but they should.  The goal of this is to point out little things like dents in walls, nail holes or discoloured carpets that can be quickly and easily fixed.  This person should be able to see the things that potential buyers might see when they view the property.

2. Keep your house neutral

This does not necessarily mean your house should have no personality.  When a buyer walks through your home you want them to be able to picture their style fitting into the property. You can do this by repainting rooms with neutral colours, organizing furniture in a generic or typical way and packing away personal trinkets.  Extremely personal touches that might make your house your home won’t make it a home for the next person. For example if you have allowed your kids to paint a mural in their toy room, consider removing it for a neutral look.  This will allow buyers to view the space and see more then just a toy room.

You want your house to look clean and move in ready!

Looking to sell?

Real Estate Marketing Tools: 101

mar·ket·ing/ˈmärkitiNG/
Noun: The action or business of promoting and selling products or services.

YouTube

YouTube videos are the latest interactive tools to reach a wide variety of people.  YouTube works as an audio visual tool providing information as well as allowing viewers to get to know you.  YouTube allows you to share your video through all your different outlets (facebook, blogs, websites ect.)

QR Codes A relatively new technology, QR codes provide website access to people on the go, using their Smart Phone.
QR Code Generator allows you to create a free code, linking website or contact information, with ease. Social Networks

Accounts such as Twitter, Facebook, MySpace and Blogspot allow free information sharing. People all over the world utilize social media for business or personal reason on a daily basis. Once information is presented to the public audience on social networking you can connect with intentional traffic (people looking for you) or people who stumble across your business.  Social networking also allows for audience interaction.  Company events or events use a tremendous amount of resources. Your audience is able to personalize their experience with your information and directly connect with you, or provide feedback.

Website A cost effective and convenient way to keep in touch with existing and potential clients.  With multiple avenues (QR codes, search engines or a business card) directing traffic to your website you are able to provide a resource as well as keep people informed.  No need for expensive printing or mailing, websites maximize your marketing investment. Websites eliminate issues of time or space, connecting your information with people on a global scale. Visitors can help themselves to information; anytime, anywhere, and as often as they wish! Example : Mobile Real Estate Services

Bringing Luxury to Toronto

Toronto is finally experiencing new luxury Hotels and Condos in the downtown area.

Many international cities house brands like Trump, Shangri-La and the Ritz-Carlton, and now Toronto can be added to that list.  Toronto, one of the largest cities in North America and the largest city in Canada, will house numerous luxury developments to meet the demand of high end buyers and world travellers. 

Buildings such as 1 Bloor East, bring together high culture and luxury shopping, with its Bloor St and Yonge St location; making the Art Gallery of Ontario, Toronto Reference Library and the Royal Ontario Museum all just a short walk away.

Other developments just outside of the downtown core bring luxury to the suburbs.  Developments such as Uptown Markham  incorporate high end amenities with natural green space.

The new and proposed buildings provide ready made luxury and variety to the housing market in Toronto.

Pets and Condos

At times pets can become an issue within condo buildings. Specifically those pets that enter public and shared spaces.  Each building has its own rules about pet ownership. These rules range from "no pets" to rules about type, size, or amount of pets allowed within the facility. Just because you have a nonallergic pet that is under 15 lbs might not mean they are acceptable.  If you are a pet owner or would like to be a pet owner, keep this in mind when signing the condos contract.

Although apartment buildings are free from "no pet" policies under the Ontario Landlord Tenant Act, condos are not. 

However there are ways around "no pet" or limiting pet policies...

In many cases, the condominium board must prove the rule is reasonable, which can prove difficult. For example, the condominium board would have to prove their case that your pet goldfish is a terrorizing menace to the other residents. Further more, if the condominium board has no history of enforcing "no pet" rules, the case is even less likely to hold up in court.

A little about Condos in Toronto

Torontonians are willing to pay the price for condo lifestyle

- 2011 TD Canada Trust Condo Poll reveals Torontonians want a place that is close to transit and entertainment to call home sweet home…for now -

TORONTO, May 10 /CNW/ - Torontonians enjoy the perks of condo life and say it is important for them to have attractive interior design, be close to public transit and entertainment and have amenities like a gym, pool or party room.  According to the 2011 TD Canada Trust Condo Poll, which surveyed Canadians who are thinking of buying, or recently bought a condo, Torontonians are willing to pay the highest condo fees for these perks. In fact, nearly half of Torontonians are willing to pay more than $400 per month in condo fees (46% versus only 22% across other cities surveyed).

While they are willing to pay for the perks of the condo lifestyle, condo fees could hold Torontonians back in their plans to eventually own a house.  The majority of Toronto condo buyers plan to move within the next six years (54%); in fact, 15% plan to move in the next three years.  Four-in-ten say if they had more money, they would buy a house rather than a condo (42%).

"Before making the decision to buy a condo and own it for only a few short years, calculate the costs that you will incur, such as condo fees, parking fees and moving expenses and work this into your budget," says Farhaneh Haque, Regional Manager, Mobile Mortgage Specialists, TD Canada Trust.  "Depending on how soon you plan to move, these costs could outweigh the equity you'll build and receive from the eventual sale of your condo." Nationally, the number planning for a short stay in their condo is highest amongst respondents under 35.  Nearly one-quarter (22%) of respondents in this age group said they don't plan to spend more than three years in their condo and another 45% plan to move after four to six years.

Has the tightening of mortgage rules affected the condo market?
As the TD Canada Trust Condo Poll found younger respondents to be concerned about affordability, it is not surprising that for many in this age group (63%) the amortization change to 30 years for new mortgages had a significant impact on their decision to choose a condo over other types of homes. Lending law changes didn't influence Canadians over 50; three-quarters say the changes to lending rules had no impact on their decision to consider a condo.
Somewhat alarmingly, the poll found that more than one-quarter (29%) of those intending to buy a condo in Toronto were not even aware of the recent changes to lending rules. Nationally, this number was even higher (39%) among those under 35. 
"If you plan to buy a home, it's crucial that you understand mortgage rules and options in order to  make informed decisions about the mortgage you choose and the size of your down payment, possibly saving yourself a lot of money in the long run," says Haque.  "Familiarize yourself with different mortgage options, so you can weigh the pros and cons of each before making a decision.  There are experts at the bank who can walk you through different mortgage options and help you find the right solution for you, including different flexible mortgage payment features, which is something you may need in the future."

Most important features in a condo

Despite being willing to pay higher condo fees than respondents in other cities, Torontonians named low condo fees as an important feature to look for in a condo (95%) - second only to attractive interior design (97%). Torontonians also look for good building security (94%), an energy-efficient building (92%), a balcony (91%) and parking (90%). 
Of all cities surveyed, it was most important to respondents in Toronto to be close to public transit (91%), close to entertainment (87%) and have amenities like a gym, pool or party room (83%).

http://td.mediaroom.com/index.php?s=43&item=1238

How Much Do You Need For a Down Payment?

It depends. Different financial institutions have their own set of criteria for their mortgages. In most cases you will be expected to pay at least 10% to 20%. The more money you can put down for a payment, however, the less interest you will have to pay! Want To Know More? Visit CMHC

Do You Need A Realtor?

YES!
If you want to save time, get the best price and avoid any type of hassle, you should really look into hiring a Real Estate Agent. An experienced agent will be able to assist you by narrowing down your available choices and negotiating for the best possible deal.  A Realtor will also have access to a network of other Realtors and Property Owners!

Different Ways to Buy Condos

Option 1: Buy from Plans

• Use a Realtor to guide you through the process.
• You’re buying from the Builder, not from an individual
• First-time home buyers NOT in effect
• Downpayments up to 25%
• Occupancy fees in effect
• Closing costs in effect
• Longest wait, yet most appreciation (in an uprising market)
• Option to Assign/Flip you contract

Option 2: Buy a Contract Assignment / Under Construction

• Use a Realtor to guide you through the process.
• You’re buying from an individual, not from the Builder
• First-time home buyers NOT in effect
• Downpayments are previous buyer’s + markup (highest)
• Occupancy fees in effect - check for limitations
• Closing costs in effect - check built-in caps
• Move in Now or very soon

Option 3: Buy from Individual / Re-sale / Exisiting Building

• Use a Realtor to guide you through the process.
• You’re buying from an individual, not from the Builder
• First-time home buyers in effect
• Lowest downpayments - in accordance with your lender
• No Occupancy fees
• No original Closing costs (was paid by former owner)
• Move-in now