I don’t think I have enough space to write about all of the condos going up in Toronto and the GTA. It seems as though there is a new crane up on every corner. Not only are there new sites being developed, but there are old buildings which developers are using to incorporate a condo into. I get asked all the time whether or not I believe a condo right now is a good investment. Before I answer that question here are a few things to consider:
1. Inventory: How many other people are thinking about investing in the same condo? This is a two fold point, what about how many people are investing in other condos going up in the same neighbourhood.
2. Condo Fees: Most of the new condos are starting around the $400 mark for fees. How much will they go up, and will potential buyers in the future be will to pay $500-$600 monthly to live in this condo when it goes up.
Are you thinking of selling your home and buying a new one? Its a tough decision that may happen by just looking at some listings in the area. While it may be a spur of the moment decision, the best way to sell your house is to plan it.
Usually the first busy Real Estate season is when it gets hot outside. This is when you start to see neighbours selling their houses and the market is determined by the previous sale. Then what happens is that you see the price your neighbour sold their house for. This is when you say to yourself that your house is just as good or better, and you decide that you could get the same or more.
Here is a list of things to do to get ahead of the curve
1. Clean your house. De-Clutter and clean your house. You might not realize how long this might take if you haven’t done this for a while.
2. Get Pre-Approved for a mortgage. You don’t want to start looking for a house if you don’t know exactly how much you can afford. Don’t waste your time looking for houses in the wrong price bracket.
3. Speak to a professional Real Estate Agent. Speak to me a professional Real Estate agent to see what your (more…)
Most people do not inspect a condo when buying one. But there are a few things that you should take a look at so you don’t get some surprise trips to Home Depot later.
1. Appliances: Make sure the appliances are in good working order.
With the new mortgage rates announced we are gong to possibly see another selling and buying frenzy in the coming months. If you are looking to buy a house, guess what, its time! I know I said this last year, buy now before prices and rates go up again! For some people at the edge of qualifying, start searching. If you are too close to that edge of qualifying, maybe this is a sign that you are not ready yet to buy a property. Sometimes it is better to wait to buy, you don’t want to get yourself into a situation if something changes suddenly in your finances, plus you might see yourself in a bidding war.
Its officially the heart of Real Estate season today. Houses are flying off the shelves and offers and deals are being made a we speak. Many potential buyers are going through the motions of looking at houses on the market and having to question whether to buy a resale home or a new build. There are many pros and cons to going either way.
Pros to buying a new build: