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What to Look for in a Condo

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Toronto condos have been selling like hot cakes for several years now, so buying one should seem easy – but it isn’t. You have to be aware of what to look for in a condo before signing on the dotted line otherwise you might find yourself with an investment that is more like a led weight instead of your ticket to financial security. Here we cover some of the basics to look for and to avoid when shopping for a condo.

Location is always key
Regardless of whether you are shopping for a house or for a condo, location is the prime element that will determine the long-term success of your purchase. Condo developments in up-and-coming neighbourhoods should definitely be located near amenities and services and the neighbourhood should already be on its way to gentrification. When it comes to resale, your condo’s neighbourhood will certainly play a huge role.

Encompassed in location is the surrounding neighbourhood – by this we mean that its important to find out whether there are other developments zoned for your area. If there are other condos in the works, then your building’s view might get obstructed and this will impact the resale value of your own building’s units.

Design madness
Carefully inspect the final design of your condo complex. Is it a massive complex connecting several phases of construction and networking a variety of services from fitness centres to playgrounds to shopping? If so, you might want to think about what that will actually mean in terms of activity, logistics (parking, driving) and congestion. While it might look terrific on paper, in fact, a large complex will mean hundreds of residents sharing the same space and facilities and it may not be exactly what you were looking for.

Developer Check
Be sure to check out the developer of the project to see whether they have completed other successful projects in the area. You don’t want to tie yourself to a new player that isn’t yet seasoned enough to pull off the grandiose plans they have on paper. You want a developer that knows the ropes and how to deliver what they promise.

Price Point
Condo madness has definitely taken over most Canadian cities lately with projects popping up on even the tiniest of lots. Naturally this has pushed pricing sometimes higher than is warranted. Be sure that you don’t over pay for a project. You should know the cost of similar projects in the same neighbourhood and understand why the condo you are eyeing is priced where it is at – this is especially important if you are looking at buying purely for investment purposes. You want to know that you’ll be able to resell the place at a profit and/or rent it out for one.

Upgrading
When it comes time to choosing your condo’s finishes, think long term and think in terms of resale – don’t upgrade fixtures and finishes just for the sake of upgrading. If you plan on living there long term, then by all means choose the finishes and materials that appeal most to you, but if you have a plan of moving in five years, then choose materials and finishes that will appeal to the widest number of buyers on the market. Always remember that neutral palettes and timeless finishes will always work well.

Finally, when looking for a condo, don’t believe everything a developer tells you. Remember that they are there to sell and they will do and say a lot of things to make that sale. Be sure that the condo has good curb-side appeal, because it will definitely count when it comes to resale. Lastly, if sales are slow – be cautious; there is always a reason for it.

2015 GTA Home and Reno Show

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Calling all of Toronto’s future, new and past homeowners! The 2015 edition of the GTA Home and Reno Show is about to open its doors to the public for four days of clever concepts, inspired design ideas, professional advice and all of the fun you can handle. From Feb. 13-16 the International Centre in Mississauga will be taken over by real estate celebrities who will give lectures, provide advice and will even meet one-on-one with people who are seeking everything from ways to decorate a small space to personalized and unbiased solutions from participating contractors for your renovation concerns.

The show is a hotly anticipated event that brings together industry professionals from all corners of the property market to create a one-stop-shop for your questions and concerns. Whether you want ideas for your next reno, you want information on advancements in green housing technologies or you want to check out the winter market where local food and culinary products from across the GTA are showcased, this is definitely not a show you want to miss.

One of the highlights of this year’s show is a conference talk given by Johnathan and Drew Scott – better known as The Property Brothers. The winsome duo from the hit W Network television series will be talking about transforming your house into your dream home. Through the use of videos, anecdotes and solid advice, the brothers will answer your question and give you an excellent global – and budget-friendly, view of the steps needed to take your residence from shabby to chic.

Another fun feature, back by popular demand, is Table Scapes. Designers let loose their imaginations to create gorgeous and wondrous table-settings for theme parties. Ranging from classic to eclectic, the ideas will help you create the most memorable settings for your own gatherings.

Regardless of where you are at with your property – you are sure to find something of interest at the show. For more details, go here for a link to the show’s website: //bit.ly/192AfrJ.

Family Living in a Toronto Condo

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Toronto, and most big cities, have traditionally been home to singles and couples who enjoy city life and the convenience that it offers them. In the past, singles and couples who decided to have families would move out of the urban environment to the suburbs where they could afford bigger housing and more land. However, the tide is slowly turning as greater numbers of families are deciding to stay put and to raise their children in the city. As single family housing is not only scarce in the city, but also prohibitively expensive for the average person, condos have started to see a rise in the number of children who live there.

The number one reason most families cite for remaining the in the city is the shorter commute to work. Increasingly people are foregoing the long drive in to simply remain close-by. Another big reason for remaining in the city is lifestyle – people aren’t willing to give up the lifestyle they lead when living within walking distance to so many services. If you are considering staying in the city with your family, there are things to keep in mind so that you have an easier time of dealing with the changes that children will bring.

Just as you would when shopping for a home elsewhere – check-out the neighbourhood and surrounding services first. If you want to send your child to a particular school, makes sure that the school will accept children from the neighbourhood in which you plan to live so that you don’t have any surprises later on. Look to see whether there are green spaces or parks nearby where children can play and find out whether there are day care services close by as well.

When it comes to the actual condo, look for complexes that offer:

Party rooms where you can host play dates and birthday parties
Games room for teenagers
Fitness amenities such as pools and/or gyms so that children can burn their extra energy
Green spaces with playgrounds for their littlest residents
Day care centres

Inside your unit you’ll need to ensure:

Versatile spaces that can serve double duty, ie: dining room that can be used as a homework/crafts area
A networking room where all computers can be hooked up for strict monitoring of internet usage
An open concept that maximizes space for moving around
Storage

Some condo townhouses have even opted to start reducing their monthly maintenance fee for families, which is a very attractive incentive for people to stay in the city with their kids.

Once you do find the right condo for your needs, remember that children can be noisy and to ensure friendly relations with your neighbours, keeping noise levels low is essential. A good tip is to lay down carpet on heavily used areas and in children’s rooms to muffle footsteps. Investing in some good over-the-ear headphones for them to use when gaming or watching TV/movies is another good idea.

Despite the perception of what family living might be like in a condo, there are success stories everywhere. As long as you are prepared to give up space for the convenience of a shorter commute, proximity to a large number of services and the improved lifestyle that these elements will bring, you are ready to raise a family in Toronto’s urban core.

Tips for Buying in a Hot Toronto Market

 1024 614 Chris
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Anyone looking to buy a home in Toronto will want to know anything they can do to get the edge on their competition – especially given how hot the market it and how it really doesn’t show signs of slowing down.

While it is true that you can always find a deal or two during the dog days of summer or the coldest months of winter, selection will be limited and you will have to fall in love with whatever is on offer or wait until the busy selling season starts.

One of the best least known ways to close a deal in a hot market without too much competition is to make an offer on days when no one else would even consider being in the market – Easter, Christmas, Thanksgiving weekend and Labor Day – in that order.

While it might seem sacrilegious to suggest making an offer on a holy day, for non-Christians, the first two are just regular days and open for business. Most people would rather be celebrating with family and friends but if you want to jump the queue and get in at the front of a line on a new listing, then making an offer when no one else is likely to do so is the best way to do it. By making an offer on a holiday day or weekend, the sellers are going to be in a more open and receptive mood and are more apt to entertain all kinds of offers.

 

Other tips for buying in a hot marketing include:

Having all of your finances in order. Make sure you are pre-approved for a mortgage so that sellers can see that you are serious and have come to play.

Know what you want in a house and be prepared to make an offer when you find it. Waiting for even a day can push you to the back of the line and drag you into a bidding war.

Showing the sellers that you are serious by scheduling a home inspection and providing all of the necessary paperwork.

If you find yourself in a bidding war, make the seller’s life easier. Offer to pay their closing costs, offer to take the home off their hands sooner if needed, offer to rent it back to them if they need to find a new home themselves; in short do whatever necessary to get the edge on the competition.

Finding a house in a sizzling market can be tricky and sometimes heartbreaking, but knowing how to go about securing your dream home can mean homeownership regardless of the hurdles.

Best Time to Buy A House in Toronto

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With Toronto’s housing market showing no signs of slowing down, it is not surprising that home buyers might be wondering just when the best time to buy a home might be. Although the housing market in Ontario is cyclical – much like any market is, when it comes to real estate, there is no definitive best time despite having distinct busier and slower months. However, there are a couple of things to consider when you plan on jumping into the housing fray:

1) Are you looking for the best deal possible
2) Do you want the most selection from which to choose

Answering those two questions honestly will likely determine when the best time would be to buy for you.

Here are the considerations when it comes to looking for a house – the busiest buying months are in the spring and the fall when listings abound and it seems like every realtor’s phone is ringing off the hook. During the high summer months sales tend to languish as people are off on holiday – the same holds true for December, January and early February, so listings are few and far between.

If you want plenty of selection, then you will want to begin your property search in late February/early spring when homeowners start polishing up their listings to cash in on the buying frenzy that starts when the warmer weather rolls around. If you start your search early, then you might get some of those choice pickings that come on the market before the others and you’ll have more options from which to choose. Should you find nothing to your liking during the spring season, then you can always look forward to the fall season when homeowners are again thinking about selling.

If you simply want the best deal possible and don’t really care about selection then looking during the months of July and August or December to early February is your best bet. However, be prepared for very limited selection. Regardless of what is on offer, you will be able to more likely make a deal with sellers during these months as they are probably wanting to sell their homes for specific reasons and will be more willing to entertain low offers.

So, while there is no definitive answer as to when the best time to buy a house in Toronto is, there are better times depending on your needs.

First Time Fixer-Upper In Toronto

 150 150 Chris
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First-time homebuying in any city can be stressful, when it’s in a city like Toronto where the property market is sizzling, the pressure to find a good deal is even greater. Many buyers who want the best value for their money opt to invest in a fixer-upper. Here are some answers to the concerns you may have as a first-time home buyer of a property with potential.

The number one piece of advice for anyone buying a fixer-upper is to find a good inspector in your area qualified for the type of house you are buying. If you are thinking about buying an older home, make sure you tell the inspection service that you are in need of someone who is knowledgeable about homes of that age. If you suspect that there are structural problems, then calling in a contractor to check out the property is a good idea. In fact, having a contractor take a look at the house will also get you get a better estimate of what you might expect to spend.

When it comes to renovating a fixer-upper, be sure to know your budget and how much each project will cost. The very first thing you should do is to ensure that your infrastructure is solid. If there are any electrical problems to address or plumbing kinks you want to work out, then that is what you should tackle first. Once your infrastructure is good, then you will want to start with the projects that are most important first. Kitchens and bathrooms are where the bulk of your money should go after infrastructure as these two areas will immediately boost the resale value of your home. Budget according to what each project should cost, but allow room for unforeseen problems that might arise.

While renovating a home may seem like the easy route to your dream house, you have to be aware of your financial boundaries. Over budgeting or cost overruns can creep up on you and can cause major dilemmas. Making sure that you do not face these potential problems can be as simple as planning for contingencies, paying a lot of attention to project planning and constantly tracking your progress. If you do get in over your head, take a deep breath and consider the following options: seeking more funding, reducing the project scope, and reassigning your resources to lower cost ones.

The next crucial piece of advice to remember is to be realistic about how long it will take to renovate – usually double what you estimate as most projects will take longer than anticipated. Deciding if you want to live in a house under construction or want to find somewhere else to stay while doing major work is essential to maintaining your sanity and relationship (if you are in one) intact. Unless you’re okay with sleeping in an unfinished house with sawdust and power tools hanging about, finding a place to recharge comfortably every night would be a good idea.

For some couples, rebuilding a home is a fantastic bonding experience, for others it can cause tension and tears. Couples often forget or may not even know that remodeling a home is extremely taxing on a relationships and can put a huge strain on the people involved. Your tolerance will be put to the test through the demanding and strenuous work in renovating your first house together. Making compromises, communication, picking your battles, knowing your limits and not being afraid to ask for help are some key factors in having your relationship survive a remodel.

Choosing to buy a fixer-upper has its rewards; while it may involve hard work, careful planning and patience, it will all be worth it in the end when you have the house of your dreams at the price you wanted.