Posts Tagged ‘Buying a condo’

9 Steps to Finding your Next Dream Home

Friday, May 1st, 2020

If you’re thinking ahead to your next dream home, the road you need to take to get there may seem confusing. Do you search for listings online? Drop by Open Houses on the weekends? Call the number on For Sale signs? Let’s break it all down! Here are the specific steps you need to take to ensure you find a home that fits your wants, needs and budget.

1. Find out how much your current property will likely sell for on today’s market.

2. Arrange for financing, so you know what you can afford.

3. Select neighbourhood’s you’d love to live in. (That may involve some fun exploring!)

4. Decide on the type of home you want to buy. (For example: detached, three-bedroom, etc.)

5. Prioritize the property features you want into must haves and wants, so you can be flexible if a feature is missing from a home listed on the market that is otherwise ideal.

6. View properties on the market that closely fit your criteria, particularly new listings that may not yet be posted online. (Tip: Arrange to be immediately notified of new listings that are a good fit for you.)

7. When you find a home you want, make an offer designed to get the property — without overpaying.

8. Negotiate until you secure the deal. This may involve counter-offers.

9. If the negotiation is skillfully done and all goes well, the home is yours. As you can see, there isn’t a lot of mystery in finding your next dream home. You just need to take the steps and get the professional help you need along the way. Looking for a real estate agent that can get you to the finish line? Contact us today

TSW Real Estate group has created a Home Buyer’s Action Plan – Get your free copy here

Tags:, , ,
Posted in Blog, Home Buyers | Comments Closed

Basics of Buying a Condo

Friday, October 14th, 2016

Should I buy a condo or should I buy a house?

We believe that the decision to buy or not to buy a condominium boils down to a lifestyle decision. Many times a someone else handles much of the repair and maintenance, such as shoveling snow and replacing the roof.  Many condominiums have enhanced security features over those found in a single family home and some offer a wide range of social, entertainment and recreational activities.  Following are some condo basics.

What is a Condominium ?

Condo Myth – A Condo is a style of Building 

A condominium refers to a form of legal ownership, as opposed to a style of construction

When buying a single family home you are buying the home and the land the home sits on.

***When buying a condominium you are typically buying what you see between the walls of the unit and you are buying a percentage of the condominium corporation that manages the building and the common property. 

Some Specific things to consider when looking at a Condo. 

  1. Condo Fees – I’ve heard many times that condo fees are just an extra expense that I do not want.   We believe its important to take a closer look as condo fees will cover things that you would have to pay for yourself if you bought a single detached home.  IE: Things like a roof or siding.
  2. Condo fees cannot be compared from building to building as you have to look specifically at what is covered in the fees as many times things like utilities will be covered in fees
  3. Reserve Fund:  A  portion of your monthly condo fees will likely go into a reserve fund. This fund ensures that the condominium has enough money to pay for major repair and replacement of common elements over the life of the building.
  4. Condominium Document Condition.  This should be a condition put on any offer to purchase.  It states that the seller is obligated to give you all the documents from the condo board including financials, meeting minutes, reserve fund studies and more.   There are now companies that provide a service to review your documents and report back to you how strong the corporation is.  In our opinion when buying a condominium this is an excellent investment.

“Certified Condominium Specialist” CCS  

If you are considering buying a condominium we highly recommend that when looking for a Realtor to represent you the CCS designation is a must have.  The Certified Condominium Specialist (CCS) designation means that that Realtor has taken additional education and will know all the ins and outs of buying a condo.  Buying a condo is substantially more complicated than buying a single family home and you should make sure your Realtor is qualified to best help you.

Tags:,
Posted in Blog, Condos, Education | Comments Closed