In the past, condominiums were not a favourite choice for the real estate investors as they were not preferred by people. With the changing times, many people are preferring condominiums over single family homes. Singles, retiring couples or families who are downsizing or very small families which prefer to live in an area with easy accessibility to schools and other places are inclining more and more towards acquiring a condominium.
With a long list of advantages that come with the condominiums, there are a number of disadvantages as well.
Condominiums are apartments in a building complex. The occupants of the apartment are owners for the space inside the apartment and all the other areas and amenities are shared by everyone living inside the complex. In the past condominiums only meant the apartments in a building complex; now, however realtors are construction houses that are condominiums but are in the shape of townhouses.
Disadvantages of condo living:
Monthly homeowner’s association fee: in addition to the mortgage payments, a home owner living in a condominium has to pay a monthly homeowner’s association fee. This fee is taken in order to maintain and repair the shared amenities and facilities of the complex. For some residents this is a regular cost which they might have had to incur provided they would be living in a single family house. But, for some, this is an additional overhead expense as it is taken as maintenance cost of the facilities like jogging track, gymnasium, tennis courts and swimming pool which they might never actually use.
Less privacy this might be a serious concern for some as many people do not like to compromise their privacy at any cost. Living in a condominium means sharing common places like lobby, elevators, lawn and other facilities. Also, it means there is a common wall between two apartments or houses and this is a clear signal about noise disturbances often. Another major concern is sharing of the parking lot. This means there is always a shortage of parking space for the guests.
While for some investing in condos might be a discouraging act, many people are storming towards condo style living as owing to the sky high prices for single family detached homes, condo is a breath of relief. It is advisable to get professional help in buying or investing in a condo to strike the right deal.
Things might not be as easy as they seem for the first time home buyers. Real estate looks like an easy market but it can be very tricky. You can expect to bump into all sort of mean people and make all sort of foolish mistakes while choosing a house for yourself. Here is a list of things that a first time house buyer should keep in mind while going for the purchase. Max Condos and Aquabella Condos are great options for first time.
Know your range. It is wise to know how much you can actually afford. The banks and money lenders will give you the figure after getting through the complete calculation but those numbers cannot be true. You need to think about all the incurring expenses you might come across until your mortgage term matures. You must not get overwhelmed and spend too much on your first home. It is advisable to go easy the first time.
Make a wishlist. You should make a list of things you want in your new house. Make a list with your priorities at the top. This will help a great deal in knowing what is best for you.
The closing costs. Done forget about the closing costs which may be something from 1.5 to 3.5 percent of your actual cost. This may include the inspection fee, legal fees, transfer tax, insurances and interest adjustment.
Get a pre approval after having decided how much you have in your pocket, having calculated the closing costs and deciding what you want the next step is to contact the bank or money lenders for mortgage plans. It is very important to get a mortgage approval. Most of the real estate agents don’t entertain clients who come before getting a mortgage approval.
Different payment options. It is very necessary to know all the payment options available to you. Many payment plans might look appealing but they may have hidden catches. It is important to know all the options and study them in detail.
Calculate the moving expenses moving is expensive if you have hired professionals to help you out in this regard and if you are required to travel a great distance. It is important to add moving costs to your budget and know all the hidden moving costs and be prepared for them.
All these tips are very useful for a first time house buyer in Canada.
Land is fixed and limited, as population growing in the golden horseshoe, provincial government has to take some steps to tackle the disappearing fields and save fauna.
Within the real estate market, there are in turn two distinct construction types. Low rise homes and High Rise homes.
The market for new homes in low rise buildings is fairly tight and prices have been growing rapidly . Units in low rise buildings provide more space, privacy. But lots of land is needed for such construction.
Condo development in the GTA has focused on high rise projects where the economics of construction has been the most favourable. Condos in high rise buildings have accounted for over 60% of supply of overall new homes in the region since 2011, compared to just 28% in 2000 according to TD report and we think this is a step in the write direction. Halo Condo by Cresford is one such building which is 45 storey located at Yonge street Toronto. This will house 397 houses in one small piece of land.
The Community Foundation of Toronto is a registered charitable foundation committed to land use pressure group helping city , province and federal governments to work for better future. Working toward a land use plan will require time andpatience. We must keep the big picture in mind. We’re doing this, after all, for our children and grandchildren.
Don’t go through the definitions; Real Estate in contemporary times is much above than a mere residence; these are undoubtedly the most valuable forms of the assets people love investing in modern times.
The jaw-dropping profit involved is certainly one of the reasons that growing number of people have started showing interest in it. However, the real estate property buying or investing is not as simple as it is perceived. The following compilation gathers the most effective tips for someone interested in real estate investments.
Own a property and rent it
The simplest and one of the straightforward ideas would be to buy a property keeping the rental service seekers in eye. In an era of globalisation, thousands fly every day to an anonymous city for various purposes, starting from business, jobs to the higher studies. Making all amenities available for the above groups of people; your rental service can well be a lucrative idea to grow with.
If being a landlord is hectic
Being the owner of a rental property is obviously pretty lucrative. However, it’s a fact at the same time that you need to take care of the associated aspects, like the taxes, electricity, maintenance, etc. Needless is to say these aspects can be extremely hectic in contemporary times for a professional to deal with.
Well, the option that makes you enjoy the cream parts of being the owner of a rental property, without confronting the hectic scenarios as mentioned above is, to be part of a real estate investment group. Here, you invest upon one or several rental properties set by a company. The company takes care of the whole aspects including all those mentioned above, even arranging the tenants. And, you bag the percentage, in accordance with your investment amount