All about Real Estate | Tips on Buying and Selling Homes and Condos

Monday, 15 June 2015

What is the difference between "occupancy date" and "closing date" - Buying a pre construction condo

What is the difference between "occupancy date" and "closing date" - Buying a pre construction condo

When buying a pre construction condo in Toronto there are many things that are flashy, and draw us in initially. Amenities, location, area development, prices, and as I’m sure we have all seen on big poster board signs occupancy date. Sometimes it is hard to believe that this skeleton of a condo will be ready for occupancy in a mere 2 months! – But let me break it down for you, because some terms may be misleading.

There are a few things that one needs to understand about the terms occupancy date, and closing date. These two terms are ones that are sometimes confused, and a little ambiguous as they can change and be a little flexible depending on the delays that occur.

The occupancy date refers the agreed upon date that you and the builder have decided on that your unit will be ready to move in. The builder can set one or more dates, which allows that skeleton of a building to take form if there are delays, or set backs. If there are delays, the builder is allowed to set another occupancy date called the final occupancy date, which can be set to 30 days within completion of the roof. This date can too be shifted to up to 120 days later with written notice if the date cannot be met. Each date that is set, can be extended as long as you are given 90 days notice in writing. If you are not given that you can start the process to claim delayed occupancy compensation.

Now the closing date in pre construction condos means the date that you get the title to your unit. This happens a few weeks (4-6) after the condo has been registered. This includes passing all by-laws, and ensuring that everything is good to go.

As a homeowner buying pre construction, you are protected under the TARION for things related to your condo, but most in reference to this topic, the delays that may occur with occupancy. Builders need to follow a strict procedure if they are extending the occupancy date, and homeowners need to understand their rights when it comes to this.

As pre construction condos in Toronto start to become the norm, fully understanding the terms and conditions of all your rights, and the builder’s rights is important in understanding your positioning within legal limits. It doesn’t have to be complicated, confusing or a huge headache. It shouldn’t scare you away from purchasing pre construction condos in Toronto either.

I can help you understand the differences, and understand all of the terms and conditions that you should know before deciding on purchasing a pre construction condo. Toronto has a lot to offer, and pre construction condos are adding to the landscape and affordability of living in the city. Call me today to book and appointment where we can determine your specific situation and what would be suitable options for you.

Whether you are a first time buyer, or a seasoned buyer, I can help you understand the current market situation, and the future outlook, and what that means for you. The condo market in Toronto is booming, and preconstruction condos are always something that is worthy of an investment. Contact me today and let’s chat!

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Sherry Dabir’s Blogs on all that you need to know about Real Estate and more

Tel # 416 417 2400

Website: TorontoCondosVIP.com

Saturday, 6 June 2015

How Can Interest Rates Have an Impact on Buying a Property?

How Can Interest Rates Have an Impact on Buying a Property?

With interest rates going up and down, bubbles forming and popping, it’s hard to determine how interest rates impact buying a property. However it is obvious that as interest rates increase, ability to buy a property decreases, as mortgage rates go up. To understand how this happens it is important to understand how the market works and how people respond to how it works as well.

In Toronto, we have a huge condo market that goes up and down, is hot and cold, and is reflective of the increase and decrease of interest rates. Most homeowner pay attention to the changes that are noticeable in mortgage rates, as that is where they are directly impacted. But, on top of the impact that interest rates have on mortgages, the availability to develop new properties also is impacted. So availability is somewhat limited – if you want to go as far as that. Or as you can sometimes see, projects start to slow down, or stop entirely due to money issues.

The most common help misconception is that as interest rates go up, housing prices will go down. While this should be the most logical assumption, based on the past 30 years in the Canadian housing market (according to statistics Canada) housing prices have not had a direct correlation to the increasing mortgage rates. Prices of houses have not gone down, nor have buyers been forced out of the market. If anything, housing prices have steadily increased over time, and especially after mortgage rates have increased.

So what does this mean when you purchase a property? Should you wait until interest rates are lower, and mortgages are stable in order to invest? Honestly I don’t think so. Increasing interest rates have a history and they just don’t increase overnight, and for no reason. Generally we can assume that when the interest rates increase, salaries and income also increases which allows for greater ability for purchasing power. The standard of living generally is on the rise, and this affects everything from buying gas and milk to purchasing a property. The increase isn’t noticeable in general terms, as everything has increased – so it is relative.

What we do need to consider is that there is a lot of talk, a lot of chatter about bubbles busting, things hitting the fan and everything going awry. As potential homeowners, you need to be able to calculate the risk at the time of purchasing. You need to understand fully what you are signing up for, and what implications increasing, or decreasing interest rates may have on your property, or your overall ability to purchase a property. Playing the waiting game isn’t always the best game to play.

TorontoCondosVIP can help you make the right decisions when it comes to purchasing a pre construction condo. We have the right contacts, and tools that can facilitate your decisions – not to mention we know where they hidden deals are and how to get the most for your money. Whether you are from Canada or not, let us help you build the condo of your dreams.

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Sherry Dabir is a real estate broker with HomeLife, and specializes in Pre Construction Condos within the GTA. She is currently ranked in the top 5% in Canada and has exclusive VIP access to and experience with Pre Construction Condo projects. Contact her today to learn more.

Sherry Dabir’s Blogs on all that you need to know about Real Estate and more

Tel # 416 417 2400

Website: TorontoCondosVIP.com

What makes a “good deal” when buying Pre-Construction condos in Toronto?

With so many pre construction condos breaking ground in Toronto, it is sometimes easy to get lost in the sea of offers. Knowing what is really a good deal when it comes to buying a pre construction condo is essential to validate your investment. Some things may appear to be amazing deals, however they should be included in the initial investment. Some buyers don’t know what to ask for or what is available to them.

TorontoCondosVIP are experts in getting great deals with pre construction condos, let’s go through some major points to consider which should help you determine exactly what type of pre construction condo you are looking for.

Let’s start with amenities - think about some of the things that you want and need. There are different types of condos being built right now, the ones with zero amenities, the ones with minimal amenities, and the ones with over-the-top amenities. Resale value always goes up with the amount of amenities offered. These amenities could be per unit, or shared within the condo.

However, with more amenities offered, the higher the condo fees per month. Consider what you will actually use, and what most people actually use. Reality is, in downtown condos, people tend to keep to themselves, and the current trend in pre construction condos is zero to minimal amenities. Those condos that offer so many different options are a rare find, and also have ridiculous condo fees that aren’t really justified.

Storage lockers are a must for many people – however many pre construction condos do not include storage lockers. Finding a location with a decent sized one will always be considered a fantastic and rare find. Even making use of extra space within the condo itself is something that pre construction condos are taking into consideration. The truth is, everyone has a lot of stuff, this is a part of our culture – and we need a place to store it all – so storage lockers are an excellent find anywhere. Terraces are also something that are in demand, but due to space restrictions, are also rare. Developers have started being creative and are utilizing the rooftop in unique ways that address some of the buyer demands. Rooftop terraces, Jacuzzis, lounge/picnic areas are trendy, cool and gives the feeling of calm within a very busy city. They are also great because they create a community feeling within the condo that most people enjoy, but aren’t necessarily going to go out of their way to encounter.

Parking is also something that is a good deal. Whether you own a car or not, a parking space is considered a great deal. Parking in Toronto is a multi bazillion dollar industry each year. Parking garages make ridiculous amounts of money. Having the option to rent out your parking space, is money easily made, or if you have a car it’s a necessity to have a parking space.

There are many deals out there, but knowing where to look is sometimes difficult. Let me help you – and together we can uncover some of the best pre construction deals around the city. Give me a shout today and let’s get started!

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Sherry Dabir’s Blogs on all that you need to know about Real Estate and more

Tel # 416 417 2400

Website: TorontoCondosVIP.com

Is It Worth Investing In Pre-Construction Condos In Toronto?

It’s hard to be in Toronto and not notice all of the condos popping up in all areas of the city, and with all of these new condos being built it is natural to question whether or not they are worth investing in.

The answer is yes. Pre construction condos will always be a good investment. As Toronto grows, there is less and less space available for people to relocate. Being within the Toronto city limits is necessary for many people for job sustainability reasons, which automatically constitutes a need for pre construction condos in Toronto. Granted pre construction condos are not suitable for everyone’s needs, but with some of the sacrifices that you are willing to make (such as push back dates, or small layout changes to units) the investment pros and first time pros significantly outweigh any of the cons.

One of reasons why investing in a pre construction condo in Toronto is beneficial is because there will always been a demand for housing. If you are planning on renting out your unit, the gamble you take – assuming that the need for housing in Toronto will still be high will most definitely pan out. Right now the housing situation is that there is no housing available.

In hot downtown areas, pre construction condos in Toronto are selling out within weeks of being announced. Lesser developed areas are attracting the right people and they are developing the area into a classy sought after area that will transform it to attract the right kind of people that will make that area great.

The allure of living downtown, with amenities, and entertainment and people appeals to many and will continue to appeal to young and old alike. With different options available to buyers, you can customize your unit and make it your own, which is something that is becoming increasingly difficult in the world that we are living in. Young first time homeowners are looking at pre construction condos as a secure investment, either for themselves or for rental income. Getting in when prices are low is the way to make a great turn around in a short amount of time.

Pre construction is also heavily happening in North York. Previously thought to be too far from the downtown core, people are now realizing the benefits of living north of the city, and getting the city feel without the city prices. North York is developing by leaps and bounds, and many of the top pre construction projects are taking place there, as families, mature couples and even young professionals want something new and more attractive, that doesn’t involve the downtown core, without being too far away. It is also a great stepping stone for anyone interested moving to the city, but not interested in living right downtown.

While investing in pre construction condos isn’t for everyone, real estate has always been a guaranteed investment. Knowing where and when to buy to make sure you get the best deal is what TorontoCondosVIP is all about. Contact us today to set up a consultation and see just how easy and affordable pre construction is.

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Sherry Dabir’s Blogs on all that you need to know about Real Estate and more

Tel # 416 417 2400

Website: TorontoCondosVIP.com

How to Find a Good Real Estate Agent? | Buying a Condo

Finding a good real estate agent is sometimes a little difficult. Some agents come up in searches and give off the image of them being really amazing – but in reality they unfortunately are not. I’ve compiled a short list for you to follow when searching around for a good real estate agent to ensure that you get the very best and are not left disappointed or jaded with the experience.

#1 – Open Houses

A great way to find a good real estate agent is through Open Houses. At open houses, agents need to show everyone their best – and technically they should be in their element. You are able to see the agent’s physical presentation, and deals with people and questions. You can see how they show the property – if they give you any suggestions, or hints, or even after listening to what you want maybe suggest other options. Also by scouting out a good real estate agent at a similar place that you are looking for would be a good way to know if they are familiar with they type of housing that you are looking for. Pre Construction real estate agents are very different from historical home real estate agents.

#2 – Online Search

Agents that do not have an online presence are likely not the agents that you should be dealing with. Doing a quick reference search and reviews of other buyer’s previous experiences with the real estate agent (if you cannot get a direct referral) is something that you should do after you meet them and get a good vibe from them. It is true that you cannot satisfy everyone, but general reviews should be helpful in helping you make your decision on selecting an agent. Also with an online search you can see how active your real estate agent is, and what kind of, and how many properties they dealing with.

#3 – Knowledgeable about just about EVERYTHING

A good real estate agent should know their stuff inside and out. They should be able to anticipate what questions you will be asking (if you have a family – something about schools or security, if you are a young couple – something about the entertainment in the neighbourhood etc…). They should also be able to answer all of your questions about the specific type of property that you are looking to purchase. With Pre Construction condos there are many questions, about amenities, warranties, move in dates, customizations, increase in value, and general community development plans. A great real estate agent should know all of these answers, and offer suggestions, and options as well.

#4 – Dedication to YOU

It is important that the real estate agent that you select is working for YOU. How long is their response time? Do they find properties that work for you, and your needs? Do they maintain positive when things “hit the wall”? This is very important because finding a place to live is not an easy task and you need to have a dedicated real estate agent that will be there for you when the going gets tough, and that will stay with you if things get messy.

#5 – Contacts Connections and Networks

A good real estate agent will have numerous contacts and connections in all areas related to real estate. Lawyers, mortgage brokers, decorators, etc – all of these trusted contacts and networks are important when selecting a good real estate agent. Also based on the quality of their network you can tell what kind of person the real estate agent is. It is also helpful for you to get referrals, and have part of the search already completed for you.

These are just some of the most important aspects to consider when searching for a good real estate agent. Remember that the agent should be working for you and not against you. And if you are looking for a pre construction condo in Toronto let me show you how I can help, I guarantee that you will not be disappointed.

Happy Hunting!

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Sherry Dabir’s Blogs on all that you need to know about Real Estate and more

Tel # 416 417 2400

Website: TorontoCondosVIP.com

How Are Your Rights Protected Under Tarion When Buying a Pre Construction Condo?

Many people are wary of purchasing a new home and especially a pre construction condo in Toronto. Horror stories are in abundance and many people opt to just stay completely away from those types of possible hassles and situations. However, what many people do not know are their rights when it comes to warranty, and occupancy. This is a fundamental mistake of new homeowners, as everyone should know what they are entitled to and what their rights are prior to purchasing a pre construction condo in Toronto.

The Tarion was founded in the late 70’s to regulate builders on new homes, and create a standard of legislations that builders must follow when building new homes. As a new homeowner, your rights are protected with the Tarion, and are guaranteed under a fundamental warranty. This warranty extends over various areas that can be somewhat problematic when it comes to delays and expectations of purchasing new homes and especially pre constructioncondos in Toronto.

One of the main rights that are covered under the Tarion is a delayed closing. There is always a set date that you – as a homeowner will gain occupancy of your unit. However, sometimes that set date gets pushed back and pushed back and pushed back some more until it becomes an issue for homeowners. Most of the time homeowners don’t get Tarion involved, however they are fully in their right to do so, and could be eligible for delayed occupancy compensation if the builder doesn’t give proper notice of the delay. This delayed occupancy compensation can offset the price of storage and moving for up to $100/day and up to $100/day for living expenses.

Another major consideration is that when you buy a pre construction condo in Toronto you are covered under a warranty that is mandatory for the builder to have in order to build. Every builder in Ontario should be and really must be registered with the province, it is illegal not to be registered and to build in Ontario. As a new homeowner being proactive is key, and requesting for your warranty in writing from the get go prevents issues and concerns later on down the line. Knowing exactly what your warranty covers and doesn’t cover is essential in determining what your rights actually are.

Purchasing a pre construction condo in Toronto shouldn’t be a scary process. It should actually be an exciting time – TorontoCondosVIP have a great rapport with many builders within the city, and can explain what to expect from each builder. Delays, while common, shouldn’t be taken as the new normal, nor should warranties be tossed aside. The Tarion was put in place for a reason and TorontoCondosVIP can help you understand your rights, and make sure that you are entitled to everything that is owed to you. Contact us today to get extra information, or set up an appointment to further discuss how to avoid the things outlined in the Tarion.

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Sherry Dabir’s Blogs on all that you need to know about Real Estate and more

Tel # 416 417 2400

Website: TorontoCondosVIP.com

5 Musts to Consider When Hiring a Toronto Cleaning Service | Part 1

Toronto Condos VIP Spring Cleaning Condo Guide Part 1

When the birds start chirping and the days start getting longer we know that spring is quickly approaching, and what better way to welcome it than with a thorough cleaning!

There are many spring cleaning services offered to Toronto condo owners to help alleviate the daunting tasks that most people keep on putting off until it eventually gets forgotten about.

When clients ask for recommendations for a cleaning service I find it hard – as everyone has different standards of clean – and finding a reliable and exceptional condo cleaning service in Toronto is quite difficult. Instead I’ve compiled a list of things that you need to consider when hiring a spring cleaning service for your condo.

1) Cost per hour – The going rate nowadays is around $25/h/cleaner and generally there is a minimum amount of time that needs to be fulfilled (generally 3hours). What you need to be careful about is HOW MANY cleaners they are going to bring into your condo. If you live in less than an 800sq foot condo – anything over $100 is too much. Make sure you understand what you are signing up for prior to accepting all terms.

2) Insured – Making sure that the condo cleaning service is insured, is a must. It is important that you protect yourself in case of any accidents, or mishaps that could happen. Never hire a cleaning service or a maid service that is not insured.
3) Referrals – Ideally someone will refer you to a decent cleaning service – however that is not always the case. Ask around your condominium, to see if anyone has someone that they would vouch for. If you can’t find anyone – and just find a cleaning service online – ask them for referrals – they should be more than happy to give them to you.

4) Equipment – Some cleaning services use their own equipment and supplies – others request that you provide the equipment and supplies. I would recommend that it’s in your best interest and your condo’s best interest to use your own supplies and equipment to prevent any mishaps.

5) Checklist – Having a checklist for the cleaning service guarantees that the cleaning service cleans what you want them to clean. Specific areas take longer to clean so make sure that the checklist is in order of importance. Start with the areas that you think need the most work and work your way down.

Spring cleaning a condo is never fun – but it is necessary. Take these tips into consideration when you are hiring a Toronto cleaning service, either for spring cleaning or for regular upkeep cleaning, and be assured that your condo will be cleaned to your standards.--------------------------------------------------------Sherry Dabir’s Blogs on all that you need to know about Real Estate and moreTel # 416 417 2400

Website: TorontoCondosVIP.com