Buying A Condo
Growing up in a Filipino/Indian household, I was always told there were only two options when it came to moving out - either buy your own place, or get married and buy a house with your partner. Unfortunately, both scenarios meant I'd be staying put for a while.
So, you've decided to buy a new condo. Take note of what you want in your new condo, and then determine who can deliver. Buying a home is probably the biggest financial commitment you'll make in your lifetime. Do your due diligence to ensure you're making a smart investment.
If you're planning on buying or renting a condo, here's an important lesson: purchase prices and rents will be higher the closer you are to major transit hubs such as subway stations. Sure, it's convenient to be located adjacent to a subway stop, but it'll cost you. How much? You'd be surprised.
Buying a condo unit during the preconstruction phase might seem to be a straightforward proposition. However, in real life, buying a unit before it's constructed may work out to be anything but straightforward.
To many buyers and unit owners, condominium ownership may still be ambiguous and convoluted. Since condos aren't based on the same ownership structure as street-level traditional (freehold) homes, comparing condos to traditional homes is like comparing apples with oranges.
Last December a new B.C. government directive went into effect, requiring condo buildings to prepare a depreciation report that gives prospective buyers details about expected long-term expenses or problems. Despite the new rule, only about one quarter of the stratas across the province have commissioned depreciation reports so far.
Buying a home marks the true end of youthhood. You're ready to put down roots now, to establish yourself, to mark your territory. But have you seen what a modest house in a barely decent neighbourhood anywhere even remotely near a metropolitan area costs these days? There is no way you have anywhere near that much money, which means you have to borrow a lot, from the bank. I'm not here to excuse homebuyers who have trouble paying their mortgages, but I think I can at least explain their thinking. The point is that while buying a house is quite clearly a momentous financial exercise, it is very much an emotional one, too.
Since the early 2000s, condo development has helped change the skyline in Canada. People from all demographics are choosing to live what I refer to as "the condo lifestyle." If you are thinking about joining this growing crowd that prefers parking underground and chooses location over square feet, here are some tips to implement while shopping for your next home.
Until a few years ago, pre-construction condos offered buyers a true deal compared to resale properties. You would have likely