Buyers of condo units will now earn interest on their deposits as per the Condominium Act, 1998.
2023
This article examines the risks of leaving a house vacant for an extended period, particularly during retirement or vacations. Potential issues include theft due to lack of security, fraud with vacant homes being sold, higher insurance costs, and various vacant home taxes.
Downsizing in retirement is a popular way to save money and increase retirement savings. By moving to a smaller, more affordable home, retirees can enjoy a range of financial benefits:Advantages of Downsizing in RetirementIncreased Cash Flow: Selling your home can provide a significant windfall of cash, which can be used to boost your retirement savings.Cheaper Mortgage: Moving to a new home with a lower...
The decision to buy or rent during retirement depends on several factors, including your financial situation, lifestyle preferences, and long-term plans.Owning a HomeOne advantage of owning a home during retirement is that you have the potential to continue to build equity and have a valuable asset that can be passed down to your heirs. Additionally, owning a home provides stability and a sense of...
Downsizing in retirement is the process of moving to a smaller, more manageable living space, often with fewer possessions, in order to simplify and reduce expenses. Here are some pros and cons of downsizing in retirement:Pros:Financial benefits: Downsizing can lead to significant cost savings in terms of mortgage or rent, property taxes, insurance, utilities, and maintenance expenses. This can free up...
Purchasing a pre-construction condo may seem like a straightforward process, but it is far from it. Developers are primarily concerned with protecting their interests, which is why it is crucial to have an experienced real estate professional to help you protect yours. Many people might have the wrong impression that a pre-construction purchase and sales agreement is set in stone and even if there...
If you plan to be a snowbird or going for a long extended vacation during your retirement years. This article discuss some of the issues that could happen if you leaving a house vacant for a long time, including:Theft: If you are living in a single detached house with no security, it might become an easy target for buglers as they might realize that it’s vacant for a long time.Fraud: There have been...
Co-investment in properties is a joint investment strategy where two or more buyers pool their funds to purchase a property together. This type of investment allows individuals or entities to combine their resources and share the financial risks and rewards of owning a property.In a co-investment, each investor contributes a portion of the purchase price and shares in the ownership of the property. The...
If you're a homeowner in the Greater Toronto Area (GTA) considering selling your house in the near future, you're likely interested in ways to maximize your property's resale value.
Buying a condo from a bad developer can carry several risks for the buyer. Here are some of the most common risks associated with buying condos from a bad developer: Financial risk: A bad developer may not have the financial resources to complete a project, which can leave buyers with incomplete units and lost deposits.Construction quality risk: A bad developer may cut corners on construction quality to...