Deciding between a fixed or variable mortgage rate is an important consideration when buying real estate. Both options have their pros and cons, and the choice ultimately depends on your personal financial situation and risk tolerance.A fixed mortgage rate offers stability and certainty, as your interest rate and mortgage payment remain the same throughout the term of the mortgage, regardless of any...
As a rule of thumb for selecting a condo for investment, we can consider the following criteria.Middle floors are the best value. If the floor is too low, it will affect its resale value a bit. If too high, the original floor premium will make the original price a bit more expensiveClose to transit or university. Either one of these criteria will create demand for condos. Express 2 is a few mins to TTC...
If you consider remaining inventory as the suites that no one wants, think again. Developers do not always make all the units within a project available at the same time; instead, they may release new suites weekly or monthly after an initial launch. As for pricing, many buyers assume that the best prices are only available during a project's initial release, but this is not always true. While pricing...
Buying a home has several potential benefits compared to renting:Equity: When you own a home, you build equity over time. This is the difference between the value of the home and the amount of the mortgage you still owe. As you pay off your mortgage, you own a greater share of the property, which can provide long-term financial benefits.Stability: Owning a home provides a sense of stability and security,...
Typically, developers do not directly sell pre-construction properties to consumers. Instead, they rely on VIP Platinum brokerages to handle the marketing and sales efforts. Buying a pre-construction property is a completely different process from purchasing a regular home on MLS. Here are the steps involved in buying a pre-construction property:Step 1 - Work with a Trusted Platinum BrokerageTo secure a...
There are several common mistakes that people make when buying and selling a home. Here are a few examples:Not hiring a real estate agent: Some people try to buy or sell a home on their own, without the help of a professional. This can be a mistake, as real estate agents have valuable knowledge and experience that can help you navigate the buying or selling process.Overpricing the home: When selling a...
Tarion is a not-for-profit organization that provides warranties for newly constructed homes in Ontario, Canada. The warranties offer coverage for multiple tiers of defects and damages, depending on the year of construction. Here are the details of each tier of coverage as outlined on the Tarion website: One Year Warranty: Home must be constructed in a workman-like manner and free from material...
Building a new house takes time, and when you purchase a new house directly from the developer before it's built, it is known as pre-construction. Pre-construction properties can include houses, townhouses, or condos, and investing in them can have many advantages. However, it's important to follow some best practices when buying pre-construction properties.One advantage of pre-construction properties is...
If you're considering adding an accessory dwelling to your property, it's important to review the following checklist beforehand:Check with your local municipal planning and building department to determine if an accessory dwelling can be added to your property and to learn about licensing and parking requirements.Hire an architect or BCIN designer to help with designing the unit, as they can ensure that...
The home appraisal process in Canada is the process of determining the market value of a property, typically performed by a professional appraiser. The appraisal report is often used by lenders when considering a mortgage application, and it provides an unbiased assessment of the value of the property. It is possible to hire your own appraiser which is on the bank’s approval list. The process...
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