Whenever you purchase a new condo, there is a period of time between when you take occupancy of your unit and when you take ownership of your unit. This is known as the ‘occupancy period' or ‘interim occupancy'. During this period you will be requested by the developer to pay occupancy fees or ‘phantom rent' as it is also known. The Condominium Act requires condo developments to be constructed to a substantial level prior to registration of the condominium plan. Title to a unit cannot be transferred until the condominium is registered. Thus, with newly built condominium apartments, there are two "closings". The "interim closing", occurs at the time of occupancy and the "final closing", occurs at the time of final registration. The process works something like this; the developer undertakes to build a condo development by submitting a site plan with the Municipality. When the Municipality registers this site plan it becomes a "Registered Site Plan", setting out exactly what the developer is promising to deliver. The developer then sells the suites as "pre-construction"; based on floor plans, brochures etc. Once the developer sells enough units, say 60% or more, they start the construction while continuing to sell the units. When construction is completed, the municipality verifies the building to be in accordance with the registered site plan and issues the "Occupancy Certificate". The developer start to contact all the buyers notifying them of their occupancy date, at this stage your unit is ready and liveable; you take possession of it, but not ownership. This is the first or "Interim Closing". Since the buyer's down payment is deposited into the lawyer's trust account, the developer does NOT receive any money until the building registers (final closing), a process that normally takes 4-6 months. Until such time you must pay the developer "occupancy fees" for the right to live in the unit. The amount of the occupancy fees is roughly equivalent to the interest on the amount outstanding on the purchase price. For example, a $300,000 condo with 25% down means you must pay monthly occupancy fees roughly equal to interest payments on $225,000. When the municipality completes its process and registers the building, the second or "final closing" take place. This is where the purchasers receive title to their property and their mortgage payments starts, and this is when the developer gets his money. During the occupancy period the buyers undertake a portion of the developer's mortgage, also called "Phantom Mortgage", which is equal to their proportionate share of the overall condo. The occupancy period is normally 4-6 months, but the higher up you are in the building, the shorter the occupancy period will be. So if you buy a unit on the ground floor, you can expect a long occupancy period. If you buy the penthouse, you will likely have a very short occupancy period. There is no way to say absolutely how long the occupancy period will be. In most cases the length of the occupancy period depends on the experience level of the developer. Experienced developers who are familiar with process and have diligent lawyers working behind the scenes for them know how to build and how to register a building as quickly as possible. It is in the developer's best interest to register the building as quickly as possible and to have the occupancy period as short as possible. This is because they don't get their money from the banks until the building is registered and all the unit owners have their mortgages commence. The "Occupancy Fee" is made up of three components and is roughly equivalent to the: - interest calculated on a monthly basis on the unpaid balance of the purchase price
- the monthly maintenance fee contributed for the unit; and
- a factor for property tax
In total it will be about the same amount as if you took a mortgage. But you cannot get a mortgage because there is no "Title" to the property, thus banks cannot issue a mortgage. Occupancy fees will be paid to the developer when you purchase a new condo, it does not apply for re-sale condos. The purchaser can avoid paying the interest portion of the occupancy fee should he/she elect to pay the full balance of the purchase price owing on the date of occupancy. However, in order to do this, the purchaser or his lawyer must request this during the 10-days rescission (or cooling off) period. In all the cases it is left to the developer to include or exclude any of the above components in the occupancy fee, as long as this is made clear in writing and disclosed in the developer's disclosure documents |
10 Reasons Why London Ontario Is A Great Place To Live
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Here are 10 reasons why London Ontario is a great place to live and work: Welcome to Good Move, London This website is designed to help you discover all that London has to offer and provide information that is important to you in making a decision to relocate to our community. Midway between Detroit and Toronto, London is at the heart of Southwestern Ontario. As Canada's 10th largest centre, London has a population of over 464,000 and serves as a regional hub for surrounding communities. Go to www.goodmovelondon.com for an in depth of the 10 reasons and the 11th could be that London is where Envelope Real Estate Brokerage is located! |
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CONDOS IN LONDON ONTARIO
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 If you are just starting to look for a condo in London or are thinking of selling your condo, being informed can save you thousands of dollars and a ton of stress . 
In our condo guide you will receive FREE pictures and price ranges of the most common condo styles available, along with a brief description, so when you're driving by these condo neighbourhoods you know how much the condos generally sell for.....
It's like having the teachers edition of your high school algebra book!
You will get a link you to a City of London map with schools,parks, churches, bus routes and more.
The guide also includes important telephone numbers you'll need. like schools, utilities and more. For specific areas you can go to Sunningdale Condos or Oakridge Condos or Riverbend Homes & Condos or Byron Area Condos If you are thinking of a new condo and wish to design and choose your own decor, great! I know the new projects and builders in London and can advise you on what to be aware of and to make sure you are getting the best price that you can. I negotiate everyday, it is what I do best, if you want to save money lets get together. Are you thing of buying a condo in London Ontario within the next 3 months? Real Estate in London Ontario has not experienced the 20-30% increases  that some Canadian cities have. In this price range there are low rise and high rise apartment condos, some with a pool, exercise room, saunas and other amenities. You can even find one floor bungalow attached and detached condos, all with a garage and even some with a 2 car garage. There is also a great selection of condo townhouses or townhomes available across London. Where to start? If you know the style of condo in London you can ask for my Top 10 Condo List or you can go to www.condosinlondon.com and order my 2010 London Ontario Condo Guide. I am quite familiar with all the condo corporations in London and can help you with neighbourhoods, financial status of the corporation, quality of construction and when needed, quality service providers. 
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Highrise Apartment Condos in London Over $200,000
Here are some apartment condos available for sale in London that are priced over $200,000. Some of these are downtown London, a few off of trendy Richmond Row and even a penthouse. I know these buildings and amenities and know the market state and pros and cons of all apartment condos in London
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Apartment Condos in London From $150,000 to $200,000
What a great selection of apartment condos in this price range with some being in downtown London, a few close to UWO and even a few in Westmount. Want to to be close to trendy Richmond Row, I can do that to. For up to date condo information, rules and regulations and obviously, what are the prices and amenities, one call will get you answers.
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44 Moneymaking Tips for Preparing Your Condo to Sell
Here’s A Quick and Easy Checklist of Inexpensive Ways to Make Buyers Instantly Attracted To Your Condo...
Each year thousands of homeowners unnecessarily lose money when they sell their homes. They don’t lose money because someone took advantage of them. And they don’t lose money because it wasn’t “marketed” well.
Even Seasoned Homeowners Lose Thousands of Dollars
Because They Didn’t Know About the Important Factors
That Influence the Value of Their Homes
If you desire to sell your condo for top dollar, and in your time frame, you need to place yourself in the shoes of potential buyers. Look at your condo the way they would, and make it appealing in the right areas.
After all, selling your condo is very different from any other financial transaction. Your condo isn’t just a “thing.” It’s your HOME!
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8 Secrets For Saving Thousands When Buying
Even Experienced Homeowners Make Costly Mistakes When Buying And Financing Their Home Hi, we are Envelope Real Estate Brokerage Inc. and we enjoy in helping people buy the right home at the right price…AND right financing. It’s no surprise that borrowing $100,000…$200,000 or more is a lot of money. And how to FIND the right home…how much to PAY for the home…how much to BORROW…and on what FINANCIAL TERMS can literally mean tens of thousands of dollars MORE or LESS in your pocket! If you’re like most people, the decision to buy a home involves a number of stresses and strains. For about 80% of buyers, it’s the single largest financial transaction of their lives. Mistakes in any part of the buying process can cost you thousands. That’s why we wrote this special report…to give you a number of helpful, straightforward tips for finding a home that meets your needs, AND becomes a wise financial investment for you. Here are eight strategies (we call them “secrets” because so many home buyers disregard them when buying) you should consider when buying your next home…
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How To Avoid 7 Costly Mistakes When Selling Your Condo
Here’s A Guide To Avoid Costly Problems And Sell Your Home For Every Bit Of Its Worth In The Least Amount Of Time
The decision to place your home on the market can involve a number of stresses and strains. Many home sales are motivated by circumstances outside your control: Job relocation, family problems, financial issues, divorce, and more. Others are related to family issues: The need for a bigger home, a better neighborhood, schools, etc.
Unfortunately, The Way Many Sellers Go About Selling Their Home Leaves Them Wide Open To The Very Problems They’re Trying To Avoid.
When you’re getting ready to put your property on the market, there are a number of things to think about, to prepare for, and to organize. Here’s a list of seven costly pitfalls to look out for when selling your home:
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The Secret to Pricing Your Condo to Sell
Contrary to popular belief, when selling your home, it's value is determined by one thing and one thing only - what a qualified buyer is willing to pay for it. No more and no less. Sure, many sellers will argue that their home has an insurance replacement value, or an appraised value, or a tax assessed value, but unless your insurance agent, your banker, or your tax assessor is willing to write you a cheque for the home - guess what? It matters diddly squat. A home without a buyer has no value in the market place. Sure it might have a value to you, the seller, and it might have a value to your banker, and to your insurance agent, and to your appraiser.
But none of these people are buyers.
So here is the secret to pricing your home to sell - It's not what you think the home is worth that matters, it's what a reasonable buyer will think your home is worth that will ultimately determine if your home will sell.
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2010 London Ontario Condo Guide
A guide of condos in the London area in 6 price ranges and many styles to choose from. You will see townhouses, apartment hi-rise, ranch style, bungalows attached and detached and freehold condos. You will also get important phone numbers and links to other city services. Complete with pictures, maps and more! Free subscription to Market Watch.
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Downsizing in London Ontario
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Are you thinking of downsizing in London Ontario? Is your present home too large or too hard or costly to maintain? Or your pension income not keeping up with costs? I work daily with both the young and mature in adressing these concerns and I respect your thoughts, fears and concerns about what to do and how to do it. My biggest concern is to overcome the conflicting (warranted or unwarranted) advice and thoughts that you may have. In London at present you have a great choice of properties to chose from such as: - 39 bungalows/ranches between $100-150,000, 174 between $150-$250,000 and 85 between $250-$400,000
- 104 apartment condos under $150,000, 31 between $150-$200,000 and 12 between $200-$300,000
- 61 one floor attached, detached condos
 As you can see, there are choices and alternatives and knowing what to do and when to do it and having someone you have confidence in to help you is very, very important.
Perhaps we should have a discussion when you are ready. |
Save $77,000 by Buying This Condo vs Renting
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I was asked the other day to work out the difference between buying versus renting. This one bedroom condo at 2230 Trafalgar Unit 121 in London is priced at $86,000. With Fanshawe College near by, The London Airport, Highway 401 easy access to Woodstock and Ingersoll, this neighbourhood would be great for a couple or single person who would like to save money and live economically. To go to the virtual tour: http://www.enveloperealestate.com/Listing/VirtualTour.ashx?listingid=17987157 Here are the numbers:
| Income Needed to Qualify for the Mortgage | | | | Total Monthly Loan Payment: | $704.92 | | | Total Monthly Debt Payment: | $904.92 | | | Monthly Loan Insurance (2.75%): | $12.96 | | | Qualifying Income of 28% GDS Ratio: | $30,765.94 | | | Qualifying Income of 36% TDS Ratio: | $30,595.73 | | | |
| Monthly Rent: | $
RequiredMust be a positive number | | No. of Years you plan on keeping the home: | RequiredInvalid | | Annual Rental Increases: | % RequiredInvalid | | Yearly Appreciation on the Home: | % RequiredInvalid | | Monthly Renter Insurance: | $ RequiredInvalid | | Annual Home Maintenance: | % RequiredInvalid | | Savings or Investment Rate: | % RequiredInvalid | |
| Your Results | Your customized rent versus own analysis is based upon:
An initial monthly rental payment of $750.00. We assume that your rent will increase by 2.5% per year.
You are considering buying a home valued at $86,000.00, with a down payment of 5.81% or $5,000.00. Your monthly mortgage payment of $471.10 includes both principal and interest and is based upon a loan amount at an interest rate of 5%. Because your down payment is less than 25 %, we have included Mortgage Insurance to be paid on a monthly basis. | Summary:
By buying your home versus renting you will have saved $77,041.82 over the next 10 years. (Net Appreciation - Total Investment Return + Total Rental Payment - Total Mortgage Payment) | Breakdown of this Analysis:
| | Total Rental Payment: | $104,430.44 | | Total Mortgage Payment: | $93,024.63 | | Down Payment: | $5,000.00 | | Home Value: | $133,555.37 | | Interest Earned: | $3,144.47 | | Remaining Loan Balance: | $59,774.88 | | Total Investment Return: | $8,144.47 | | Net Appreciation: | $73,780.49 |
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So as you can see, does it not make sense to purchase over renting?
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What Are The Monetary Advantages Of Owning A Condo?
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Below is an email follow up to a client who was having a hard time justifying a condo fee versus owning his own home. Not all condos or styles may have the same savings but here are are a few highlights! Your insurance will be on contents only, the condo fee includes exterior insurance which can be as much as $50-$75 saving per month All exterior maintenance is done, no cost or equipment or time required for lawn maintenance, snow removal, shrubs, trees etc  All exterior replacements to be covered by condo corp. No need to set aside $100-150 per month in savings for roof, windows, doors, siding , soffit or other exterior maintenance. The majority of condo corporations are managed by qualified property managers who must ensure that maintenance, that the buildings have an engineering study every 3 years to ensure that the building integrity and structure are maintained and that adequate funds are available to do any replacements or maintenance. This is only a few of the advantages of condo living. Condos are not for everyone but for those who do not have time or the ability to maintain a home, a condo may be the answer.  When I purchased a condo I asked what my time was worth and a few hundred dollars a month was far less than what I earned! |
How to Buy a Condo the Easy Way!
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Avoid 10 Common Potentially Devastating Mistakes Condo Buyers Make. Buying a condo can be a “hair rising “experience. It can be a roller coaster of emotions …. Finding the right place…. Securing a mortgage….. moving in. And, if you’re like most of us, your home will be your largest investment. The emotions over such a large and personal purchase can often cloud good business judgment. Many condo buyers do very little research before “diving in” and investing their hard-earned money. Before doing that, doesn’t it make sense to be as informed as possible? That is what the following is all about. It’s designed to help you avoid 10 common, critical mistakes many condo buyers make. If you follow these 10 suggestions, with the help of the right real estate professional, you’ll make a good sound business decision that you’ll be happy and proud of for years to come. 1. Inspect, Inspect and Inspect: Go over the inspection report with a fine tooth comb. Make sure the report was done by a professional home inspector. For condo purchases, go over the Status Certificate; go over the by-laws and association fees. Don’t take anything for granted… inspect everything! 2. Imagine the property vacant: Your furnishings and decorations will be the ones filling this new residence. Don’t be swayed by beautiful furniture….it leaves with the owner. 3. Income Plus Lifestyle Equals Mortgage Payment: Sit down with a competent real estate professional and honestly discuss your income level and living expenses. Take into account future considerations like: children, add-ons, amenities or fix-ups. Your dream home is certainly worth a sacrifice but don’t mortgage your future. 4. View Several Condos: See at least 3-5 properties. Don’t move on the first property you see but….don’t move too slowly either. With our help, you’ll be able to view enough properties to get a good overall perspective of your market. And when you find the right property, all the leg work will be worth it. 5. Utilize Your Team: By aligning yourself with the right real estate professional, you’ll have an entire team working for you. Top real estate professionals have lenders, inspection teams, appraisers, lawyers, trades people, cleaners….an entire group of trained professionals making the whole buying experience simple and easy for you. 6. Be Columbo…Be CSI: Check out all your costs and expense before you sign: utilities, cable, taxes, and insurance, maintenance and homeowner dues, if applicable. Make sure all utilities are on (gas, electricity, and water), so you can inspect everything is in working order, Ask lots of questions and be very detail conscious. 7. Do a Final Walk-Through Before Closing: Visit the property after all the furnishings have been moved out to be sure there are no surprises. Be absolutely sure the property is as exactly as you had agreed upon when the offer was accepted. Many times, things are unintentionally overlooked that could have been spotted in a final walk-through. 8. Plan for Flexibility: Closing dates are not written in stone. Allow for contingencies and have a back-up plan. If you or the sellers need a little more time to conclude the final arrangements, don’t let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction; however, with a great real estate professional and his/her teams, this will seldom occur. 9. If It’s Not In Writing, It Doesn’t Exist: All promises and discussions are to be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your real estate professional keep an ongoing log (in writing) of all discussions, and get the seller’s written approval for all agreements. 10. Loyalty Breeds Loyalty: Be open, honest and up-front with your team. Hard feelings and disloyalty will cause headaches, delays or may even keep you from getting into the home you worked so hard to locate. Take the time to select the right real estate professional in the beginning and your home purchase will be a simple, easy and profitable experience you’ll have fond memories of…for years to come. My hope with the above information has been to educate you and help you avoid the pitfalls many condo buyers go through. I hope you find these ideas valuable and impress upon you that we at Envelope Real Estate take the buying and selling of real estate very seriously and have implemented many checks and balances to ensure your purchase is hassle free. Your initial consultation is always completely free of charge and you’re under no obligation of any kind. We’ll sit down for 15-20 minutes…no high-pressure, just plain, honest talk about what it’s going to take to achieve your personal goals. Go ahead, pick up the phone and give us a call at 519-435-1600.  |
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Look at this Price!
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For $86,000 you get all of this! Move in and save!
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Condo Townhouse in Pond Mills
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Attractive, easy acess to 401 and across from Condervation Area
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Condo Townhouse Brand New Hyde Park
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Brand new condo townhouse in Hyde Park, ready to move in, great price.
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One Floor Condo Bungalow
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 7 days a week 1-4 PM except holidays! Immediate occupancy or I have others you can decorate yourself, plus, watch for Phase 2 being built now!
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Downsizing or Re-Locating to London?
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If you have been thinking of downsizing or relocating to London Ontario, you will be quite surprised at the price of condos in London compared to other Ontario cities. I have seen as much as 44% less than a comparable home which is huge and to top it all off, London is a great city to live in,  has all the amenities, has less crime and is situated between two of the Great Lakes, Erie and Huron. If condo life is not for you, no problem, there are great one floor bungalows and ranches in London for sale and being built as well. Before making any rash decisions or mis-informed decisions, getting quality and experienced advice will save you a lot of grief, and if important as it is with most buyers, money! |
Condo Guide For London Ontario
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I have prepared a 2010 Guide For London Ontario Condo Prices.In this guide you will find pictures of condos that are representative of the different condo styles you will find in the City of London. The list has descriptions such as attached or detached bungalows, townhouses, apartment condos and freehold condos and a price range. The current prices range as follows: A= Under $100,000 B= $100,000 - $150,000 C= $150,000 - $200,000 D= $200,000 - $275,000 E&F= Over $275,000 This guide also includes a helpful link to a map outlining the City of London and city information and numbers. You can also receive upon request, information on selected neighbourhoods or condo styles. To receive your free report, go to www.condosinlondon.com and order your report. |
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