Everything You May Want To Know About Mortgage & Condo Loans

Are You Thinking About Buying a Condominium Soon?

Are You Thinking About Selling a Condominium Soon?

With a freehold condominium, the owner not only owns the unit he or she purchased but also the land on which the building stands. The property improvements, roof and windows etc. are the owner’s responsibility.   There are several advantages to owning a freehold condominium. First off, the investment is much more valuable, since land is a treasured part of real estate. A freehold condominium may allow you to make some improvements in the lawn and other landscaping areas. However,  the condo corporation will retain some control over what the freehold owner can or can’t do with the property. Regular condo ownership means that all the owners share the cost of improvements or repairs; freehold means the individual owner bears the price alone. Keep in mind that while the ownership and upkeep of land and buildings is up to the freehold owner, maintenance of common property elements such as green areas, ponds, parking, etc. is shared among the owners, as determined by the condo corporation and the fee is usually a lot less than a regular condo fee. It is very important that when considering buying a freehold condominium and putting in an offer, that you have a clause allowing your lawyer review what is called the “Status Certificate” It will disclose many things, but you should know upfront, such as,  how much the fee is, what it covers and what you can and cannot do to your property!

 Four Wise Condominium Decisions in London Ontario Made Easier

 When Buying a Condo in London Ontario, 4 Decisions You May Want To Make Before You Go Out & See a Few.

 Buying a house or buying a condo in London and South West Ontario can be an exciting yet overwhelming series of emotions, both negative and positive.

I know that when I meet buyers for the first time, be it first time buyers or 5th time buyers and go through a checklist of the buying process, I often hear: “You know, I never even thought of that!”

Below are some things to think about and get answers for or to decide on before you buy and during the buying process as well.

• How much exactly have you been pre-approved for a mortgage, is it in writing and at what rate and is that rate guaranteed and for how long?

• What lawyer are you going to use? Do they specialize in real estate and what is their fee, not just their real estate fee but their disbursements! (You would be surprised at the stories I hear where that low fee did not turn out to be flat! Yes, the price was small, but additional charges such as filing fees, record keeping, and blah and blah fees add up!) Get it in writing; they are lawyers, which would be their advice to you!

• When working with a Realtor, do you have to sign a buyer agency contract? Not sure or what is Buyer Agency? Have your Realtor explain buyer agency to you, and if they insist you sign one before showing any homes, fully understand what you are signing and how long are you committed to that REALTOR. In most cases, you don’t and won’t mind being engaged, but what if your relationship is not working out? Be careful!

• What about a home inspection? Do not leave that to chance or google the least expensive inspector on the web. Home inspectors in Ontario are not regulated and would you trust hundreds of thousands of dollars for a home inspection to save $100 or $200?

These four are very important, and a prudent buyer would be wise to follow this advice.

Buying a condo in London, Ontario & area is the easy part; it is the details not followed that will make you toss and turn at night.

Be prepared and sleep well!