5 Things to Consider When Buying Real Estate in Canada

So we hear that you are looking to buy some property in Canada? That is all well and good but you need to consider a number of things before making a transaction, especially since the market is more competitive than ever now, for buyers and sellers. So without further ado, let us give you some important tips for buying real estate in Canada.

This post is sponsored by Peter and Adelaide Condo by Graywood Development. Its made in Toronto Condo is  a great project.

Know Your Status

Buying property requires a huge investment from you end. Make sure all your debts are cleared, all your bills are paid and you can afford to live according to your current standards after you have bought the house. If you find that the house is putting a dent in a lot of your everyday luxuries or necessities, it might be sensible to rethink your decision.

Be Vigilant About Documentation

Look up all the documents that you need to sign and own before completing the transaction. Make sure your realtor does not add anything extra or take away something important. Make it a point to read through everything and also inquire your realtor about the documentation involved.

Know the Interest Rates

You are probably looking to taking a loan for investing in the property you are planning to buy, hence you must know the interest rates. Use these rates to calculate the time it will take you to pay it all off and see whether you can maintain your standard of living while paying off the debt or not. If you find yourself sacrificing too much, maybe it would make sense for you to become a little more stable before taking such a big step.

Check the Property Thoroughly

Before you consider investing money into the property, check out each nook and cranny to make sure it is sturdy and has no irreparable issues. It would also help you to ask around the neighbors and the previous owners about the sturdiness of the property.

Keep in Touch With the Market

Make sure you are wary of the conditions of the Canadian Market. You should know a decent number of people involved in the Canadian real estate market. Other people’s experiences really help us in being more vigilant in our decision making. Ask your realtor any question that pops up in your mind, talk to people you know who worked hard to buy property and made it big.

 

E2 Condominium in Toronto

Update: E2 Condos or E Condos 2 which is phase 2 of E Condos  is an upcoming project by Metropia, project will be first in line launching in the end of falls. The real estate sector of Toronto has faced steady growths in the past few years. When it comes to condominium development, there are hundreds of developers working on condominium projects currently to serve the people through residential conglomerations. People are getting more interested in sinking their money into condominiums given there increasing worth day by day.

Worsley Urban Partners are one of the developers who have promised to provide high class quality to their residents. Their objectives are clear and simple: to select prime locations with easy access to daily life amenities like public transit, parks, shops, entertainment and green spaces. They have always prioritize the needs and demands of their buyers. They have represented passion and commitment through their work. Worsley has been founded by developers Dino Longo and Howard Goldstein. Both have relevant experience in the field of real estate sector. Dino Longo being a mastermind in real estate development whereas Howard Goldstein started the career in legal profession looking over the legal aspects of development. Keeping in mind their achievements, their skill can clearly be contemplated. Here is a list of projects they have worked on:

  1. Kew
  2. IT Lofts
  3. Totem

The Roncy Condos is their project currently in its pre-construction stage. This 8 storey condominium project will comprise of 93 suites. It is located at 422 Roncesvalles Avenue in Toronto. The condominium will offer wide array of sizes ranging from bachelor sized one bedroom to two bedrooms with a den. There are many things that are still not announced yet like the unit size, maintenance fee and date of completion.

  • Neighborhood

The Roncy Condominium is situated in the heart of Roncesvalles Village near Howard Park. It is an ideal location especially for young families and university students. The community comprises of immense beauty with High Park and Lake Shore in the vicinity. When it comes to transit, the residents do not have to worry. The Dundas West Subway Station is easily accessible. You can easily access to the world class transportation. The locality is a combination of charm and excitement with all kinds of facilities on your door step. Here is a list:

  1. The neighborhood is home to number of parks including Columbus Parkette, Howard Ave and Sorauren Park.
  2. There are number of different culinary experiences situated in the locality. When it comes to food, it is the best place where you can live. There are world class restaurants and eateries located in the neighborhood that one can enjoy. The Gaate 403 Bar & Grill, Belljar Cafe and La Cubana are some of them.
  3. When it comes to nightlife, Roncesvalles is the right place. There are different night clubs available where you can entertain yourself. Not only night life, but the neighborhood is home to exciting day life as well with number of stimulating activities happening.
  4. One cannot forget basic necessities. There are number of shopping malls and grocery shops situated so you can buy the things you want. You can get your hands on whatever thing you want.
  5. Hospitals, banks, gas stations and other necessary facilities will be within your proximity. The neighborhood has taken care of all your needs and demands.
  6. The neighborhood is not only meant to offer a luxurious life but is also home to a business center so that you can carry out your financial operations.

The neighborhood is home to the things you cannot even imagine. The developers have prioritized your needs first. The Roncy Condos will take care of all the aspects not only through its prime location but also the amenities the condominium offers itself.

Advantages of Hiring a Consultant who can guide in investing in a condominium

VPS Solution & Consultants are great way to have a professional who can guide you make a better decision.  Time and space condo in Toronto is one project promoted by VPS Condominium, commonly called a condo is a building complex which has a number of apartments with many facilities. These facilities are shared by the people living in the entire building complex. With the real estate industry booming, investing in condos is the safest bet. With the quality of life it offers, people prefer condos more and more. Since, condo payments are available at pretty flexible rates; even young buyers are investing in buying condos.

Advantages of condos:

Access to first class amenities at a very low cost:

Every person dreams of living in a place that offers the best amenities and a luxurious living. Although many of us dream of this, but very few can achieve this dream. With condo living this is possible. Since, basic amenities offered with condo units are shared among all the residents of the complex, the cost of these amenities becomes very less and quite affordable. It is usually just the association fees you are required to pay.

High resale value.

Condos have always been the safest bet in real estate investment. It is mostly a win-win situation for the investor. Its value never dips. It increases with inflation. It also increases when the amenities are added or improved. And, it increases according to the location and its overall appeal. Investing wisely in a condo is a sure shot way to welcome huge profits.

Convenient and affordable

Condos are usually designed keeping in mind the comfort of the residents. Usually new developments are being made in locations that are near schools, transit units and malls. This makes investing in a condo quite affordable and convenient rather than renting out an apartment that is far from the basics of life.

Low initial costs

For a new buyer or someone who is young and ambitious, investing in a condo is very easy. Usually a very low down payment cost is required with a convenient payment plan. This enables people to own a condo without any financial hassle.

Condos as workplace

Condos are becoming a workplace for a number of small businesses. Owing to the low initial cost and minimal maintenance costs, condos are ideal for business use. Moreover, condos are usually situated in the hub of the city. This again makes them an ideal choice.

Condos are a welcoming change for the modern lifestyle. It has moved us towards a convenient and better lifestyle.

The Most Essential Factors For Investing In Real Estate

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Compared with other types of investments, real estate investing involves a relatively positive risk/reward profile, but with relatively low liquidity (ease of entry and exit). Let’s see several of the most important factors to be considered for investing in real estate. One good project great for investment coming to Mississauga by world renowned builder pinnacle is Perla Tower which is launching this week.

  1. Location of the Property

image-blog-postWhy is it significant? The age old punch line Location, Location, Location still rules and remains the most important factor for effectiveness in real estate investment. Nearness to amenities, peaceful conforming areas, neighborhood status, scenic views, etc. are main factors for residential property valuations; while proximity to markets, warehouses, transport hubs, freeways, tax-exempt areas, etc. play a significant role for commercial property valuations.

What to look for? A mid-to-long term view, about how the area is expected to evolve over the investment period. Today’s peaceful open land at the back of a residential building might be developed into a noisy manufacturing facility in future, making the residential valuations less gainful. It is advisable to conduct thorough check about ownership, type and intended usage of neighboring areas, establishments and free ground in the locality.

  1. Valuation of the Property

tampa-florida-real-estate-investment-coaching-icon-imageWhy is it significant? Real estate financing during buy, listing price during sale, investment analysis, insurance premium and taxation – all depend on Real estate assessment.

What to look for? Commonly used Valuation Methodologies include:

  • Sales comparison approach: Current comparable sales of properties with similar characteristics –most common and appropriate for both new & old properties
  • Cost Approach: All cost summation minus depreciation – suitable for new creation
  • Income approach: Based on expected money inflows – suitable for rentals

III. Investment Purpose & Investment Horizon:

Why is it significant? Given the low liquidity and high value investment in real estate, lacking clarity on purpose can lead to unexpected results including financial distress, especially if the investment is mortgaged.

What to look for? Recognize which of the following broad categories suits your purpose and prepare yourself accordingly:

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  • Buy & Self-use: Savings on rentals, advantage of self-utilization and value appreciation
  • Buy & Lease: Regular Income & long term value approval. Requires structure a temperament of being a landlord – for handling possible disputes & legal issues, managing tenants, repair work, etc.
  • Purchase & Sell (Short Term): Quick, small to mediocre profit – usually buying under building properties and selling slightly high once ready
  • Buy & Sell (Long Term): Large intrinsic value approval over long period of time; solution for long term aims like retirement planning, child’s education, etc.
  1. Expected Cash Flows & Income Opportunities:

Why is it important? The investment purpose & usage influences cash flows and hence profit opportunities.

What to seem for? Develop draft projections for the following modes of income & expenses:

  • Probable cash flow from rental income – Inflation favors landlords for rental income
  • Expected increase in intrinsic importance due to long term price appreciation
  • Benefits of depreciation (and available tax benefits)
  • Cost benefit analysis of renovation before sale to get superior price
  • Cost advantage analysis of mortgaged loans vs value appreciation