Wednesday, 31 March 2010

Condominiums - know what you're buying!

There was an article in the papers recently that advised condo buyers to pay close attention to the condo rules of any particular condominium that they're interested in.
 
And it spurred me into this "there's even more to it" posting.
When you're buying a condo, you should be checking out that particular unit's location in the same way that you would a house's location. Where is the unit located within the building itself? Are you noise sensitive? Then you likely wouldn't want a unit that abuts the elevator shafts or the garbage chutes. You're going to hear those at all hours despite "house rules" on when people should use the garbage chute.
 
Take a walk through the underground parking garage and above ground lot, too. Take notice of what kinds of cars are parked there so you can get even a ballpark idea of the income levels of your neighbours.
 
If your unit is on the back side of the building, is it situated close to where the garbage truck will be coming to pick up the dumpster? If you works shifts or like sleeping in, that noise may be a concern for you.
 
Likewise, if you like sleeping in, if your bedroom is going to face the sunrise, maybe that's not right up your alley.
 
There's even more than this to consider, but I just wanted to put the bug in your ear.
 
It's important that when you're making a significant buying decision such as a real estate purchase, that you have a Realtor working in your corner and working towards YOUR best interests. We're not all the same.

Tuesday, 30 March 2010

Real estate topics in the news

Here are some links from recent media sites on real estate-related topics.


Are we over-spending on our homes?
http://www.theglobeandmail.com/report-on-business/many-struggle-to-afford-their-homes/article1516948/

The rate hike(s) begin
http://www.theglobeandmail.com/report-on-business/mortgage-rate-boost-signals-rock-bottom-era-is-over/article1516497/

Balancing your debt
http://www.theglobeandmail.com/globe-investor/personal-finance/home-cents/how-to-avoid-taking-on-too-much-mortgage-debt/article1471079/

Worthwhile read on buying a condo - they're not all the same, with respect to the condo rules and regulations. Knowing what you can and cannot do before you make an offer will save you a lot of headaches and grief down the road.
http://www.nationalpost.com/homes/story.html?id=2730383

Wednesday, 24 March 2010

Interest Rate Rise Coming

You can't really say that anyone who "predicted" the upcoming interest rate increase had foresight.
I mean, come on, they've been at historically record low levels for how long now? Did anyone really think they were going to go all they way to zero? They had only one direction in which to go! That's like someone "predicting" the stock market would drop while it was at record high levels. It's inevitable in both cases.

The historical average rate for interest has been around 7% so you can see that we've had it pretty darn good for quite awhile and now is the time to lock in your rates with a 5 year term.

In today's Star, they're calling for increases as needed to keep inflation in check.
Same thing in GlobeInvestorGold

So, thinking of waiting? Got better things to do?
Thinking of putting off the purchase of your next house?

What's it going to cost you?
Per $100,000 of mortgage,
  • @ 3%, your monthly payment is about $473.25
  • @ 4%, your monthly payment is about $526.00
  • @ 7%, your monthly payment is about $700.42
Now granted, interest rates are highly unlikely to skyrocket over night, but it's definitely within reason to see rates rise to 7% within 5 years. So ask yourself, can your finances handle it if your mortgage payment almost doubles in 5 years?

Call me if you want to know of a few good mortgage brokers. Steven 905-831-9500
Lock in now and sleep well.