Sick of the Apartment? 4 Reasons You Should Switch to Condo Living

condo living

Are you thinking of making a move from apartment living, and you’re trying to figure out what the benefits of condo living are? If so, we’re glad you’ve chosen to stop by today because we’re going to list some of the main benefits of condos.

Don’t stop reading now; continue for these need to know benefits and make the change today!

1. Better Amenities

We all know that when you visit an apartment’s websites, they list all of the amenities that come with living there. And then you move in, and the amenities always seem to be closed or broken.

When you move into a condo you typically have access to better amenities that you’ll have access to at all times, whether you want to visit the movie room one night or enjoy the spacious swimming pool that is offered to residents.

2. Low Maintenance Responsibilities

When you live in some places, you’ve got to worry about maintaining the home yourself, including necessary repairs and taking care of the front lawn. But, when you live in a condo, other people take care of that for you.

You’ll get to spend more time doing things that you want to do versus wasting time with maintenance chores.

3. Increased Security

When you live in a condo vs. apartment, your sense of security will improve.

Most condos have security systems that protect every corner of your home, which is ideal if you don’t plan on spending all of your time in the home. When you’re travelling, you can be rest assured that the home is protected and safeguarded from outside threats.

4. Better Locations

When it comes to condos, you can always expect to be located in the best areas. You’ll be close enough that you can access all major shopping, grocery, and entertainment areas.

Condo Living: Made Easy

When it comes to condo living, there are many benefits that you’re not going to want to miss out on. From increased security to better quality amenities for those that live there, you’re going to have it all.

If you’re looking for your next condo and need a little help, contact The Property Team. We have the knowledge and expertise to find you and your family a condo that fits all of your needs.

Condo vs House: Which Is the Better Buy?

Are you trying to decide between buying a condo or house?

Buying a property is a serious investment, so you want to make sure you make the right selection. There are pros and cons to each housing option, and you’ll need to weigh both before you make a final choice.

Keep reading to learn more about the differences between homes and condos, and which one is right for you and your needs.

What Is the Difference Between a Condo and a House?

The difference between a home and a condo isn’t as simple as you might think. Unlike a single-family home, condos are typically private residential spaces inside of a multiunit complex or building. A condo might have shared amenity spaces such as a pool, gym, and outdoor space.

Condo common areas are maintained by a condo corporation. You will have to pay a monthly fee to your condo corporation to make sure the common areas are kept clean and updated.

Condo or House—Which One Is Right For Me?

Condos offer a lot of great benefits, but they’re not for everyone, and the same is true for a home.  Here are some things to consider that should help you decide which option is best for your needs:

1. Do You Need Amenities? 

In a condo, you will likely have access to a lot of amenities that you don’t have to maintain yourself. Condos are usually in more urban areas, so you might be able to walk to dinner or your local grocery store. You will also have access to whatever amenities your building offers, and while you pay to upkeep these areas, it’s not your job to maintain them. In a house, it will be your responsibility to maintain the property.

2. Do You Want More Space?

In general, houses offer much more space than you will find in a condo and with a detached house, you won’t have any shared walls with your neighbours. You’ll also have a yard that is only yours to use. This factor might be necessary for young families that are looking for extra space to grow into.

3. Do You Want to Decorate?

Houses often allow for more creative freedom, especially on the outside. Condos don’t offer your own yard or patio, so you don’t always have room to express your personal style.

4. Do You Want to Save Money?

Average condo prices in Canada are cheaper than the average house price. Of course, before you commit to a condo, you also need to factor in any monthly fees, because that could drastically alter how much you’re expected to pay.

Our Experts Can Help You Make The Right Choice

Choosing between a condo or house isn’t always an easy decision. As you can see, there are many different factors to consider.

The good news is, you don’t have to make the decision alone. The experts at The Property Team are here to help you find your dream place, whether it’s a house or a condo. Check out the rest of our blogs for more helpful real estate advice, or contact our team today if you’re ready to get started.

Gorgeous Loft Apartment Design Ideas to Attract Renters

If you’re young and trendy in Toronto, you’re likely to consider renting a loft apartment. Artists, entrepreneurs, digital nomads, and first-time parents will all be searching “loft apartment near me”.

Not only are lofts contemporary, but they also offer more in terms of space, location, and services than traditional apartments or townhouses. Because they’re so popular, the owners of a loft property have the luxury of being able to select from a pool of quality tenants.

Hoping to attract renters to your loft? The tips that follow will ensure you tick all the right boxes for appealing loft apartment design.

Balance Industrial Design Details With Comfort

When painting walls or fitting out the kitchen, stick with neutral colors like relaxing blues, forest greens, and soothing greys. Preferred materials include brick, wood, and metals like copper or brass.

Use rugs and lighting to create the illusion of rooms.

Upcycled fixtures and fittings look best in a loft apartment design. Embrace the wear and tear on a wooden butcher block. Value the scratches in the finish of a vintage heating grill. They make a space feel comfortably lived-in.

Be Bold With Lighting Choices in a Loft Apartment

Industrial loft apartment design ideas offer a chance to get creative. Craft a chandelier from a used bicycle wheel. Turn cheese graters into pendant lights. Adorn a side table with a wine bottle lamp.

When offering a furnished apartment for rent, stick with lighting fixed to the wall or ceiling. You’ll reduce breakages.

Create Areas for Work and Play

Room dividers, open-sided bookshelves, and curtains can also be used to add privacy. Hang drapery around a king-sized bed to create a sleeping nook. Section off the living room behind a statement couch.

Be sure to include storage in your loft apartment: free-standing wardrobes, coat racks, and wall-mounted shelves. Opt for items with personality: think antique wooden cupboards and handcrafted cast iron hooks. Shop online for the best deals.

Reduce Noise With Clever Design

Loft apartment design favours an industrial aesthetic but all that steel and concrete are not so great for keeping the noise down.

Soft furnishings absorb sound. Choose fluffy floor rugs, hand-printed textile wall hangings, colourful couch cushions, and softly upholstered dining chairs and bar stools.

Want to keep a space feeling open, but need a quiet area for an office or playroom? Wall off a corner in floor-to-ceiling glass.

No One Wants a Smelly Home

It can be hard to minimize smells in a loft apartment. It’s an area that it’s important to invest in if you’re looking to have long term tenants and protect your apartment from damage.

Whisk away cooking odours from the open kitchen with a good quality extractor fan.

Consider the needs of renters with pets in the floor plan. Include a cat litter box or a dog-washing station in the bathroom. This will keep smells (and messes) away from living areas.

Keep odour-causing mold and moisture at bay. Install an exhaust fan in the bathroom. Vent the steam from the clothes dryer outside. Make sure at least some of the loft apartment windows can open.

Loft Apartments: Where Old and New Combine

Creativity is the key to loft apartment design that will attract renters. Aim for a mix of contemporary and vintage furniture pieces. Add character with locally made accessories and artwork.

Ready to rent out your loft apartment? Contact The Property Team to discuss your options.

5 Things You Need to Know About Buying a Townhouse in 2020

buying a townhouse

Are you thinking about moving to Toronto? If so, you’re not the only one. By 2041, it’s expected that more than 9 million people will be living in Canada’s largest metro city. Before you make the big move, think about where you want to live. Toronto offers many beautiful dwelling types, including townhouses. Townhomes are usually in convenient locations and are more affordable than a detached home. At the same time, buying a townhouse isn’t for everyone.

It’s important to know all about townhomes before you purchase and move in. Should I buy a townhouse? Here are 5 things to know before buying a townhouse.

1. Townhouse vs Condo: What’s the Difference in Toronto?

Townhomes are often confused with condos. While they can be similar, they offer many differences.

A townhouse is a multi-level house that’s owned by an individual. There are multiple homes in a row that share one or two walls. Since townhomes stand side-by-side, they can also be narrower than the average home.

Condos are similar to apartments with each unit usually having one level. Condo units focus more on the community, offering amenities such as a pool and even a gym. While some townhouse complexes may offer a pool and other amenities, they usually don’t offer as much as a condo community.

Townhomes and condos also have different ownership structures.

Condos can have one of three ownership structures: traditional, co-op, and co-ownership.

Traditional condo ownership means you own your unit and sign a deed. Co-op means that you own shares into the company that owns the building and are allowed to occupy the unit. Co-ownership means you own a certain percentage of the building and have rights to your percentage.

These ownership structures may exist in a condo townhouse, which is a type of townhome complex that operates similarly as a condo.

There are also freehold townhomes (also known as a row house).

Freehold townhomes look like traditional townhomes. They’re narrow with multiple stories. Some may share walls with other houses and some may not. However, you fully own your townhouse. This means you won’t pay maintenance and other association fees, which we will cover in a different section.

2. Better Location in Toronto

Townhomes are pretty much available all over Toronto. But you’ll likely find a townhouse in the busiest parts of town, where not as much space is available.

This is ideal if you spend lots of time in a highly-populated area, such as downtown Toronto.

If you want to buy a house, you’ll likely have to move out in the suburbs. Some people dislike a long commute to work, school, and other places they frequent.

Apartments are also popular in busy areas. If you’re debating about buying a townhouse or renting a luxury apartment, a townhouse offers the best of both worlds. Like an apartment, a townhouse comes with less maintenance.

But since you own the townhouse, you have more autonomy. For example, you can paint the townhome and build a patio or other minor additions. A townhouse also offers more space and many complexes are pet-friendly.

Keep in mind, the townhomes closest to the downtown area will be more expensive. To save money, you can always find a townhouse on the outskirts of town that’s still close to public transportation.

3. Perfect for First-Time and Young Buyers

Townhomes are becoming popular for millennial homebuyers and even Gen Z-ers.

Most homes on the market are priced too high and the offerings are also slim. The average townhouse is pretty affordable and doesn’t require a major downpayment, which is perfect for young people who aren’t as established in their careers.

But townhouses also offer a single-family home feeling. They have plenty of space, a yard, and more. Since townhouses are closer to urban cities, millennials can work in busy areas and be able to socialize without commuting too far.

While many millennials have families, some younger people don’t have kids. Townhomes offer plenty of space, but space may not be the biggest concern for millennial homebuyers.

Instead, millennials have one major priority: pets. Since most apartment complexes are strict about pets, owning a townhome in a pet-friendly complex is more appealing.

4. Extra Fees

Some townhomes require extra fees, known as maintenance fees. They may seem expensive at first, but homeowners will soon learn that these fees can actually help them save money.

For example, maintenance fees include exterior maintenance, such as taking care of the yard. Busy homeowners not only save money but also time since they don’t have to worry about maintaining the exterior of the home and their yard.

In addition, most essential expenses are included in an easy payment. These expenses can include garbage, water, internet, and cable. With a freehold home, you’ll have to factor in these individual costs.

If the townhome you’re looking at requires hefty fees, it may be because the complex offers more amenities than the average one.

5. Privacy, Sharing Walls, and Noise

One of the downsides of townhome ownership is many people feel they lack privacy.

Even though you’re separated from other owners, you still share the walls. You may hear your neighbours through the wall, which can be a problem; for example, if you work customer service at home, loud neighbours may interfere with your work.

Since you all share the same building, one unit’s problems may also become your problem. For example, a leak on your neighbour’s side can move to your side. Same with mould issues.

Even though you own the land, the lack of space means your yard will be small. While this isn’t a problem for some homeowners, others prefer a larger yard.

Sharing a unit also means you’ll see your neighbours frequently, as opposed to owning a larger plot of land in a suburban area.

Buying a Townhouse in Toronto: We Can Help You

Are you interested in buying a townhouse? Townhomes come with pros and cons. If you’re looking at a townhouse, you should educate yourself before making any decisions. Finding a great realtor will also help during the townhome buying process.

Contact us if you want to buy a townhome in Toronto.

Moving to Toronto: A Guide to Finding the Perfect House

moving to toronto

It’s no secret that Toronto is one of the most beautiful and exciting cities in the world. From the food, the arts, and its cultural diversity, Toronto is a destination that has experienced tremendous growth in recent years. If you’re relocating to Toronto, you’ll need to know some tips about finding the right home to meet your needs. This article takes a look at what you should know when moving to Toronto from anywhere in the world.

Keep reading to get the inside scoop on how to make your home-buying experience as fulfilling and stress-free as possible.

Make a List of the Things You Want and Need

Before you start the process of looking for a home, take the time to make a list of your wants and needs. Keep in mind that there is a difference between what you may want and what you actually need.

For example, you might want a pool, but this will add significantly to the price of the homes you’ll be looking at. Thus it could limit your options.

There are plenty of other options to consider that will impact price and location, making it more challenging to find the house of your dreams.

The purpose of creating this list is to help you focus on the things you need in a home before adding the various luxuries that are fun to have but perhaps not necessary.

Create a Budget

Once you have your list of wants and needs, it’s time to look at your budget. After all, buying a new home is one of the most expensive purchases you’ll ever make. Thus you’ll need to know exactly how much you can afford to spend.

When buying a home, it’s easy to believe that bigger is better. And yet you’ll need to avoid getting in over your head.

Creating your home-buying budget ahead of time will make the shopping process far less complicated. It will eliminate confusion and allow you to move quickly by avoiding looking at homes that are beyond your spending limit.

The city of Toronto is filled with tons of beautiful properties, giving you plenty of options and enabling you to spend as much as you desire.

Get Pre-Approved for Your Mortgage

Getting pre-approved for your home mortgage loan is a great tool for the home-buying experience. It’s especially helpful in dealing with sellers in a competitive real estate market.

The pre-approval process enables you to know exactly how much house you can afford, while also providing the ability to make an offer as soon as you find a house that you love.

Keep in mind that the loan approval process might take a bit of time upfront, but will ultimately save you time when you’re ready to buy.

Hire an Experienced Real Estate Agent

Hiring an experienced real estate agent is one of the best decisions you’ll make during the home-buying process. This is especially true when looking for a house in the Toronto area.

If you’re new to the city, you’ll likely feel overwhelmed by the sheer size of the area and the number of homes. A good realtor will have a thorough knowledge of the area and understand how to find what you’re looking for much faster than you’d be able to on your own.

Working with a skilled realtor can drastically shorten the process and help you find the best deal possible. They will understand how to help someone new to Toronto, and be able to provide tips about things to look for and things to avoid.

The key is to find a realtor with a solid reputation who make your life easier during a very stressful period of transition to an unfamiliar place.

Research the Area

When it comes to buying a home, location is extremely important. Especially when it comes to finding good schools for your children.

It’s important to remember that Toronto is a major city. There are hundreds of neighbourhoods, each with various advantages and disadvantages. The more you’re able to educate yourself about the area as a whole, the easier the home-buying process will be for you.

Also, keep in mind that you can always change or remodel your new home, but you can not alter the location. Thus you need to make sure that you’re very happy with the location of a home before settling down.

The location will also impact the value of the house you buy, both now and in the future. This is why you need to familiarize yourself with the average home values in the various parts of the city that you’re most attracted to.

Plan for the Future

Never lose sight of the future. Look for homes that will allow you to grow as your life changes. After all, your needs won’t necessarily be the same in a few years as there are today.

This is another reason why it’s so important to make a list of your current wants and needs so that you can also plan and dream about the future. You might not be able to foresee everything at this moment, but at least you’ll have a tool that will help you plan ahead.

Planning for the future is especially important when you have kids or plan to have them soon.

Schedule a Home Inspection

It’s not absolutely necessary to invest in a home inspection, but it’s highly recommended. An inspection is a great way to avoid buying a home with problems that might require expensive repairs.

Make an Offer

Once you find a house in Toronto that’s within your budget and you love, go ahead and make an offer.

This is another area where an experienced real estate agent can help you get the best deal possible by helping you understand what the home is worth so that you’ll get the most house for your money. Negotiation is essential!

Buy Your Dream House When Moving to Toronto

Buying a new home in a new city can be exciting yet stressful. Fortunately, this guide to finding the perfect house when moving to Toronto will help make the process as pleasant as possible.

Please contact us to learn more about how we can help find your dream home.

What Is a Loft Apartment and Should You Get One?

what is a loft apartment

Loft apartments sound like a cityscape dream. Exposed brick and high ceilings in the middle of downtown may sound enticing, but is it worth the money?

You may even be asking yourself, “What is a loft apartment?”

Read on to find out, and to discover some tips for when it comes to renting or buying a loft apartment.

What is a Loft Apartment?

According to this article by Edina Realty, lofts are “large, open, adaptable spaces that have been converted for residential use.”

They often have exposed fixtures, high ceilings, and natural light sources. Similar to studio apartments, they’re open spaces with minimal walls. They’re very easy to organize and make your own.

Lofts, however, are characteristically larger than studio apartments. They’re usually adapted industrial spaces that have been converted into apartment-sized spaces.

Studios are usually built for efficiency. Lofts are built for the character.

There are Pros

The charm that comes with them is a major pro.

Since they’re usually adapted from factory workspaces, there are plenty of exposed beams and brick walls—a major trend right now.

Furniture can be easily adapted to match this aesthetic, or you can put your own twist on decorating.

Apartments are not always known for the extra room they provide their dwellers, but loft apartments are. Loft apartments are often spacious and have high ceilings. They have open-concept layouts that allow room for plenty of distinct areas to be created.

It’s easy to customize specific areas of the space to match your lifestyle. You’re not confined to the layout that a typical apartment grants, nor are you confined to the limits they bring to decorating and organization.

Lofts allow room to grow if you’re just starting out. If you’re not, it’s easy to create separate spaces for kids to play, you to work, or pets to sleep.

Pets may even appreciate the open concept of your loft apartment. No doors mean no problems!

There are Cons

All that extra space may come with a heftier price tag.

The fact that they’re adapted from older work buildings may add charm, but they may also lack updated utilities. High ceilings and big windows also allow more natural elements into the loft depending on the time of year, and this can rack utility bills up as well.

They also lack a traditional storage space. This can be great if you’re looking to create custom storage solutions for your home. But this can also be a major con if you prefer apartments that have plenty of readily available storage solutions.

Loft buildings can also lack traditional apartment amenities that normal complexes may offer. The repurposed buildings make space for gyms, pools, and other communal spaces hard to come by, and many opt to leave them out altogether.

If you live with roommates, loft apartments definitely aren’t ideal. Separate, quiet spaces can be hard to create in such an open space. However, if you don’t mind the openness that a loft brings then this wouldn’t be a problem for you.

In Toronto, Be Mindful

According to an article by Toronto Storeys, not all lofts are genuine.

There are “hard lofts” and “soft lofts.”

Hard lofts are the thing we’ve been talking about throughout this entire article. Buildings that have been repurposed from manufacturing or industrial warehouses. They’re usually “what comes to mind when you picture an industrial loft.”

Soft lofts are recently built condominiums that seek to recreate the historical loft style. These buildings often “boast taller ceilings than the norm and at times feature exposed piping and vents,” but they lack the ingenuity that comes with a hard loft.

Both often come with condo fees, and some have monthly maintenance fees, which are both factors to take into consideration when creating your budget.

According to Toronto Storeys, most hard lofts stand below 15 stories. If you’re looking for an apartment with a view, this can cause problems.

However, if this isn’t on your list of must-haves, then it can work in your favour. Especially if you’re afraid of heights.

Having your heart set on a loft apartment may also limit your neighbourhood choices in Toronto.

According to Toronto Storeys, most loft apartments sit on the east and west ends of the city, often away from the convenience of living next to a subway line. They’re situated in old warehouse districts of the city, where industrial workers once had to commute away from the suburbs to work for the day.

Know How to Decorate Your Toronto Loft

Light blocking curtains can help regulate temperatures inside your apartment.

Using large, dramatic rugs and one-of-a-kind art pieces can help distinguish areas inside your home. A large rug underneath the couch by the television helps mark off the living room. A piece of art hung beside the dining room table marks the dining room.

Placing large bookshelves beside your bed, or blocking off an area of your loft apartment with room dividers helps create privacy for a bedroom.

Adding plants can bring life into an otherwise industrial space. Large mirrors and oversized pillows placed on the floor create vanity areas or just a place for children to sit and place in a comfortable space.

Conclusion

Now that we’ve answered, “What is a loft apartment?” it’s up to you to decide whether one is worth seeking out.

Whether you opt for a downtown loft, a house in the suburbs, or a newly-built apartment with all those amenities you’ve been seeking, we can help.

Contact us today to get started on your home-searching journey, or check out our listings without leaving your current home.

Buying a Condo vs Renting an Apartment: How to Choose Between the Two

When you’re looking for a new place to live, one of the first questions you’re likely to ask yourself is “Should I buy or rent?” There are plenty of things to consider from the cost of housing to the market where you’d like to live.

There’s a case to be made for both sides, but ultimately there’s a decision that makes the most sense for you. Here’s everything you need to know about buying a condo vs renting an apartment.

1. Know Your Market

Where you’re currently living or planning to move to can have a big effect on whether it’s more financially sound to buy or rent. It’s important to do your research on the local real estate market.

Is your desired location a buyer’s market or a seller’s market? That depends on the supply and demand for housing in the area.

In a buyer’s market, the supply of houses will exceed the demand for them. That means there will be less competition among buyers and you’ll have more standing to negotiate.

If you’re currently in a buyer’s market, it can make sense to take advantage of that opportunity and purchase a property. Markets can change over time, so if you’re in a seller’s market, it could be a good time to rent and wait for the demand to decrease.

You should check to see how rent prices in your city have changed over time. It’s also crucial to look at how similar properties have appreciated over time. That can help you learn if you’ll make a profit when selling your condo down the line.

2. Consider Your Future Plans

Is it the right time to buy a condo? That can depend on your current stage of life and what your plans are for the future. If you’re planning to stay in your current city long-term and put down roots, then owning a condo could be the right decision.

Owning a condo provides stability. Unlike with an apartment, you don’t have to worry about 12-month leases or the possibility of your landlord selling the building you’re in. That also means avoiding the cost of moving between apartments.

That stability can be an appealing option for potential buyers in all stages of life. For young people interested in purchasing their first place to live, condos can give them a taste of ownership without the size, cost, and upkeep buying a larger house can entail.

Owning a condo can also be great for people looking to downsize during retirement or when kids leave for college. There’s typically less maintenance involved with condos, so they can be a low-key, low-stress route when it comes to homeownership.

On the other hand, if you’re planning to move in a few years or don’t feel ready to commit to a certain neighbourhood, renting can be the better choice. Renting an apartment gives you more flexibility.

You’re not tied down to a particular property if you discover something about it that doesn’t jive with your lifestyle. You also have the option of choosing month-to-month rent if you know you’ll only be someplace short term.

3. What Buying a Condo vs Renting an Apartment Means for Your Equity

One of the biggest advantages of buying a home or condo is that you’re able to build equity. If you’re staying somewhere long-term, then buying a condo becomes an important and valuable investment.

Equity is considered an asset and it’s also part of your net worth. This can help down the line if you’re hoping to qualify for a line of credit or a home equity loan.

4. Think About the Costs of Buying

When you’re thinking about buying a condo vs renting an apartment, you have to consider the costs associated with owning a property.

Condos come with condo fees for things like utilities, maintenance, and upkeep for any community spaces. If you’re planning to buy a condo, then you should remember to factor things like maintenance fees into your budget.

Fortunately, these fees mean less for you to worry about when it comes to things like garbage removal, exterior maintenance, and snow removal during the winter months.

Condos also provide owners with the freedom to make updates to their homes, from repainting walls to changing light fixtures. While this is a great way to express your style, it can also create expenses that wouldn’t factor into renting an apartment.

Fortunately, condos tend to be smaller than homes and usually require minimal upkeep. This can make them a great first home purchase for anyone looking to adjust to the idea of homeownership.

Another cost to consider is the initial down payment needed to purchase a condo. Whether you’re putting down 5 percent or 20 percent, it requires a big chunk of money.

If that’s not currently possible for you, then renting can be a more affordable option while you save up to purchase a home.

5. Enjoy a Built-In Community

When it comes to buying a condo vs renting an apartment, both options can provide a built-in community. This can be great when you’re moving to a new city or new neighbourhood because you’ll be close to your neighbours.

Condos also typically offer amenities, from common areas to swimming pools to hobby rooms. These spaces can be a great way to get to know people who live nearby and who share similar interests.

Condos also tend to be closer to the city than the suburbs, giving buyers more of a chance to get out, do things, and meet people.

Rent or Buy?

When it comes to buying a condo vs renting an apartment, there are plenty of pros and cons to both. Ultimately, it comes down to your lifestyle and what you’re looking for.

If that’s something more flexible, then an apartment can be the right route. But if you’re looking to put down roots and making a good investment, then buying a condo could be the best option for you.

For more tips on purchasing a property, please contact us today.

Is it Worth Buying a Condo in Toronto? Here’s What You Need to Know

Are thinking about investing in a condominium in Toronto? Not sure if it’s even worth it?

Well, you’re in the right place. Not only do we know the answer to the question of “Is buying a condo worth it?”, but we know about hidden expenses and other important elements of a condo sale that you need to know about.

In this article, we will cover all that and even more.

So if that sounds interesting to you, keep reading to find out more.

Assessing the Investment Opportunity

Is buying a condo worth it? Well, that’s for you to decide. If you treat the opportunity as an investment, it most certainly is, but only if done right. Assessing the property individual is critical to determining its worth.

The most important consideration is cash flow. In premise, the cash flow is the revenue that you might generate from the condo, minus any expenses. If you get more than enough to cover the costs, such as taxes, fees, maintenance—your cash flow is positive (and that’s a good thing).

If a condo cannot have a positive cash flow that does not automatically constitute it as a bad investment, but knowing the difference will ensure that you make an educated decision.

Begin by assessing the potential revenue that you can receive from rent. Many factors will play into this. For instance, you can examine comparable rent in nearby buildings of the neighbourhood, and link it to a ration with the amenities and features that the unit offers, plus any condo fees.

You must also determine the expenses. Starting with regular costs that occur at expected intervals, you should factor in events that might come up irregularly. For instance, a special assessment is levied when a repair cannot be covered by the reserve fund of the condo board.

If you plan to buy the property with cash, you can determine the rate of return of the opportunity by assessing the capitalization rate. In order to calculate it, you need to divide the net operating income (revenue from property – operating expenses) by the purchase price.

In general, the higher the cap rate the better. If you get a number of 4% or above, that’s great. However, the cap rate will not present your return in a realist manner if you go with mortgage financing. In this case, you can examine the return on investment, which will take the financing into account.

Also, if you can be flexible on the neighbourhood in Toronto, that means you might be able to score some better deals. The average condo price in Toronto is continually rising, therefore the demand for sale condos under $550,000 is increasing.

Is Buying A Condo Worth It? It Is, As Long As You Address the Expenses

As mentioned earlier, quantifiable metrics can help you determine the worth of a condo purchase. Intuition is not the greatest way to go about investments. So here are some expenses that you have to consider for all Toronto condo purchases.

The Deposit

When you research information on condo costs in Toronto, it’s important to understand that you need to have deposit funds readily available. When it comes to Toronto condos for sale, typically the deposit is at least 5% of the entire purchase price, and that goes towards the down payment.

If you are buying a $500,000 condo, the deposit has to be $25,000, and it’s usually completed 24 hours after an offer has been accepted or with an offer that was in competition for the property.

The minimum down payment that you can make depends on the purchase price of the condo as well, however, if the payment is less than 20%, you will be required to pay CMHC mortgage insurance to consolidate any issues that might arise in the future.

Land Transfer Tax

The Land Transfer Tax will be charged to any person who is buying real estate. In the city of Toronto, you pay a provincial and municipal LTT. The entire amount that is owed will entirely depend on the total purchase price of the property.

For instance, when buying a condo for $500,000, you will pay $12,950 in LTT, spread equally $6,475 for provincial and $6,475 for municipal. If you are a first-time buyer, you can apply for an LTT Rebate. On a $500,000 condo, that will save you $8,475.

Title Insurance & Lawyers

At closing, these costs are typically lumped in unison. The cost to have a property title change ranges from $250 to $500.

Most real estate attorneys will include the fee itself in their fee, so it’s a good idea to budget at least $2,000 in legal fees to cover your association for the time of sale.

Property Tax Adjustment

Not often has the seller already pay the property taxes beyond the closing date, but it can happen. If they have, the buyer has to reimburse the seller for the difference.

But it can be negated via communication and lawyer negotiation, but the question is whether or not you want to complicate the process.

Hidden Expenses

So is buying a condo worth it? Yes and no. Consider these hidden expenses as well when making your calculations.

You will likely need to hire movers. This can cost upwards of $1,000, depending on the number of items and other factors.

You might have to work with a locksmith. Utilities have to be set up, such as the internet, TV, and other things you think will be advantageous to a renter.

Elevators have to be booked with a refundable deposit. Cleaning services can become a regular aspect of your rental process.

The furniture itself will cost money as well. And possible repairs in the future that are not covered by the building will eat into the finalized price approximations.

Beyond mortgage payments, you will have to cover monthly carrying costs, such as condo fees, property tax for the current year, and property insurance.

Without being mathematical about the process, you are just guessing your way into an investment, and that’s when you can’t really tell if it’s worth it or not. True worth is quantifiable, so determine what it means for a condo investment to be worth it, and see if an opportunity fits your requirements.

Buy A Condo

Now that you know the answer to the question of “Is buying a condo worth it?”, you are well on your way to deciding for yourself.

It can be hard to find properties to invest in, but we make it easy for you. We find the best possible residences that are certainly worth your time and money, so if that sounds interesting to you, get in touch with us and we will happily accommodate your needs.

3 Home Maintenance Mistakes to Avoid When Selling Your House

home maintenance mistakes

With all of the houses for sale in the Greater Toronto Area, making your home stand out from the rest of the competition can be tricky. It can be even harder to sell your house if you’re not keeping up with the maintenance necessary to make your home look appealing.

Are you interested in learning about the common home maintenance mistakes that most sellers are making? We’ve created this quick guide to help you better understand what mistakes you may need to correct. Keep reading to learn more!

1. Not Changing The HVAC Filter

You may not be aware that you need to change your HVAC filter on a regular schedule. More often than not, most of us end up forgetting to change our filter. This simple oversight can end up costing you when it comes time for you to sell your home. The longer you go in between changing your filter, the more stress it puts on your HVAC system. As an end result, it means that there’s going to be more dust and debris collecting in your ducts, vents, and even your home.

It’s even more important to change your HVAC filter consistently if you have pets. You can easily avoid this problem by setting a reminder on a calendar or electronic device to change your filter.

2. Trying to Make Cosmetic Changes to Water Damage

Have you tried to cover up water damage with paint or another type of cosmetic upgrade? While it’s often suggested that you paint your interior to keep it updated and fresh, as well as to make it more appealing to new buyers, this isn’t an effective or recommended way to care for water damage.

Ensuring that you have your water damage properly remediated is essential for when it comes time to list your property for sale and when having the home looked at by a professional inspector. Sometimes, masking the appearance of water damage can end up accelerating the damage. For example, if you’re painting over water damaged wood that’s rotting, the extra layer of paint can cause the wood to rot faster.

3. Not Cleaning Your Gutters

Just as you should consistently change all your HVAC filters, you should also be consistently cleaning out your gutters. Your gutters are there to prevent your roof from leaking, which can be easily overlooked every season.

You can clean out your gutters without having to hire a professional’s help by safely using a ladder to access your gutters. Clean out any debris that’s clogging them to make the exterior of your home better maintained.

Professionals recommend that you clean your gutters at least twice a year. However, if you live in an area that has a lot of trees, you should consider cleaning out your gutters once a season to remove the leaves and debris that can build up.

Avoid These Home Maintenance Mistakes

Before you put your home on the market, you should pay attention to your house and give it a little TLC. By avoiding these common home maintenance mistakes, you’ll ensure your home is more appealing to potential buyers.

Are you interested in hiring the help of a professional real estate agent to sell your home? Click here to contact us today to learn how we can help you.

3 Tips for Advertising Your Home for Sale on Social Media

Did you know that the average price for a home in Toronto is $1,000,000?

If you’re on the hunt to sell your home fast, you may be wondering what the best ways to find a buyer are. Advertising your home for sale on social media can be an effective way to find a buyer quickly.

That’s why today, we’ve created this quick guide with tips for advertising your home for sale on social media. Keep reading to learn more!

1. Consider Using Videos for 3D Tours

You can reach a huge audience of potential buyers in your local area by using videos to offer 3D tours. As COVID-19 continues to spread across the globe, it’s very difficult for prospective buyers to stop by your home for an in-person tour.

Using a video recording allows buyers to virtually walk for your home and the property without ever having to leave the comfort of their home. While you may have to invest in a videographer if you don’t have the technology readily available, this added expense can help draw in tons of potential buyers.

2. Invest in Facebook Ads

Facebook ads are one of the best ways to sell your home with the power of social media. By creating a professional Facebook profile, you can increase your reach with Facebook ads.

By setting a daily budget of how much you like to spend on your advertisement, you can narrow down the demographics of the people viewing the ad. You can choose to advertise to specific buyers by targeting your ad to people of a specific gender, interest, location, age, and even hobbies.

This will allow you to truly customize what audience is you and your Facebook ads so that you can sell your home quickly without having to spend a lot on Facebook ads.

3. Pinterest Is a Handy Tool

Pinterest is often a tool that many social media experts often forget about. This social media platform allows people to view images and create boards to organize all of the pictures that they save.

Each image on this social media application links back to a website. Pinterest is very popular or longbows who are interested in travel, beauty, and interior design.

You can use Pinterest ads in a similar fashion to Facebook ads, by creating a targeted campaign to show to those that are interested in interior design on Pinterest.

Home for Sale: Tips for Success

When you put up your home for sale, using social media to advertise your home will help to quickly get your house in front of the eyes of potential buyers. By not using social media to advertise your home’s sale, you’re missing out on a large marketplace to potentially sell your home to.

Are you looking for a local real estate professional that’ll help you to quickly sell your home? Click here to contact us today to learn more!