Real Estate

old condo or new condo?

admin — Thu, 17 May 2012 00:30:34 +0000

ny husband passed away last yr and at rosehills mortuary.i want to move close to that area. in the market one condominium for sale only 79k 1969,1 br ,2.8 miles from rosehills,it’s apartment condo,hoa is only $165 which is low and i can save a money for this & im thinking of investing this in the future,the other condo is 1979,1br,.3 miles fr rosehills hoa is 310.im thinking if the older condo with a low hoa that if have it now can it be good idea thinking that someday i can be able to rent it to somebody.and hoping for its equity to go up?or just get the new condo.with a high hoa..pls help me with my decision.me.my husband who s my advisor passed away last yr.i need advice,,thanks in advance,,

It depends on the work that needs to be done. Are the buildings repiped? Are they rainscreened? Does a new roof need to be put in? These will affect the value. Ones that have everything done generally cost more.

Also, HOA fees have nothing to do with anything. What you need to check is the HOA’s financials. Is the contingency fund healthy? If not, why? If there’s no reason, then that means HOA fees are low because it’s not well managed and the HOA isn’t meeting frequently which is a bad sign (this means you will eventually get slapped with a huge HOA fee spike). Also, an HOA can be high based on amenities. The more amenities means higher HOA fees to cover maintenance, insurance, etc.

Pick the one that is in a better area, not based on location to the cemetery. The one where there’s always people seeking rentals. The one where you can get a better price for rentals (of course the HOA bylaws would have to allow rentals – otherwise, don’t consider it).

I want to convert a multiple building apartment complex to condos for sale. Do I have to convert all units?

admin — Wed, 09 May 2012 21:38:02 +0000

First, you will need approval from zoning and building commissions to do what you desire. Not all buildings are constructed to the requirements needed for condo conversion. You will discover if that is the case when you apply for permissions.

That being said, if you do gain approval to convert, you WILL have to convert all units. But you do not need to SELL all units. Those you desire to keep will remain in your name, as indidivual units. You can still rent them to others (as long as your condo docs indicate rules for rentals of individual units).

What is a good town (MUST have small town feel) to live in Ontario?

admin — Sun, 12 Feb 2012 13:46:10 +0000

Hi there,

To give you a brief introduction, I am a Czech immigrant and I have grew up in Ottawa for over 10 years. I have found that Ottawa is not my type of city is too much going on..

However, I would like to find a town that has a small town feeling and is walks away to important needs such as grocery stores, shops, health clinics, schools, recreation centers and etc. I am studying here in Ottawa over at Algonquin College and would like to move afterwards I am done. I am in my late teenage years, young 20’s.

Requirements:

-Urban, small town population
-small business opportunities
-some recreational activities

-All 4 seasons but warm winter, not a lot of snow if possible
weather doesnt matter as long it has no cold winters
but warm winters would be nice unlike cold winters down here in Ottawa
Least Natural Disasters

-Good public transportation or nearby enough to walk to parks, beaches, grocery, shops etc.
Job Travel not too far from town

-Friendly honest neighbours, people and community
-Low crime rate, good for families
-Nice small condos/homes for sale
-Low cost living or on average but not crazy expensive
-Old fashioned feel (partly)

that is all I can think of at the moment.. please let me know which cities are good
thank you
This is most of the cities I can think of is good ideal ones:

-Oakville, Ontario?
-Barrie, Ontario?
-London, Ontario?
-Kitchener, Ontario?
-Hamilton, Ontario?
-Pembroke, Ontario?
-Orangeville, Ontario?

thank you
Mississauga, Ontario? maybe?

Mississauga is a large city. None of the small cities you’ve mentioned are noted for warmish winters. If you don’t like the cold, look to south part of British Columbia, but then there is the chance of tsunamis (from from under-ocean earthquakes).
I liked Guelph, though, like all places, it has a growing population. I also like Waterloo, more than Kitchener (even though you might not know which city you are in when you’re at the boundary areas!)
Much to my surprise I discovered Orangeville DOES have a bus system. Of the places you mentioned, Orangeville meets your requirements best, EXCEPT for the cold, snowy winters. Orangeville is located just south of the southern reaches of central Ontario’s "snow belt" (which still hasn’t received a lot of snow this winter, yet). Might have to commute to find work though.
http://www.orangeville.ca/
http://www.orangeville.com/
http://www.thehillsofheadwaters.com/orangevillebia/

What is the difference between Condo for sale and condo for rent?

admin — Fri, 03 Feb 2012 06:22:41 +0000

Does a condo for rent come with ownership rights?

How old are you, 6? Look in a dictionary.

can you sell a new condo back to the builder?

admin — Sun, 15 Jan 2012 00:24:17 +0000

Just bought a brand new condo in california. There are still ten brand new condos up for sale. I can save the commissions and time on selling if I sell it back to the builder. I figure they don’t want me to list the property 25k lower than all the other same models and will just buy it back at the 25k discount. Any thoughts why builder will not buy back and if it’s a good idea.

They will not buy it because they have no interest, and no funds, to acquire property. They will not care if you list it, people will still want the new one, the onw where they pick the colors, upgrades, etc.

Do townhouses allow pets?

admin — Wed, 30 Nov 2011 06:10:03 +0000

I rent but am looking for a bigger place. I have looked at single family homes in the $200,000 price range and they are ok but nothing has really caught my eye as of yet. I recent stumbled across some townhouses for sale in the same area and price range that are amazing! I want to know if Townhouses have pet restrictions like condos/apartments. Any ideas?

If you are buying the house and there is a Home owners assoc. you will need to check their guide lines for the breed and size of dogs they allow.
If there is no HOA then it is your home and you can pretty much have any kind of dog you want.
Except if there is a city,county,or state wide ban on a certain breed.

If a condo for sale has only 1 comp, in the last 3 mnths, is it only used, or older comps or nearby comps used?

admin — Wed, 23 Nov 2011 01:36:55 +0000

For appraisal purposes, they can use similar units in the nearby neighborhood and + or – for the differences as well as using older prior sales and current listings.

Average price studio/condo Montreal?

admin — Wed, 16 Nov 2011 02:43:08 +0000

I wonder around how much a small studio goes for sale in a central area of Montreal. By central I mean downtown, plateau, or close by with metro access sort of easy.

The average price for outdoor Montreal is anywhere from $10,000 to $15,000. Indoor Montreal is $20,000 to $35,000, depending on the area.

How is your experience of living in Condo?

admin — Wed, 09 Nov 2011 04:50:15 +0000

I decided to move back to the City this year, and after 3 rejected home offers, I decided to look at a condo in downtown area, its for sale and for lease, and I know I dont want to buy a condo so I was thinking of leasing it until I find my dream home. Its a 3 bedroom, 2 bathroom, with granite counters and stainless steel kitchen, it has 2 car garage and fireplace with hard word floors and its in gated community. Are condo’s the way to go these days? How was your experience in living in one? Thanks

There is no right answer here. Everyone has their own opinion on condo living. Some people love it while others hate it while others are indifferent. Some people can’t afford to buy a single detached home, so they opt for condos, townhouses etc.

I’ve lived in a condo for the past 6 months and I absolutely HATE IT. I can hear my neighbors upstairs and on either side of me. I hate the attitude of the HOA and the way certain people feel like they’re better than you and find the need to point this out via stupid comments. On the other hand, I love the view, the security and the convenient location. But I can’t wait to own a single detached home again.

BUT like I said, everyone has a different perspective. I’ve known people who have owned single detached homes who ended up moving into a condo and would never want to go back to a single detached home. Other people are more money conscious so live in condos because they can’t afford a house etc.

How can I find out if my apartment complex is going to become HUD Section 8 housing?

admin — Sun, 30 Oct 2011 06:09:48 +0000

Two years ago, we bought a condo in a complex that was flipped from apartments to town homes. This is an an area of town that was undergoing a re-vitalization. We are bordered by two nice apartment complexes, but also two section 8 neighborhoods (that are quite bad). The developer told us that the other complexes were going to flip into condos and that the section 8 neighborhoods were going to be relocated and homes built on that land.

Since the market has flopped, about half of our units are for sale and another quarter are in foreclosure. With the recession, the whole re-vitalization scheme has been halted. The section 8 neighborhoods are worse than ever; and we just found out that one of the nice complexes next door that was going to be flipped is now actually turning section 8. We’ve started hearing rumors that our complex is going to be designated section 8 as well.

How can I find out if these rumors are true? who would I talk to for a straight answer?
Forgot to say – our Homeowner’s Association Manager is completely untrustworthy. I can’t ask them and expect an honest answer. Really stuck here… isn’t this sort of thing made public ?

your manager/landlord would be the only one who would know that.. Section 8 might but it’s unlikely..