The real meaning of the condominimum term

With numerous people deciding on condominium living for the first time, I thought it would be a good idea to discuss again simply what the term indicates. Among the other concerns we hear in sales offices is “What do I really own when I buy a condo suite in a skyscraper building?”.

Tour des Canadiens CondominiumsWhen you get a condo suite, you possess your living unit and the special use of your balcony or patio, if the design comes with one. The percentage is figured out by the square footage of your suite, and your condo fee is calculated based on that.

Keep in mind that one of the terrific things about condominium living is having access to things like outside balconies, courtyards, celebration spaces, pool, gyms and so on all under your roof – and having the time to use them due to the fact that their maintenance is left to another person. Condominiums are managed by professional business corporation that reports to the board of directors, which is responsible for all these items are kept in proper condition. The corporation additionally sets the rules and regulations to maintain a high quality of life for its inhabitants and to protect their investment property.

As a condominium suite owner, you have the same rights as a private house owner, in the sense that you can mortgage your home, sell it or lease it. Condo policies, nonetheless, avoid individuals from leasing to various individuals for short time periods and essentially using the suite as a hotel. Once more, this protects your and your neighbours’ personal privacy, financial investment and safety.

If you have any concerns, ask them upfront, before actual buying. If you have given it some additional thoughs, my insight is to GO CONDO!

Real estate investment pre-approval: how it could benefit you as a house buyer.

Envision falling in love with a house, making and provide only to figure out later on that you are not qualified for such amount?

Or an alternative situation: You are competing with other purchasers over your dream real estate, to discover that the vendor accepted the other purchaser’s offer JUST because it was pre-approved already.

It does take place and it does happen quite often!

Logically – any vendor will favor a buyer who is prepared with a pre-approval letter from the bank.

The smartest thing you can do is to become pre-approved BEFORE beginning your house searching if you are seriously planning purchasing a real estate. You never ever understand when you will stumble upon the house of your dreams.

Did we point out, the mortgage pre-approval letter is free? Also you can obtain it within 24 to 48 hrs from your home loan specialist. Exactly what is more there to think about?

The advantages of carrying a pre-approval letter with you before starting the home hunting process are many, since such letter offers you a strong point over those home buyers who have no clue on what their precise monetary restrictions are.

 

Kubik

Exactly, what does a pre-approval letter mean?

Pre-approval stipulates that your lending institution commits to offering you a mortgage loan up to a pointed out quantity at particular financing terms, including the interest rate.

Various other important facts to consider:

– Pre-approval letters are just legitimate for a certain duration.

– Pre-approval letter doesn’t secure you into the mortgage in any way. You are still complimentary to pursue other plans, including getting a home mortgage loan with another bank instead.

I have a wonderful home mortgage broker in my professional network who offers an exceptional service, the best real estate property financing conditions and extremely low mortgage rates for my new and existing clients. I will be delighted to supply you with even more details when you contact me today!

Montreal real estate market still keeps being a good choice for most property buyers

Although many people may think otherwise, Montreal is a very good and not-that-expensive location to purchase real estate properties: the city still shows a favorable market trend. Today, having no longer the demand it used to have years ago, the only slack segment in the real estate market is that of luxury homes. It is true that in Montreal the majority of owners don’t want to sell, which results in low availability of properties for sale and a consequently increasing demand, which makes the prices grow. But it is also true that prices are still affordable, especially for families; and, besides, nowadays the part of the income to be used for the purchase of a property is a lot smaller than it was years ago. Not to mention the fact that buying a property in Montreal is even more convenient when seeking in foreclosure real estate listings.

Everybody can purchase a real estate property in Montreal, even foreigners: there are no restrictions. Actually, when the Canadian dollar was weaker, Montreal real estate market saw many American buyers. Now is the European investors turn, mostly from France and United Kingdom. However, even if the wallet is not that fat, Quebec lenders offer very low interest rates, allowing everyone to fulfill his/her dream. In addition, down-payments, taxes and fees – depending on purchase price and mortgage amount – are more than reasonable here.

 

Houses in Montreal

Montreal is a buyer’s market choice

 

Obviously, as in any other investment, in real estate buying process a risk is always there: a property is worth to buy only if its value appreciates with the time. If this is your concern you can feel comfortable, since Montreal real estate market keeps showing a trend of a steady growth, which makes any investment stable. Besides, businesses and facilities, as well as amenities close to the property assure even higher attractiveness. On top of that, although in the past years the amount of reclaimed real estate dropped a little bit, foreclosure listings in Montreal include all sorts of properties: from houses and condominiums to rentals, lots, and farms, so that you can still make your choice.

Purchase of a foreclosure property in Montreal allows saving 10 to 30 percent (sometimes more) on the property value, which means tens of thousand dollars actually, so the wallet won’t bleed white. Besides, there could be another economic advantage: buying a revenue property will add to the saved money a good annual income, making the investment even more lucrative; and in Montreal, especially in the old part of the city, very good deals for revenue properties still can be found. However, this depends on the reason of the purchase since it is not the same to buy a property for sole investment or for residential use, or for both. Purchase criteria differ, but everybody can take good advantage from bank foreclosures.

It is true that sometimes buyers don’t have a possibility of inspecting a foreclosure real estate property before the offer, but, if there is that chance, suxh must be carried out with the utmost attention, for different reasons: first, the structure may require repair or renovation; second, the property may still be occupied by the owner or a tenant; and last but not least, the bank cannot be held responsible for any defect found after the transaction has been made already. To make a really great deal, serious property buyer must consider everything. Do not take a chance – consult a professional real estate broker today!