Canada’s way of living is drastically changing to the use of condominiums or condos. According to the latest reports, one person is living in a condo out of eight people. Putting into consideration that this form of housing is relatively new in the world, then this is a quick shift. The big question is why this trend is picking up in Canada in a better way than many parts of the world. To explain this better, it is worth highlighting the positive changes brought by living in condos in Canada.

They have a joint ownership

People with a stand-alone house owns the whole unit including the land it is sitting on. Most townhouses are like this. However, condos bring a new concept altogether. Since this is a large and compact building with many apartments, people buy the inner space of their apartment. The outside of the building, public areas like the elevator, corridors and the land are owned by the condo developers jointly with all the buyers of the units. This kind of sharing requires clear and accurate agreements to avoid conflicts in the future.

They have shared amenities

The cost of building a swimming pool in your home compound is too high for most people. Likewise to other facilities like a gym, a movie hall and an equipped laundry area just to mention but a few. However, these and more are common in condominiums. Their developers always include new common amenities to make their condos unique. All these are to the benefits of the people who will buy or lease the units in a condo. In most cases, these services are never paid for after one has bought a condo unit.

They are affordable

The latest housing reports in Canada indicate that more people can afford to own a decent house. What is more is that these people are buying these houses at a relatively younger age. Most of the condo buyers are young families, who are trying to establish their lives. These units are said to be over 40 percent cheaper than the stand-alone homes. The reduction of price is attributed to the fact that most amenities are shared. The land is also shared among all the occupants and the developers.

One more thing that makes condos more affordable is because developers build at a cheaper cost. Most of the walls are shared as opposed to stand-alone houses. Buying of bulk construction material makes all the difference as well.

They promote social living

People who live in condos, whether bought or rented, are in a better position to make new friends than those living in an own compound. People meet as they share the corridors, elevators and the common amenities. Some condos have eating and drinking joints where people can meet and share ideas. Some reports indicated that living in such a community expands people’s minds to learn new things.

Conclusion

Most of the Canadians have embraced the idea of creating more condos with time. Developers are working …

It goes without saying that the real estate industry doing well than most other sectors all over the world. This is not exceptional in Canada. We all know that shelter is one of the basic needs of a human being. The fact that there has been a rise in population and that human beings cannot do without shelter has increased its popularity.

Most individuals do not know that purchasing a condo is a big investment, which calls for one to do it both tactfully and carefully. Before you make a condo purchase, there are a number of questions that you need to answer. You can consider visiting Mirvish + Gehry location and amenities web page for more information. Let us look at more factors that one needs to consider before purchase.

Financial situation

Since condominiums are not cheap, you will first need to take into consideration some factors that include the type of development, the facilities that are around that area and its location, as this goes a long way in determining the price of that condo. Thus, when you are purchasing a condo, besides looking at the mode and payment plans, it is also advisable that you take into consideration all the other expenses that are associated with the condo purchase.

Such expenses include taxes, property valuation fees legal fees, purchase and sales agreements, stamps and the options to purchase costs. Therefore, it is essential that you look at your current financial situation before you purchase a condo.

Location

Another factor that you should always consider is the location of the condo. Ensure that the condo that you want to purchase is located in an ideal place. Make sure that it is located in an area that has good infrastructure. Such infrastructure includes the existence of feeder roads, swimming pools, educational institutions, hospitals and any other critical institutions.

Take into consideration the needs of your family before making the final decision. Due to the difference in development in different areas, conduct some research to establish the condo that is situated in an area with the right infrastructure for you.

Modes of transport

Since most of the condos are located in highly developed areas, it is more likely that you will be on move most of the times. Depending on your place of work, it is important that you get a reliable and suitable means of transport that will be taking you to and back from work. Before making your purchase, take into consideration things like air, rail and road transport. Settle on a condo that has infrastructure that will aid you easy movement.

Investment potential

Another crucial factor to consider is the investment potential of the area that the condo is located. Keenly examine the area and determine whether it has a potential of attracting more investment in the future as this will maximize your earning in the future.…

For people who live in the city, buying a unit in a condo has become an ultimate dream. When a person owns a condo, it shows how well you are doing in life. Many young people have now embraced buying a condo unit for speculation. You can buy a condo and make it your city home. With a beautiful home in the middle of a city or at the beach-front, an apartment can help you save money that you will have otherwise spent on rent. But before you buy a condo here are some tips you should consider.

Location

When you want to buy a unit in a condo, you should consider the location. If you want a holiday home, you can consider buying a condo that is close to a beach. Also, you can buy a condo in a city center for easy access to social amenities like hospitals, schools, and clubs. Easy access to workplace majorly influences the desire for a condo to buy.

Cost

The buying price of a condo varies from place to place depending on many reasons. These reasons include accessibility, security, availability of water and electricity. Money can also determine the type of condo you will buy. Some places can be expensive compared to others because of accessibility and location. The cost of an apartment also differentiates the social class in different regions. Therefore when you are buying a condo unit, you should consider the amount of money you are willing to spend.

Developers

Most people trust the work done by renown engineers. The more developments a developer has done, the more the experience he or she gained. Developers with experience have a good reputation and timely completion of the building. The quality of your money is earned by hiring a competent and experienced developer who has a good record.

Customization

Every person has a different taste in color and arrangement. With customization of your unit, you are fully satisfied with what you believe suits you. Customization also may be based on a particular culture because different people have a different perception of color. Therefore personalization ensures that a buyer gets what suits his style.

Rules

Rules show you the environment you are going to leave in. You will also have to know the neighbors you will stay with. Rules can tell the expectations from the environs and how to relate with neighbors for an enjoyable and peaceful stay. You should know your monthly expenses and the shared items like staircases or lift and how to handle those utilities for a better relationship with your neighbors.

The 1 Yonge Street Condos Floor Plans & Prices

…

The process of buying a property can be very daunting sometimes. It is a process that can cost the buyer a lot of money if he or she is not careful. Purchasing a property is one of the great investments that you can make. For you to be successful, there are certain pitfalls that need to be avoided at all costs. This article has compiled a list of those mistakes that you need to avoid.

Failure to consider the factors that will affect its resale value

The resale value of a property is affected by many factors. It is imperative to consider these factors when buying a home. Some of them are apparent while others are unforeseen, and they should always be considered. Its location is one of the important factors that determined its value. You are advised to avoid buying a property next to the hydro lines, gas stations or next to subway stations. Its value is also affected by the neighbouring homes.

If you own the most expensive property in a certain street, then its appreciation potential will be limited. This problem might even become worse if you are planning to model it in future. You should, therefore, avoid falling in love with such a property. If it is a condo, its value might greatly be affected by the future developments in that area especially those which may obstruct its view.

Purchasing a home on short-term basis

These are some clients especially the first time buyers who prefer living in a home for about 5 -6 years. Their financial situations limit most of them. Some situations might change around this time. For instance, you might need more space. Moving to a new house is a bit costlier in the modern days. You will be required to pay a commission, and land transfer tax when buying a new property. Together with the cost of furnishings, this might cost you about $ 50,000. Buying a house on a long-term basis will help you in saving a significant amount of money in the long run.

Being too picky

Most of the first time buyers are confronted with many items on their wish lists. Those who have unlimited funds are forced to compromise on various items. Some of these compromises include making extra repairs on your own, foregoing the extra bathroom and accepting an outdated decor. You should avoid being too picky as this might cost you a great amount of money.…