Do you have your New Years resolution yet? Let me guess, you need to lose weight, exercise and save money. Maybe your New Years resolution is to buy a condo or loft in Kitchener-Waterloo. If this is the case, then there are some things you need to know before you plop down the cash. Some people overlook these things so I will summarize what you should look for. That way you will know what to expect when you buy a condo or loft.
Check out this little video I created regarding buying condos and lofts.
Having an understanding of condos or lofts is important so you can make sense of their differences from freehold housing.
All non-freehold condo or lofts have common elements. Common elements are owned by everyone and include the lobby, elevator, swimming pools, exercise room, hallways etc. Common elements are anything outside of your unit.
It’s very important to understand how parking works. Do you get one spot? Can your rent another spot. Is parking underground? How much visitor parking?
Condos or lofts are also subject to a monthly condo fee. This fee covers maintenance of the building and ground and the common elements. The condo fees in Kitchener-Waterloo or Cambridge can range in prices from $150-600 per month. The higher fees usually cover others things such as fitness facility and swimming pool maintance costs.
If you have pets, you need to make sure that the condominium corporation will allow them. I know that the Kaufman lofts, LeMarche are a couple of buildings that allow pets. Size restrictions may apply. Realtors will be able to find out which condos are pet friendly.
Condos and lofts are subject to strict rules and regulations that prevent you from making changes to any of the common areas. You need to get permission if you want to make a change such as build a fence, changing doors & windows, paint garage doors etc. Read through the rules and regulations to find out what you can and can’t do. You can request the rules and regulations from the property management company.
Lastly. it is important to have your lawyer review the status certificate so that you know that the finances for the condo corporation are in good standing.
I hope you found this information helpful. As you can see there is a little more that you need ot know about condos or lofts when compared to a freehold housing.
What do you think your biggest concern is when buying a condo or loft in Kitchener-Waterloo or Cambrige (High condo fees, pet friendly, parking) ? Let me know.
Thanks for reading!
We are a full-time real estate team in Kitchener Waterloo area. We enjoy assisting buyers and sellers with the purchase or sale of condos or lofts in the Kitchener-Waterloo or Cambridge areas. If you would like us to help you with your condo or loft search, please check out our brand-newfree search website.
If you are on the fence about buying a condo or loft in Kitchener, Waterloo or Cambridge you might want to consider taking advantage of some of the great deals that are currently available. The real estate market in Waterloo Region is really strong and there are lots of upcoming developments in the coming years. Andrin Homes new project in the downtown core just to name one.
If you are looking for a resale condo or loft in Kitchener or Waterloo you might be finding that your search is frustrating you. There are easier ways. If you are looking in the newspapers or other real estate publications you will probably find that when you call the agent the house has already sold. Despite the houses that are selling, there are still many more available. However if you are waiting for them to be advertised in the paper, you could be waiting too long. By the time the property is advertised, it may have already received an offer.
There is lots of choice when it comes to a Kitchener Waterloo condo or loft and I recommend having a realtor setup an automatic search for you. This will not only cut down on the time it takes to find a condo in Kitchener or Waterloo, it will also let you know about the newest listings right away before they even hit the public MLS system. This will give you a jumpstart over other buyers who are still looking on their own without a realtor.
In summary, if you are looking for a condominium in Kitchener, Waterloo or Cambridge and haven’t had any luck finding the right home, then you should let a realtor do the work for you. It will save you time and money and you won’t miss out on a good deal ever again.
We are a full-time real estate team in Kitchener Waterloo area. We enjoy assisting buyers and sellers with the purchase or sale of condos or lofts in the Kitchener-Waterloo or Cambridge areas. If you would like us to help you with your condo or loft search, please check out our brand-newfree search website.
Andrin Homes President Peter Smith said that there will be an agreement in place next month (January 2010) for the re-development of the city-owned half of Centre block which is bound by King, Young, Duke and Ontario streets.
The project will add 385 new condos to the downtown core. Andrin Homes is planning to build a sales office on the block fronting on King Street West.
They are planning on starting sales in August of 2010. The first phase will include a building with 235 condos and will face Duke St. Phase 2 will have 150 condo units on King St. The last phase is a boutique hotel in what is currently the Mayfair hotel.
“The City of Kitchener is targeting young high-tech workers in its marketing campaign for downtown living. It’s paying dividends, as many high-tech workers bought space in the Kaufman Lofts. Open Text recently announced it is constructing another building in the research park and hiring another 800 people.”
Andrin Homes built the award winning Kaufman Lofts.
Thinking about selling your loft or condo and taking some of the equity to buy something else? Maybe you’re downsizing. Whatever the case, this posting might help you along this journey. Selling your home is a big lifestyle change and can be very disruptive.
1. The first thing you need to do is decide if now is the right time to sell. To determine that, you can talk to your local realtor and find out about the recent sales activity in your complex. This should give you an idea of what is selling and what is just sitting and not selling. Timing sometimes plays an important part in getting the most money.
2. Have your realtor give you an accurate market analysis of your condo or loft. This analysis will include the most recent sales, expired listings and currently active for sale listings. You can then use this information to come up with a suitable list price. Pricing is not an exact science so the goal is to use the most recent comparables and then be satisfied on the suggested list price. Overpricing your condo or loft will just make prospective buyers look elsewhere. Buyers won’t put an offer even if you left a bit of room to negotiate. They will just wait for you to reduce the price. You need to decide if you want sell your condo or just put it on the market.
3. After you have the price figured out, you need to prepare you condo or loft so it is ready for sale. Consider staging, cleaning, renting furniture, decluttering and performing small repairs. Imagine yourself as the buyer andlook through their eyes. If you don’t want to do the work yourself or just don’t have time, hire a stager or a professional organizer. When meeting with these professionals, be sure to keep an open mind. If you are really ambitious, consider replacing the carpets and painting. Keep in mind that you might not get a one-to-one ROI. Every dollar counts so watch your budget.
4. Once your condo or loft is listed and open to prospective buyers, try and remain flexible with the showing schedule. The more people who see the unit, the higher your chances are of getting an offer quickly and for top dollar. Make sure that you provide the realtor with all the information such as parking spot(s), location of lockers, fitness facilities, common areas and any other details unique to your condo. Making the unit easy to show is important. If you have a controlled entry, make sure that you have the keys or electronic fobs handy for the realtor.
5. When an offer is received keep an open mind. Everybody wants a deal so expect that you might get low offers. You are always in control so you don’t have to take them. The key is not to lose faith. The right offer will come along by someone who really wants the unit. You do have to be realistic. Please re-read step 2. If you get 5 offers all at a lower price then that is the market telling you that your pricing mght need readjustment.
6. Some final things you need to keep in mind are: Be prepared for the closing costs. For a seller this process is pretty simple so just be sure to budget some money for closing costs. Another thing you need to do is maintain house insurance all the way through until closing. You also owe it to the future buyer to keep the house in good condition and repair any damage sto chattel or fixtures should they break or malfunction.
Some other quick tips or tools for selling are:
open houses
flyers since for sale signs are not always allowed
word of mouth (Facebook, Twitter or any other social site)
obviously advertising in papers and real estate publishings
mls.ca
The above information is just a quick overview of the process and some tips for selling lofts or condos in the Kitchener Waterloo or Cambridge areas.
If you have any questions or would like more information about selling your Kitchener,Waterloo or Cambridge area condo or loft, please don’t hesitate to contact us. For a free condo evaluation, checkout our Kitchener Waterloo free condo evaluation services
Thinking about selling your loft or condo and taking some of the equity to buy something else? Maybe you’re downsizing. Whatever the case, this posting might help you along this journey. Selling your home is a big lifestyle change and can be very disruptive.
1. The first thing you need to do is decide if now is the right time to sell. To determine that, you can talk to your local realtor and find out about the recent sales activity in your complex. This should give you an idea of what is selling and what is just sitting and not selling. Timing sometimes plays an important part in getting the most money.
2. Have your realtor give you an accurate market analysis of your condo or loft. This analysis will include the most recent sales, expired listings and currently active for sale listings. You can then use this information to come up with a suitable list price. Pricing is not an exact science so the goal is to use the most recent comparables and then be satisfied on the suggested list price. Overpricing your condo or loft will just make prospective buyers look elsewhere. Buyers won’t put an offer even if you left a bit of room to negotiate. They will just wait for you to reduce the price. You need to decide if you want sell your condo or just put it on the market.
3. After you have the price figured out, you need to prepare you condo or loft so it is ready for sale. Consider staging, cleaning, renting furniture, decluttering and performing small repairs. Imagine yourself as the buyer andlook through their eyes. If you don’t want to do the work yourself or just don’t have time, hire a stager or a professional organizer. When meeting with these professionals, be sure to keep an open mind. If you are really ambitious, consider replacing the carpets and painting. Keep in mind that you might not get a one-to-one ROI. Every dollar counts so watch your budget.
4. Once your condo or loft is listed and open to prospective buyers, try and remain flexible with the showing schedule. The more people who see the unit, the higher your chances are of getting an offer quickly and for top dollar. Make sure that you provide the realtor with all the information such as parking spot(s), location of lockers, fitness facilities, common areas and any other details unique to your condo. Making the unit easy to show is important. If you have a controlled entry, make sure that you have the keys or electronic fobs handy for the realtor.
5. When an offer is received keep an open mind. Everybody wants a deal so expect that you might get low offers. You are always in control so you don’t have to take them. The key is not to lose faith. The right offer will come along by someone who really wants the unit. You do have to be realistic. Please re-read step 2. If you get 5 offers all at a lower price then that is the market telling you that your pricing mght need readjustment.
6. Some final things you need to keep in mind are: Be prepared for the closing costs. For a seller this process is pretty simple so just be sure to budget some money for closing costs. Another thing you need to do is maintain house insurance all the way through until closing. You also owe it to the future buyer to keep the house in good condition and repair any damage sto chattel or fixtures should they break or malfunction.
Some other quick tips or tools for selling are:
open houses
flyers since for sale signs are not always allowed
word of mouth (Facebook, Twitter or any other social site)
obviously advertising in papers and real estate publishings
mls.ca
The above information is just a quick overview of the process and some tips for selling lofts or condos in the Kitchener Waterloo or Cambridge areas.
If you have any questions or would like more information about selling your Kitchener,Waterloo or Cambridge area condo or loft, please don’t hesitate to contact us. For a free condo evaluation, checkout our Kitchener Waterloo free condo evaluation services
Filed under:
buying a condo in kitchener on,Cambridge,Condos and Lofts,kaufman lofts,kitchener condo for sale,Kitchener-Waterloo Lofts and Condos,loftstyle.ca,pet-friendly condos in kitchener waterloo,Uncategorized — Tags: buying a condo, condo fee, condo fees, condominium corporation, condos, freehold condo, kitchener waterloo conds, kitchener waterloo lofts, mcneil, realtors —
wmcneil @ January 14, 2010 2:37 am
SEO Powered by Platinum SEO from Techblissonline