Buying a condo essentially means buying into a low maintenance way of living. Condos can be an affordable and stress free way to live as each month the owner pays a maintenance fee to cover certain common costs of the building. While having a low maintenance fee is ideal there are other factors to consider such as what is included in the monthly maintenance fee and the financial health of the buildings condo corporation.
Maintenance fees are paid to the condo corporation each month to cover common expenses in the building such as pool maintenance, security guards, grounds maintenance, etc. Maintenance fees are usually based on the size of the condo unit (square feet) therefore the larger the unit, the more the owner is contributing towards paying the common building expenses. Each year maintenance fees usually increase, as features of the building begin to wear out and need to be replaced and service contracts increase. This is why older condo buildings usually have a higher maintenance fee than newer ones. In addition, the more amenities a condo building offers its residents, such as a swimming pool, also contributes to a higher maintenance fee.
Many times I have buyer clients asking me to find them a condo with low maintenance fees. It’s not so black and white. You have to ask yourself a few other questions like what expenses do the monthly maintenance fee include? Does it include Heat, Hydro, Water, central air and building insurance? Each condo is different so make sure to find out exactly what is included. One condo may offer a low maintenance fee but utilities are not included whereas another condo may have a higher fee but you don’t have to worry about added utility bills.
Another thing to consider is the financial health of the condo building. Check with the property management to see if the monthly maintenance fees have been increased lately or if there is an increase scheduled for the near future. Special assessments are also important to take into account. Large repairs such as replacing the roof, are big ticket items. Depending on the situation of the condo corporation, they may choose to bill each unit owner their portion of the cost of the repair. The owner maybe required to pay in one lump sum or may be able to pay for it monthly for a certain time period. This cost is in addition to the monthly maintenance fee.
So next time you are looking for a condo with low maintenance fees make sure you take these other factors into consideration. Have your lawyer review the financial situation of the condo and only then you can decide if the maintenance fees are truly ideal.
If you are looking for a Toronto condo with an all inclusive maintenance fee, contact us.
Sunday, May 31, 2009
Check your mailboxes....
In the next few days you will be receiving new business cards from us designed especially for the Icon.
Contact us for all your Icon needs.
Contact us for all your Icon needs.
Outside Maintenance
In a few weeks the stones at the front of the building are going to be re-leveled. Entrance on the south side may be restricted.
Monday, May 25, 2009
Toronto Condos: Parking Wars
Everybody knows that parking in the City of Toronto has proven to be more of a challenge over the last couple of years. With the population of Toronto increasing dramatically each year, parking is simply becoming more of a concern for both commuters and condominium buyers. In a city where parking lots are being purchased everyday by real estate developers to build yet another Toronto condo, acquiring a parking space and purchasing in a condo building with ample visitor parking is becoming more and more valuable.
If you are in the market to purchase a Toronto Condo, an important issue to consider is purchasing a parking spot. With parking in the city becoming more and more scarce, and with developers realizing more and more the value of parking, capitalization of this precious piece of land has begun. It is for this reason that purchasers should always attempt to purchase a Toronto condo with a parking spot as it dramatically increases the investment value of the unit when it comes time to resell it. Even if you do not own a car there are always ample opportunities to rent out your spot. Rental rates of parking spots in Toronto can vary anywhere from $100 to $200 a month. It is to the purchaser's benefit to buy a condo that has exclusive use to a parking spot or even better a deeded parking spot as the spot can be sold if necessary.
Most Toronto condos located in high traffic areas such as the entertainment district offer visitor parking but depending on the number of spots, they have a tendency to fill up quickly especially on weekends. In terms of new condo developments in the downtown core, because of the lack of space, condo builders have already either started to totally eliminate parking for visitors or if it is offered, often there is an hourly parking fee. Some older condo buildings such as 25 The Esplanade located in the heart of the St. Lawrence Market, have devoted certain levels of the parking garage exclusively for visitors, however visitors must pay per hour. This can prove to be extremely frustrating for condo owners who have frequent visitors or those who accommodate out of town guests and family.
Some Toronto condos have an abundance of visitor parking while other condos do not which is why it’s important to ask your Realtor about it. A lot of condo buyers forget to ask this question with the assumption that all buildings have free visitor parking. If you enjoy entertaining guests in your condo, be sure to find out how many visitor spots are offered in the condo before you sign on the dotted line.
If you are looking to purchase a condo with parking in the ICON, please feel free to contact us.
If you are in the market to purchase a Toronto Condo, an important issue to consider is purchasing a parking spot. With parking in the city becoming more and more scarce, and with developers realizing more and more the value of parking, capitalization of this precious piece of land has begun. It is for this reason that purchasers should always attempt to purchase a Toronto condo with a parking spot as it dramatically increases the investment value of the unit when it comes time to resell it. Even if you do not own a car there are always ample opportunities to rent out your spot. Rental rates of parking spots in Toronto can vary anywhere from $100 to $200 a month. It is to the purchaser's benefit to buy a condo that has exclusive use to a parking spot or even better a deeded parking spot as the spot can be sold if necessary.
Most Toronto condos located in high traffic areas such as the entertainment district offer visitor parking but depending on the number of spots, they have a tendency to fill up quickly especially on weekends. In terms of new condo developments in the downtown core, because of the lack of space, condo builders have already either started to totally eliminate parking for visitors or if it is offered, often there is an hourly parking fee. Some older condo buildings such as 25 The Esplanade located in the heart of the St. Lawrence Market, have devoted certain levels of the parking garage exclusively for visitors, however visitors must pay per hour. This can prove to be extremely frustrating for condo owners who have frequent visitors or those who accommodate out of town guests and family.
Some Toronto condos have an abundance of visitor parking while other condos do not which is why it’s important to ask your Realtor about it. A lot of condo buyers forget to ask this question with the assumption that all buildings have free visitor parking. If you enjoy entertaining guests in your condo, be sure to find out how many visitor spots are offered in the condo before you sign on the dotted line.
If you are looking to purchase a condo with parking in the ICON, please feel free to contact us.
Sunday, May 24, 2009
Power Outage: June 13, 2009
There will be no power in the Icon on June 13th, 2009 from 1am-2am and 6am-7am.
To Barbecue or Not to Barbecue - That is the Question!
With the warmer weather fast approaching, one of the things that people overlook when purchasing a Toronto condo is whether their new condo will permit them to barbecue. With more and more people choosing the condo lifestyle in Toronto, it can sometimes be very difficult to find a condo building that will accommodate aspects of a freehold home into your condo such as barbecuing. This alone makes your condo search a more challenging and frustrating task. Many buyers are under the impression that condo policies on barbecues can be taken lightly. After all you do own the unit so why shouldn't you be allowed to barbecue freely on your balcony or terrace? Unless you want a lawsuit on your hands, abide by the condo corporations rules.According to The Ontario Fire Code, there are no restrictions on where barbecues can be located. The city of Toronto does allow balcony cooking however your condo corporation may prohibit these actions. An interesting fact is that it is the transportation of the BBQ on the elevator and the storage of the propane tank that is illegal not the actual barbecuing. By law, charcoal and wood fires used for cooking are legal however it is the condo corporation that will prohibit barbecue usage. To date, there have been many legal battles concerning barbecues on condos balconies; therefore it is best to do your research and due diligence prior to purchasing a condo in Toronto if barbecuing is an important aspect of your condo lifestyle.With builders now realizing the demand for barbecuing privileges, the installation of natural gas lines on balconies and terraces in Toronto is becoming more and more common. Where natural gas lines are not present, the majority of Toronto condo buildings are attempting to accommodate barbecue lovers with a rooftop terrace if they are prohibited on individual balconies.When searching for a condo in Toronto, it is important to ask your Realtor to only show you units where barbecuing on balconies is permitted. Once you've chosen the condo you would like to reside in and you've decided to put in an offer, make sure that your Realtor makes the offer conditional on your lawyer's review of the status certificate. A portion of this document deals specifically with the barbecue rules and regulations of the condo building.
If you are interested in knowing which condo buildings in Toronto will permit you to barbecue on your balcony, or if you have a particular building in mind but are not sure about whether barbecuing is permitted, please feel free to contact me and I will let you know.
If you are interested in knowing which condo buildings in Toronto will permit you to barbecue on your balcony, or if you have a particular building in mind but are not sure about whether barbecuing is permitted, please feel free to contact me and I will let you know.
Tuesday, May 19, 2009
How to Prepare Your Icon Condo Unit For Sale
When selling your ICON condo unit, it is extremely important to show it at its potential. Here are a few simple things you can do to increase the attractiveness of your condo unit to potential buyers while still keeping within a budget. Some of these items are do-it yourself projects and some require the help of a professional. Either way these changes will help you get top dollar for your condo unit and also have a great return on investment.
In cost ascending order, here is what you can do to better present your ICON condo unit for sale:
1) De-clutter and de-personalize– This is probably the most cost effective yet easy improvement you can choose to do. When it comes to showing your condo, less is more. Remove religious items, family photos, gadgets and knickknacks. Keep in mind you want the buyer to remember the condo unit and not your extensive collection of DVD’s.
2) Clean – I know you are busy, but grab the vacuum and the glass cleaner and get rid of those dust mites and smudgy windows. People can not envision themselves living in a dirty home.
3) Upgrade hardware - Are those handles on your kitchen and bathroom cabinet doors still from the 90’s? Changing the hardware is a simple and cost effective way to give a new, modern look to an old cupboard door.
4) Upgrade light fixtures- Change old, outdated light fixtures and electrical cover plates. These are cheap to replace yet make a huge difference in the appearance of a room. Don’t forget to make sure to replace burnt out light bulbs as well.
5) Paint – Freshen up the interior of your condo unit with a new coat of paint. Use a neutral colour to make the space appear larger than it is and also to allow the buyer to envision their own furniture in the space.
6) Upgrade flooring - If it’s in your budget, replace old broadloom with simple, neutral broadloom or hardwood floors. If hardwood is way out of your budget, opt for laminate.
7) Kitchen Upgrades – One of the first areas in a condo a woman looks at is the kitchen. If it’s not in your budget to re-model the kitchen then consider replacing those old appliances with stainless steel. Stainless steel appliances are sleek and will give your home that modern touch.
In today’s buyers market it is more important than ever to make your ICON condo unit more attractive to potential buyers. After all, you only get one chance at a first impression so why not make it a good one!
In cost ascending order, here is what you can do to better present your ICON condo unit for sale:
1) De-clutter and de-personalize– This is probably the most cost effective yet easy improvement you can choose to do. When it comes to showing your condo, less is more. Remove religious items, family photos, gadgets and knickknacks. Keep in mind you want the buyer to remember the condo unit and not your extensive collection of DVD’s.
2) Clean – I know you are busy, but grab the vacuum and the glass cleaner and get rid of those dust mites and smudgy windows. People can not envision themselves living in a dirty home.
3) Upgrade hardware - Are those handles on your kitchen and bathroom cabinet doors still from the 90’s? Changing the hardware is a simple and cost effective way to give a new, modern look to an old cupboard door.
4) Upgrade light fixtures- Change old, outdated light fixtures and electrical cover plates. These are cheap to replace yet make a huge difference in the appearance of a room. Don’t forget to make sure to replace burnt out light bulbs as well.
5) Paint – Freshen up the interior of your condo unit with a new coat of paint. Use a neutral colour to make the space appear larger than it is and also to allow the buyer to envision their own furniture in the space.
6) Upgrade flooring - If it’s in your budget, replace old broadloom with simple, neutral broadloom or hardwood floors. If hardwood is way out of your budget, opt for laminate.
7) Kitchen Upgrades – One of the first areas in a condo a woman looks at is the kitchen. If it’s not in your budget to re-model the kitchen then consider replacing those old appliances with stainless steel. Stainless steel appliances are sleek and will give your home that modern touch.
In today’s buyers market it is more important than ever to make your ICON condo unit more attractive to potential buyers. After all, you only get one chance at a first impression so why not make it a good one!
Friday, May 15, 2009
Power Outage
This Saturday, May 16th, 2009 the entire building's power will be shut off from 1am-2am and 6am-7.
Friday, May 1, 2009
Why work with a Realtor for rental and leasing?
A lot of individuals looking to rent a condo in Toronto or to rent their own condo for investment purposes overlook the benefits of using an experienced real estate sales representative to facilitate the transaction. One may think it's a lot easier to list their property on craigslist or other such websites in order to save money, however it may end up costing you more money down the road. Here are some benefits of using an realtor while looking for a rental and for renting out your condo.
Renting out your Condo
1. Your realtor can advertise your condo on MLS to gain exposure to more prospects
2. Your realtor can help you qualify potential prospects by getting credit checks
3. Your realtor can advise you on current rental rates for your property
4. Your realtor can negotiate rental terms
5. Your realtor will collect all post dated checks for you from your tenant
6. Your realtor will facilitate the key exchange
7. Your realtor can get reference letters from the potential tenant for your review
8. If you are renting your condo fully furnished as you will not be in the country, your realtor can check in on your property periodically to ensure it's being well maintained.
9. Your realtor can guarantee that your tenant receives contents insurance for your property
10. Your realtor can advise you on the Landlord and Tenant's Act if need be
Finding a Rental Property
1. Your realtor can show you privately various properties in the location you desire as they have real time access to the MLS system
2. Your realtor can negotiate price and rental terms to your benefit
3. There is no charge to you for your realtor's service and time
4. Your realtor will facilitate all rental requirements such as credit checks, reference letters and contents insurance
5. Your realtor will facilitate keys and post dated check exchange
6. Your realtor can help you with building a healthy relationship with your landlord
7. Your realtor can advise you on the Landlord and Tenant's Act if need be
Renting out your Condo
1. Your realtor can advertise your condo on MLS to gain exposure to more prospects
2. Your realtor can help you qualify potential prospects by getting credit checks
3. Your realtor can advise you on current rental rates for your property
4. Your realtor can negotiate rental terms
5. Your realtor will collect all post dated checks for you from your tenant
6. Your realtor will facilitate the key exchange
7. Your realtor can get reference letters from the potential tenant for your review
8. If you are renting your condo fully furnished as you will not be in the country, your realtor can check in on your property periodically to ensure it's being well maintained.
9. Your realtor can guarantee that your tenant receives contents insurance for your property
10. Your realtor can advise you on the Landlord and Tenant's Act if need be
Finding a Rental Property
1. Your realtor can show you privately various properties in the location you desire as they have real time access to the MLS system
2. Your realtor can negotiate price and rental terms to your benefit
3. There is no charge to you for your realtor's service and time
4. Your realtor will facilitate all rental requirements such as credit checks, reference letters and contents insurance
5. Your realtor will facilitate keys and post dated check exchange
6. Your realtor can help you with building a healthy relationship with your landlord
7. Your realtor can advise you on the Landlord and Tenant's Act if need be
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