• » Toronto's Smallest House For Sale
• » Average Price of a Home in Toronto $400000
• » 5 Tricks to Selling Your Home
• » Toronto's Smallest House Sold
• » The Modern Condominiums / Condos on Richmond
• » Market Watch - January 2008 Numbers
• » Real Estate Email Humor - Tax Assessment
• » Market Watch - December 2007 Numbers
• » New Listing: Homes > Pickering Town Home

• » New Listings: Condos - Yonge & 401 - Harrison Garden 1BR + Den
• » New Listing: Homes > Beautiful Stouffville Detached
• » New Listing: Condos > Yonge & 401 - Harrison Garden Blvd
• » New Listing: Homes > Pickering Town Home
• » One Sherway Condominiums - Condos
• » The Modern Condominiums / Condos on Richmond
• » Average Price of a Home in Toronto $400000
• » Market Watch - January 2008 Numbers
• » Market Watch - December 2007 Numbers

FREE HOME EVALUATION:
Sellers: Get a Free, No Hassle Home Evaluation. Find out what your property is worth now!          » Click Here

DREAM HOME FINDER:
Buyers: Get access to thousands of Condo, Loft & House listings in Toronto and the GTA!          » Click Here

Jan
22

First Time Home Buyers Guide - Part 4
Written by radu Email This Post Print This Post RSS 2 PDF

First Time Home Buyers Guide - Part 4

Part 4 of my 5 Part Series deals with Finding the Right Home. It is often difficult, especially for First Time Buyers, to decide on what type of home best suits them. At times, Wants are considered before Needs and so on. This section will hopefully help you decide on what is best for you.

Step 3: Choosing the right home

Owning a home is more than just a financial commitment. It’s also an opportunity to create an environment of comfort and enjoyment that matches the way you like to live. Matching each buyer’s lifestyle to the type of home is very important.

a. House vs Condominium

HOUSE
Pros You have more freedom to renovate or upgrade your home as you wish You only pay for the amenities and utilities that you use, instead of a lump-sum condominium fee that may include services or features you do not want or need	Cons You are solely responsible for all of the upkeep, repairs and maintenance Expenses may vary by month, making it more difficult to budget for your costs
CONDOMINIUM
Pros One monthly fee usually covers all of your maintenance costs, and you’re free from yard work and other outdoor chores Maintenance fees pay for built-in amenities, such as fitness facilities, pools and games room	Cons You are subject to the rules of your condominium. Plus, you have little control over the amount of your monthly condo fees, which are in addition to your mortgage payments Condo fees are subject to change and you may have no choice but to accept increases as they occur

b. New Home from Builder vs Resale Home

New Home from Builder
Pros You may have more flexibility when it comes to upgrading the features in your new home, such as finishing materials, flooring, plumbing and electrical fixtures In most provinces, a builder warranty is usually available and covers major household systems like plumbing and heating New homes are built to meet modern comfort and safety codes, using the latest building materials and technologies - the result is often greater cost and energy-efficiency	Cons Homes in a newly developed area may not be completed on schedule and may not have immediate access to amenities such as schools or shopping centers - these are generally built after the residential population is complete Noise and dust from ongoing construction may affect the comfort of your new home until the development is complete Brand new homes, seldom come with landscaping or fencing, which can both be substantial expenses for any homeowner
Resale Home
Pros You are most likely moving into an established neighbourhood, so you can see which amenities and services are already available Your property may already have landscaping, fencing and mature trees It may already have some upgraded features, such as a finished basement	Cons An older home could mean higher maintenance costs in the short term, especially on major systems such as heating, electrical and plumbing Resale homes come as they are, and you may have the added expense of changing wall colours, flooring or other interior design elements that don’t suit your taste

c. Why should I use a Real Estate Agent when buying a new home?

The question should be Why wouldn’t you use a Real Estate Agent when buying a new home? Many people feel that they don’t need a real estate agent to buy a new home direct from the builder, and this is true. However, there are many reasons why you Should use a real estate agent.

1. It doesn’t cost you Anything to use a Real Estate Agent when buying a new home
2. A Real Estate Agent can negotiate on your behalf to get you a better deal, or possibly many free upgrades
3. Builders are partial to their own homes. Real Estate Agents are not. A Real Estate Agent will give you the Pros and Cons of all the developments you are considering

If you are planning to purchase a new home direct from a builder, call Radu Medan today and have him represent you. Radu will be able to give you different perspectives and advice on the purchase of your new home and also be your negotiator, for FREE!

Part 5 will deal with the actual purchase procedure, making the offer and closing.

Radu Medan
Sales Representative
Coldwell Banker Case Realty, Brokerage
416.250.9000
rmedan@trebnet.com

Digg This! • Stumble it! • Save to del.icio.us • Submit to Reddit

Popularity: 4%

January 22nd, 2007(1) Comment[s]Trackback URL
Filed under: Buyer Articles, General
Tagged With:

Related Posts

Site News - Post Reviews

First Time Home Buyers Guide - Part 2

First Time Home Buyers Guide - Part 3

First Time Home Buyers Guide - Part 1

Mortgage Financing: Mini Series - Intro

TORONTO'S SMALLEST HOUSE:
Click here for all the information on Toronto's Smallest House. The most popular article on this website!
»Click Here

TORONTO LAND TRANSFER TAX:
Get the latest news and information regarding Toronto's New Land Transfer Tax. »Click Here

FOR SALE BY OWNER:
Thinking of Selling on your own? Get Tips & Important Information if you are selling your home by yourself.
»Click Here