Many of my clients have voiced their concerns about rising interest rates. With prime rates constantly in the news, it’s easy to understand why many people have questions about these increases and how it will effect their buying power. To kick off the ‘SMart-ens London Living Series‘, I took my client to meet with Carina Demedeiros Mortgage Specialist and ask some important questions on everyone’s mind.
Want to learn more about market changes? Follow along on our social pages:
If you’re a first time home buyer, downsizing after retirement or just looking for more space with a growing family; moving can be a difficult journey. There are a lot of things to consider when you’re ready to move. Finding the right neighbourhood can be one of the hardest elements, especially if you’re not from the city you’re moving to. That’s why we’ve started the ‘SMart-ens London Living’ series.
We’ll be exploring all the neighbourhoods of London Ontario and surrounding areas. We’ll discuss average costs, perks and downfalls of the neighbourhood, and what type of lifestyle is best suited for the location. From growing families to single, first time home buyers, we’ll find the right neighbourhood for you!
A lot of first time home buyers are looking at condo options. We’ve created a breakdown of condominium corporations you could come across during your search. To learn the difference between condos and freehold homes click here.
Standard Condominium Corporation
This is the most common type of condominium. These units can be in an apartment building, row-townhouses or stand-alone townhouses. • You own the interior, condo corporation owns any land and exterior • Owners have an interest in the property’s common elements and assets (ie. hallways, elevators) • Condo fees cover most exterior costs like snow removal, insurance, ground maintenance, parking, water and common area maintenance
Common Elements Condominium Corporation
This type of condominium has no units and only has common elements such as a road, a golf course, or a ski hill. Riverbend in London is an example of this. Owners enjoy the common elements and jointly fund the maintenance and repair through condo fees. • The part of land you own is considered a parcel of tied land (POTL) • It is permanently attached to your common interest in the community
Vacant Land Condominium Corporation
This option is very similar to a free hold home, but with some extra maintenance perks. Buyers often own the building and the personal property. Common areas the city would usually own (such as sidewalks and parking lots) are owned and managed by the condo corporation.
• Land maintenance such as snow removal or lawn care is covered by fees • Fees are very low in comparison to other options • The condo’s declaration may restrict development size, construction or design standards
Leasehold condominium corporations
Mobile home parks are a great example of leasehold properties where the land is not owned by the condominium corporation. The cost of the land isn’t included in the price of the condominium, but a portion of the fees do go to the landowner. The lease term must be between 40 and 99 years, so you will enjoy many of the advantages of owning a freehold condominium. You can sell, transfer, mortgage and take other actions with your unit without asking the landowner for permission.
• The sale price you can ask for your unit may be affected by the time remaining on the land lease • Once the ground lease expires, the property owner could loose the right to occupy the unit
All these options have fees attached, so make sure you confirm what’s included before signing the dotted line! If this seems overwhleming, give me a call. We can work through it together!
Moving in to a new build home is very exciting! You pick the colours, the landscape and sometimes even the layout to create your dream home. There are a few important elements you should think about when building your home that many first time builders find surprising.
New builds come with extra costs
It’s important to remember that the price tag of a new build home doesn’t always cover everything you need. Here are a few extra costs when purchasing a new build.
How you prioritize these items is up to you, but make sure you include them when budgeting for your new build.
Properties are developing neighbourhoods
When looking at new build properties, it’s important to remember the current landscape you’re moving into will likely look much different in 5-10 years.
Here are some things you may want to research to ensure your neighbourhood will have everything you’re looking for once the development has fully matured. You can find most answers by contacting your city hall.
– What school district is the property currently in and will there be a change once it’s completed? Is there a new school being built? – Are there any condos or apartment buildings planned in the next 5-10 years? – Will there be commercial developments going in nearby? Coffee shops? High end grocery stores? Or corporate offices? – Is that beautiful forest behind your home protected, or could it be torn down in the future for more development?
New builds are construction zones
And remember, when moving into a new development there will be construction. This means dust and mud for potentially the next few years depending what stage you move in. But things will get better! Remember, it takes up to 10 years for a neighbourhood to fully mature, so be patent. Once its complete you’ll be living in your dream home and it will all be worth it!
Looking to move into a new build? I have some available in Southwestern Ontario! Find out more HERE and give me a call.
Spring is here, meaning it’s new build season! We’re starting to see some exciting opportunities coming to the Southwestern Ontario housing market. If you’re looking to move into a new build, now could be your chance!
Lucan New Build Properties
These new builds are single detached homes starting at 2200 square feet, 3-4 bedroom dwellings built by Eldorado Homes in the quaint town of Lucan Ontario. With a population just under 6000, Lucan is the best of small town living, with everything you need just 20 minutes away in London. Lucan is home to great schools, parks for families, and locally owned restaurants. Not to mention, it’s the home of Baconfest!
These properties are exclusive to Team Forster and will be released in just a few weeks. They will not be listed on MLS, so contact me today to receive a pre-registration package.
Warbler Woods New Build Condos
Nestled in picturesque West London is the new community of Warbler Woods. Built by the prestigious Legacy Homes, these Three Story Condos are just minutes from the heart of London.
The fastest growing city in Ontario, London is home to some of the best schools in the country. Known as the Forest City, there is no shortage of walking trails and nature hikes in the Warbler Woods community. From sports to live entertainment, anything you’re looking for London has it.
Currently in the pre-construction stages, these new build units won’t last long. Contact me today for more information on these exclusive properties.
Sarnia New Build Townhomes
If you’re looking for a new build property near beaches, biking trails and the occasional shopping trip to the US, then Sarnia might be the place for you. This border community has a big footprint for a town of 70,000 people. Just an hour away from London, the cost of living is much lower, with the perks of larger properties and small town feel.
These 4 bed, 3 bath townhouses will be on the market this summer exclusive to Team Forster. Contact me today for pre-registration information.
If you have questions about these or any other properties, give me a call.
It’s finally Spring, which means it’s almost moving time! Did you know most Canadians move in the Spring and Summer months? Moving can be the most stressful time in a person’s life. All March we featured a check list on our Facebook and Instagram pages for the weeks leading up to the big day. Use this check list when you’re moving to a new city, or moving into your dream home around the corner!
4-6 Weeks before you move
Get to know location of doctor, dentist, pharmacy, hospital, shopping
