101 Streetsmart Condo Buying Tips for Canadians

101 Streetsmart Condo Buying Tips for Canadians

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  • 製本 Paperback:紙装版/ペーパーバック版/ページ数 223 p.
  • 言語 ENG
  • 商品コード 9780470838129
  • DDC分類 643.120971

Full Description


Informative and comprehensive, this book is a must-have guide for people who are shopping for a condominium. Condominiums are fast becoming the purchase of choice for people who are looking for the amenities of an urban lifestyle, hands-off maintenance, and an entry into the real estate market for often less than the price of a detached single-family home. The appeal of a condominium lifestyle has resulted in incresed demand and consequently higher purchase prices. So it is crucial that prospective buyers understand what makes a condominium differnt from other types of real estate and what is involved when they decide to invest. In 101 Streetsmart Condo Buying Tips for Canadians, bestselling real estate author Douglas Gray offers condo shoppers everything they need to know to make their purchase a pleasant and profitableexperience. Realders will learn about matching the purchase to their needs and risk tolerance, financing strategies, negotiation tactics, and how to close the deal and pitfalls to avoid. In addition to the many streetsmart tips, the appendix includes a glossary of real estate terms, useful websites, and helpful checklists.101 Streetsmart Condo Buying Tips for Canadians will appeal to condo purchasers who want reliable and objective information to help them make an informed, insightful, and confident decision when they buy.

Table of Contents

Acknowledgements                                   xi
Introduction 1
CHAPTER 1: Is a Condominium the Right Lifestyle 3
Choice for Me?
Tip #1: Condo Course 101 3
Tip #2: Understanding the Types of Condos 5
in the Market
Tip #3: Advantages to Look for in a Condo 9
Community Lifestyle
Tip #4: Disadvantages to Think About in a 10
Condo Community Lifestyle
Tip #5: The Benefits of Buying a Condo as 11
an Investment
CHAPTER 2: A Crash Course in How a Condominium 13
Is Run and Managed預nd What That Can Mean for
an Owner
Tip #6: Read the Act 14
Tip #7: Know the Powers of the Council 14
Tip #8: Who Minds the Farm? 15
Tip #9: Can You Live with Your Obligations 18
as a Condo Owner?
Tip #10: Know Your Rights Before You Buy雄ou 19
Could be Surprised
Tip #11: The McCoys vs. the Hatfields 20
Tip #12: When in Dispute... 20
Tip #13: The Cost of Membership: Part 1 22
Tip #14: The Cost of Membership: Part 2 25
CHAPTER 3: Financing Strategies for Your Condo 27
Tip #15: Understand How Federal Government 27
Policy Impacts Interest Rates
Tip #16: Why the Money Supply Affects 28
Mortgage Rates
Tip #17: Know that Rates Vary Among Lenders 29
Tip #18: What Kind of Borrower Are You? 29
Tip #19: Different Properties Mean Different 30
Rates
Tip #20: Know the Mortgage Hierarchy 30
Tip #21: How the Mortgage Term Is Connected 31
to the Interest Rate
Tip #22: How to Determine the Maximum 31
Mortgage You Can Afford
Tip #23: You Own the Property When the 33
Mortgage Is Dead
Tip #24: Know the Fine Print Before You Sign 34
Tip #25: How a Pre-approved Mortgage Can 38
Help You
Tip #26: Where to Find Conventional Financing 38
Tip #27: Alternate Sources of Financing 42
Tip #28: Understanding the Special Clauses 45
in a Condominium Mortgage
Tip #29: Where to Begin Shopping for a 46
Mortgage
Tip #30: Using a Mortgage Broker 47
Tip #31: The Key Factors to Consider When 48
Selecting a Mortgage
Tip #32: What You Need to Know When Applying 53
for a Mortgage
Tip #33: Understanding What the Lender 55
Requires of You
Tip #34: Beware the Many Costs of Obtaining 56
a Mortgage
Tip #35: Mortgage Life Insurance Premiums 61
vs. Term Insurance
Tip #36: Using the Money in Your RRSP 62
Tip #37: What Your Options Are If You 63
Default on Your Mortgage
Tip #38: Options for the Lender on Default 65
CHAPTER 4: Purchasing Your Condo 69
Tip #39: Understanding What's Behind Real 69
Estate Cycles
Tip #40: Identifying the Three Types of Real 71
Estate Markets
Tip #41: Identifying Factors that Affect 72
Prices
Tip #42: Assemble Your Team: How to Find the 75
Right Realtor
Tip #43: Assemble Your Team: How to Find the 78
Right Accountant
Tip #44: Assemble Your Team: How to Find the 80
Right Home Inspector
Tip #45: Assemble Your Team: How to Find the 83
Right Insurance Broker
Tip #46: The Essential Factors of Buying a 84
Condominium
Tip #47: Know the Real Reason Behind the 90
Listing
Tip #48: Where to Look for Your Condo 92
Tip #49: Pros and Cons of Different Types of 96
Condos
Tip #50: Know Your Warranty Coverage for a 101
New Condo
Tip #51: How Do You Know If the Price Is 101
Fair?
Tip #52: Factors that Drive Your Buying 106
Position
Tip #53: How to Prepare for Negotiation 107
Tip #54: The Fine Print of Presenting an 109
Offer
Tip #55: Get Title Insurance 110
Tip #56: Typical Costs When Closing a 111
Purchase
Tip #57: You Can't Hide from the Taxman 113
Tip #58: Income Tax and Your Personal 117
Residence
Tip #59: Capital Gains or Income on an 118
Investment Property?
Tip #60: Income Tax and Investment Property 119
Tip #61: Can You Have a Rental Suite in Your 119
Condo?
Tip #62: Operating a Home Business from Your 121
Condo
Tip #63: What Are Typical Preparation 125
Pitfalls to Avoid?
Tip #64: What Are Typical Due Diligence 126
Pitfalls to Avoid?
Tip #65: What Are Typical Partnership 127
Pitfalls to Avoid?
Tip #66: What Are Typical Financing Pitfalls 128
to Avoid?
Tip #67: What Are Typical Legal Pitfalls to 129
Avoid?
Tip #68: What Are Typical Investment 130
Pitfalls to Avoid?
Tip #69: What Are Typical Tax Pitfalls to 131
Avoid?
Tip #70: What Are Typical Selling Pitfalls 132
to Avoid?
CHAPTER 5: Legal Aspects of Buying a Condo 133
Tip #71: Know the Difference Between 133
Freehold and Leasehold Interest in Land
Tip #72: Understand the Various Types of 134
Joint Ownership
Tip #73: What You Need to Know About a Legal 136
Contract
Tip #74: What to Look for in a Purchase and 137
Sale Agreement
Tip #75: Ensure that Conditions of an Offer 142
Are Clearly Stated
Tip #76: Conditions for the Benefit of the 143
Purchaser
Tip #77: Conditions for the Benefit of the 144
Vendor
Tip #78: Know Your Legal Options to Get out 145
of a Signed Contract
Tip #79: Understanding Project Documents 147
Tip #80: Understanding the Condominium 148
Corporation's Bylaws
Tip #81: Understanding the Condominium 150
Corporation's Rules and Regulations
Tip #82: Understanding the Disclosure 151
Statement
Tip #83: Understanding the Condominium 152
Corporation's Financials
Tip #84: Understanding Property Management 154
Tip #85: Understanding the New Home Warranty 155
Program Certificate
Tip #86: The Ins and Outs of Hiring a Lawyer 156
Tip #87: Understanding the Services the 158
Purchaser's Lawyer Provides
Tip #88: Understanding the Services the 162
Vendor's Lawyer Provides
Tip #89: Protecting Yourself with Home 165
Insurance
Tip #90: How to Avoid Being Sued 173
Tip #91: Why You Need an Up-to-Date Will 174
Tip #92: Rely on a Lawyer to Prepare Your 177
Will
Tip #93: The Importance of Estate Planning 179
CHAPTER 6: Selling Your Condo 181
Tip #94: The Best Time to Sell 181
Tip #95: Hints on Preparing Your Condo for 181
Sale
Tip #96: Know the Pitfalls of Sale by Owner 187
Tip #97: How to Find the Right Realtor 192
Tip #98: Getting the Best Price 192
Tip #99: Know the Contents of a Listing 193
Agreement and Avoid Problems Post-Sale
Tip #100: How Much Commission to Pay a Realtor 194
Tip #101: Which Type of Listing Agreement 194
Fits Your Needs?
Conclusion 197
APPENDIX:
Condo Buyer's Checklist 199
Condo Purchase Expense Checklist 209
Glossary 211
Helpful Websites 221
Reader Feedback and Educational Resources 224
About the Author 225