Are You Ready To Buy A House

Purchasing a home has the dubious distinction of appearing on a couple of “significant” lists. It’s right up there at the top of the “most stressful experiences list”. And for most adults, home buying will be the single most expensive item that they’ll ever purchase. And home buying doesn’t tend to lose its status on these lists, no matter how many are purchased over the course of a lifetime. So if purchasing a home is an expensive, stressful experienced even for veterans at it, what does this mean for first time home buyers? And how welcoming is the Canadian homes for sale climate these days anyway?

In many ways, the Canadian home sale market recently is mirroring the one in the United States. As the global Great Recession ends and the economy improves in both countries, the real estate market is as well. As people regain their economic footing, their thoughts are once again turning to home owning. To the point where demand is exceeding supply. While things are improving in the construction industry in both countries, between playing catch-up and dealing with labour shortages, fewer new single family homes are being built. This housing shortage means it’s a seller’s market these days. Many realtors are reporting that buyers can’t find homes in desired communities, or are paying well above asking prices to fend off rival buyers.

But don’t panic just yet. This is what realtors are reporting, remember. And our arrival into the digital realm has afforded us with other home seeking options. For example, there are a number of home buying apps now on the market to help you quickly search listings in various neighbourhoods, plus provide tutorials in mortgage seeking, and other real estate essentials to arm you in your search. Social media sites like Facebook, Twitter, and Pinerest can be great places not only to pick up house hunting tips, but actual home listings, plus photographs of the homes in question. Sharp eyed readers can sometimes glean information about homes almost but not quite on the market, by paying attention to the activities of social site posters. If your virtual “friends” know that you’re searching, you can enlist hundreds of additional eyes and ears to pass along real estate leads.

And if you do want to go the realtor route, many companies are now aggressively establishing social media accounts. In the time it takes to make an appointment to look at a house with a realtor, he or she could already be searching for you, if contacted online.

Important Tips For First Time Condo Buyers

Recently, condo purchases in Toronto have become increasingly popular as buyers look for single-family home alternatives. Consumers who have never before considered purchasing a condo may be curious about the process and the advantages associated with owning a condo over a traditional home. A condo is similar to an apartment building, although the precise structure can vary from one complex to another. In some cases, there may be only two condominiums in the building or there may be several condos in the same building. Unlike with most apartments; however, residents own a condo and do not rent it.

Due to the fact that you own the condo and pay a mortgage each month you will be able to build up equity in the same way you would with a conventional home purchase. This can also help to improve your credit rating over time as you make all of your mortgage payments in a timely manner.

Among the many benefits a condo has to offer are maintenance-free living and convenience. In most cases, a homeowners association will take responsibility for all matters related to property management when you own a condo. While this can help to dramatically reduce the amount of time you need to spend worrying about upkeep, it is important to make sure you are aware of the various assessments and fees associated with a condo purchase. You should also make a point of asking whether you will also be responsible for upkeep and maintenance of common areas in the condo building, such as the parking lot and the lobby.