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Wed, Apr 29th - 6:03AM

Thinking Condo?
Thinking condo?

Thinking Condo or considering the purchase of a Condo?  Are you a "condo person"?  Most people who are, know they are.  If you don't know, then you need to educate yourself a bit.  It will help you decide what type of property you should purchase; Condominium or Freehold.  There are different types of condos, but the most common are condominium apartments and condominium town houses.

What is a Condominium?  The definition from ABOUT.COM states:  A condominium is one of a group of housing units where each homeowner owns their individual unit space, all the dwellings share ownership of areas of common use.  What are common use areas?  Well, the lobby, the gym, the pool, the media lounge, the hallways, any outdoor space (yes, including your private balcony or terrace!), and the party room are all prime examples.  While numerous common areas have been noted here, the actual list will more than likely be much longer and will depend on the offerings of the condominium complex itself.  Individual units may also share walls.  The main difference between condos and freehold properties is that you do not own a plot of land.  All the land a condominium sits on is part of the common area which is owned by everyone.  When you receive a deed to your condominium, it is for the unit you purchased, not the land the building sits on.

A condominium is a Corporation which is overseen by a property manager.  The property manager collects monthly fees that covers building maintenance.  Maintenance is an area where there are large differences between the two types of ownership. Each month, the condominium owner pays fees that go to the general running, upkeep and maintenance of the corporation.  The monthly fees cover things such as lawn and garden care, snow removal, upkeep of facilities (i.e. gym, pool, sauna, party room, etc.), elevators, access roads, parking garages, exterior window washing, concierge services, gate house services, plumbing, roofing, windows, etc.  Part of the monthly fee is also directed to a reserve fund (kind of a rainy day fund to cover things such as unexpected major repair work).

As an owner of a condominium, you are responsible for the upkeep of the interior of your home.  For example, plumbing issues (only those pipes which are accessible, including behind shower walls), heating and air conditioning, interior window washing and general cleaning and maintenance. 

Some condominium corporations will also cover the fees for water, electricity, heating, air conditioning, parking and cable television.  More and more, you will find that condominiums are no longer covering the fees for electricity and water.  The amount of the monthly fee is directly related to the size of your unit. 

The main "plus" of condominium ownership, according to many people, is the fact that when you leave your unit, you lock the door and forget about it.  Security is generally top-notch.  This is a great feature if you travel frequently.

If you have any questions regarding the condominium lifestyle, please contact me, or visit my website www.gtamoves.com or www.vitopirri.com .  Ready to take the leap?  Click here to order your condo!


Comment (3)


Sat, Apr 25th - 7:47AM

Mississauga property I recently sold...
Here is a great property I recently sold in northwest Mississauga.  It's in a great neighbourhood on a well established street.  The lot is a decent size, too.  If you're interested in purchasing a similar property, please contact me.  You can view lots of listings on my site, www.gtamoves.com or www.vitopirri.com . 

 

3654 Forest Bluff Crescent, Mississauga Ontario*

List Price:  $419,000.00    

MLS Number:  W1566324

3 Bedrooms, 3 Bathrooms

Britannia & Nineth Line area  


Comment (2)


Sat, Apr 25th - 7:43AM

Toronto property I recently sold

Here is a stacked townhouse I recently sold to some clients.  It's in a great area, walking distance to subway and shopping.  It has a huge outdoor deck.  If you're interested in purchasing a similar property please contact me.  You can also view listings on my website www.gtamoves.com or www.vitopirri.com . 

 

143-760 Lawrence Avenue W, Toronto Ontario*

List Price:  $272,000.00    

MLS Number:  C1574011

2 Bedrooms, 2 Bathrooms

Lawrence & Allan area  


Comment (3)


Sat, Apr 25th - 7:29AM

Welcome to Vito Pirri's Blog

What the Provincial Government is doing that is going to cost you more money

The provincial government is proposing a bill the will require homeowners who will be selling their home to conduct an energy audit at the homeowners expense before you can sell your property.  The Toronto Real Estate Board and the Ontario Real Estate Association are lobbying the provincial government their concerns and are urging the government to amend the bill (Bill 150), the Green Energy Act making the energy audits voluntary.

What does this mean to you?  That you will have to spend up to 500.00 to list your property for sale.
The reason the provincial government is doing this is so prospective buyers know in advance what issued regarding energy consumption and its costs.  Things such as this are covered somewhat in a Home Inspection.

I rarely have clients worrying about energy consumption for a property, except the age old question of "how much is the electricity bill each month?"  As an owner, if you feel this mandatory audit is an unnecessary expense, contact your Member of Provincial Parliament.

As an aside, the proposed harmonization of the GST and PST also mean that the cost of selling your property will cost you more (among HUNDREDS of other consumer items, such as gas, insurance, food, clothing).  Right now you pay 5% GST on the Realtors fees (commission).  Once the harmonization is in place, that amount increases to 12% of the commission.  If you are against the Harmonization, make sure you contact your Member of Provincial Parliament to voice your displeasure as well.

If you against both these proposals, contact your Member of Provincial Parliament.

Visit my website www.gtamoves.com or www.vitopirri.com .



Comment (2)


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