Archives pour l'étiquette real estate broker

The Risks of Overpricing Your Home

Most real estate brokers will tell you: overpricing your home from the moment you put it on sale is asking for trouble. You have so little to gain and so much to lose. Here are the reasons why.

A seller may be tempted to ask for an exaggerated price in case a buyer, too naive to realize it or too rich to afford wasting time, finishes by taking the bait. That is wishful thinking. The odds of that happening are slim. Very slim.

Perhaps the homeowner thinks, since there is no hurry, that he will patiently wait for his price, comfortably seated at home. A buyer will eventually come knocking. Wrong!

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Perhaps the seller overestimates the value of his property or demands an unreasonable price to compliment his homeowner’s pride. No matter the case, he will regret his decision. Continuer la lecture

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Buying a Condo: An Overview

The last article of our series on buying a condo focuses on additional information the buyer should know before signing the ultimate contract: services, property taxes, new home warranty program, developer, and insurance.

Ask the condo manager about the municipal taxes and the services offered: garbage pickup, road repairs, snow removal, etc. Are the general services included in the monthly fees? Some co-owners pay independent contractors through an additional condo service charge.

To get an idea of the property tax amount you will have to pay, contact the municipality if the building is new. In the case of a resale condo, ask the property manager to provide you with a copy of the most recent property assessment and most recent tax statement. The real estate broker may also have this information on hand. Continuer la lecture

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The Promise to Purchase for Condominiums

As for any single home, you will have to write a promise to purchase to acquire the condo you wish to buy. Although the content of both forms is similar, the promise to purchase for condominiums includes some particularities. It is in your best interest to know them well.

In the case of a divided co-ownership property, the promise to purchase includes:

  • the cadastral description of your private portion;
  • if the parking lot and storage space are also private portions;
  • the cadastral designations of the parking lot and storage space;
  • the share and cadastral description of the common portions; and,
  • whether the parking lot and storage space are private portions, common portions for restricted use or other; and,
  • the area of the condo’s private portion described in the certificate of location.

Continuer la lecture

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How Important Is Your Home’s Exterior?

Spring is fast approaching. That means many buyers will be looking for their desired home. Sellers, on the other hand, will try to make their property look as alluring as possible. Where to start? With the exterior, of course.

Most sellers will instinctively renovate their home’s interior. However, the buyer’s first visual contact is with the exterior, either directly or through pictures on social media sites.

Most buyers will contact the seller or their real estate broker if they see a picture of a property they like. If the facade and landscaping are unattractive, the buyer may move to the next picture, unless the pictures inside are incredible. If the buyer is physically facing the house, he or she will keep on going and move on to the next property. Continuer la lecture

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Condo Fees and Inspection

Anyone who wishes to buy a condo should analyze these two issues very carefully before taking action: the monthly fees, and the general condition of the building, including the private and the common spaces. Need advice?

Before looking at the monthly fees, let us review the importance of the condo inspection. Many of us believe it is useless to have a condo unit inspected since it is more like an apartment than a single house. Plus, no one has an apartment inspected before renting it. Bad idea!

Specialists in the field know all too well that it is best to have a condo inspected before buying it. Not only the private area but also the common grounds: hallways, staircases, exterior walls, roof, foundations, land, etc. Just like a home purchase, you can demand the right to have the condo inspected in your offer to purchase. Continuer la lecture