Buying a condo is one of the biggest commitments you’ll ever make in life. If you make the right choice, you’ll have a home that fits your lifestyle, embraces convenience and boasts amenities that make your life easier. You’ll also have a solid investment that will pay you back in years to come.

But it’s crucial to do your homework before deciding on which condo suits you best. Here are some factors to consider before you settle on your home “suite” home.

Looking to increase your home’s resale value? A few renovations and a fresh coat of paint may do the trick.

Some of the easiest ways to boost the attractiveness of your home and make it appear well-maintained are things that many of us can do ourselves. Cleaning up dirty floors/carpet may be time consuming, but it does make an incredible difference in how your home looks. Plus, if you paint the walls, preferably in neutral and pale colours like white or beige, statistics have shown that it does actually boost property value, and you’ll get at least 60% back of what you invested in the paint and supplies. While it isn’t exactly 100%, it does help make your home look brighter and larger.

If your home doesn’t really need any renovations or remodeling, don’t fix what ain’t broke. But if something needs to be improved, do it - especially if it’s the bathroom or kitchen, the two places that most buyers tend to concentrate on more than the rest of the home. So, if your kitchen looks like it’s still stuck in the 70’s, or your bathroom has cracked tiles and a dirty old toilet, then fix it! You’ll get at least 65% back of what you’ve spent to renovate, and chances are you won’t have to sell your home with the dreaded label, “as is”, seriously compromising the asking price.

It may come to a surprise for some, but seasoned buyers and sellers know that a routine part of the buying/selling process for a condo or loft is the inspection. Not just reserved for houses, a home inspection is necessary to ensure the buyer won’t be facing any unexpected and unpleasant surprises.

What does the home inspector do?
Don’t think that the inspector just goes straight to the unit. The entire building will be checked.

First, the home inspector will check the outside and inside of the condo. Outside of the condo, the facade will be checked to make sure it is in good shape. Things like crumbling bricks, cracked glass/windows and damaged stone will be noted. The roof, one of the most important structural elements of any building, will be examined. If there is an underground or attached parking lot, that may also be inspected for problems, particularly leaks.

On the inside of the condo/loft building, it’s not just the unit that will be checked. Wiring, heating systems, ventilation systems, and plumbing will be examined. Common areas are also examined to ensure proper maintenance and service.

Then, finally, it’s off to the unit.

And remember: before the home inspector arrives, make sure to ask the property manager for access to any areas that may be locked.

Savvy medical professionals stand to make a tidy retirement income by trading their scrubs for a condo speculator’s fedora. This type of lucrative retirement income doesn’t require an MBA – all you need is some start-up capital and a good eye for property that will be coveted.

Toronto’s condo market is hot and shows no signs of abating. With millions of dollars of construction in the works and even more in the planning stages, it’s not uncommon for investors to end up with a positive cash flow after buying early and flipping or renting a unit.

Indeed, one of the most popular ways for a speculator to make money is to buy a condo and rent or resell it for a higher price. In order to be profitable, the rent needs to be higher than the mortgage interest, taxes, condo fees and resale costs. An increase in property value over time also puts money in the investor’s pocket.

But the best investment might well be pre-construction purchases. Prices typically climb as completion nears and similar units sell out. Investors looking to resell a condo quickly can bank on paying a discounted price early in the pre-construction sales cycle and reselling the unit soon after closing at a much higher price.

Some tips to remember as you jump into the market are:

Buy low and sell high. Avoid buying real estate at market value. Buy new developments as early as possible. If you can, get on the insider investor list or attend brokers’ opening nights. It’ll save you thousands of dollars.

Look for projects with 200 or more units. Smaller buildings can have high maintenance fees since they carry large fixed amenities costs and are divided by a small number of residents. Reserve funds with large buildings will have larger pools, safeguarding the tenants from extreme expenses.

Look for buildings with great amenities, such as a rooftop patio, garden, waterfall, movie room, party room, gym, pool, billiards room, etc. Luxury amenities add to the appeal of any unit, making them easy to rent and re-sell.

Snatch up the best floor plan available. Every building has premium and more average plans. Learn how to read them and pick the best ones in each project.

Get advice. If you find yourself juggling several options, find an expert to help you resolve the issues that are holding you back from making a clear choice. A real estate investment specialist will have the experience to help you find the most qualifying investments and can also get you to the front of the line.

A chunk of home buyers are first-timers with limited income and a small nest egg.

Luckily, many have the assistance of partial funding from their parents. Since parents see the value of owning property, they often support their children by paying off a substantial amount of the price. Usually, it is simply a gift that does not have to be returned or an interest-free loan. And seeing that Toronto is the second most expensive city in Canada to buy property, parents are a big help. Imagine - the average price per square foot in Liberty Village downtown is a staggering $588!

Surveys have shown that first-time buyers often have to compromise. Whether it be location, size, price or features, many buyers simply cannot afford their dream home.
But that doesn’t mean you can’t try. Contact me and let me know what your lifestyle and expectations are. I’ll try to find something that best suits your needs, no strings attached!

MLS is something that many buyers misunderstand when they first start to look for their perfect property. Did you know that a condo or home can be bought before it ever appears on the public MLS website? When a property is listed by an agent, it is placed on MLS but that listing can take up to 2 days to appear on the public version of the system. Realtors use a system called Stratus, which is not accessible by the public. (more…)

Your home can be in tip top shape, priced fairly, and be in a great location. But if it is unwelcoming to prospective buyers, it is destined to stay on the market for a long time.

When it’s time for your open house, make sure your home is presentable and welcoming. Here are some tips to help you out as the seller.

1. Clean the place up! Nothing is worse than a messy and dirty house. Garbage, fingerprints, smears and lint or dirt on the floor/carpet can negatively affect a prospective buyer’s perception of the property. And don’t forget the outside, too. It’s just like how you wouldn’t go to a job interview unwashed and in dirty clothes, right?

2. You’d be surprised how many homes are rejected because they smell bad. Nobody wants to live in a smelly house, so make sure you air out the place before showings. You may want to get some air fresheners (that aren’t too strong and overwhelming) or even bake some bread before prospective buyers arrive. That way, the place smells more “homely”.

3. Think about investing in some “show” furniture and decorative items. While it may cut into your budget or profit from selling your home, decorating your home with a few nice pieces really adds value to the place. It shows the potential of the home to prospective buyers and makes the property more attractive overall. Make sure that the pieces you select are contemporary or add to the general atmosphere, so that they don’t look out of place.

There are even some companies in the city that specialize in decorating your home just for the purpose of helping you sell it.

4. Sometimes, adding a few seasonal touches makes your home more sellable. For example, in the winter you may add some tasteful holiday decorations, but don’t go overboard!

5. Finally, personal items such as pictures and knicknacks make your home more personal…to you. They’re like a marking of yourself. That’s why removing them is a good idea so that prospective buyers won’t feel like such a stranger or intruder to the home. They’ll also be able to envision their stuff around the house, rather than your stuff.