Selling A London Ontario Townhouse With A Pre Home Inspection?

Should You Get a Professional Home Inspection Performed Before You Put Your London Ontario Townhouse On The Market?

Home Inspection London Ontario

Getting a home inspected before it goes on the market seems like a strange thing to do at first glance.  Most Realtors don’t even think of having a townhouse or townhome inspected before they list one for sale.  But once you understand how it can benefit you the seller, it turns out to be a very prudent decision.  Here’s why:

  • Home inspections eliminate any “surprises” that can delay or even kill a sale.  They also help the seller negotiate better.  In most cases, the buyer(s) will use weaknesses of the condo  (frequently from an inspection performed after the home is sold conditionally on a home inspection or a status certificate) to negotiate a lower price at a time when the seller is most vulnerable.  Rather than become a victim of such tactics, you can show you’ve already taken their issues into account in determining your price.
  • Getting an inspection before going on the market allows you to understand the real value – knowing what you may need to fix and what you want to leave alone.  It also helps you to price it better and understand what your “net” proceeds will be from a sale.  The strengths and weaknesses of your home are going to be known by the buyer at some point anyhow.  And the sooner you know them, the more you can act to minimize, eliminate, or adjust for them.

Home inspections ensure a faster close by eliminating contingencies and other issues and help provide a problem-free closing.

  • You may also want to order a status certificate BEFORE your condominium is for sale. I would say that 80% of condominium sales in London Ontario are conditional on a status certificate. Again, why not preempt any issues or delays?

Status Report

Receiving an offer for your London Ontario condominium without any conditions will relieve unimaginable stress for both you and the buyer.

 

Before Buying a London Ontario Condominium, Be Aware Of What You Are Signing

Before buying a condominium in London Ontario, be aware of what you are signing!

Signing buyer agency in London Ontario

 

Why is That?

Most real estate agents may want you to sign a Buyer Agency Agreement because without a written agreement; there are no guarantees the Realtor who finds you your new home will get paid.

Most agency agreements say, in effect, that the Realtor will help you find a place, and you agree not to work with other real estate agents during your search. That’s like someone asking you to get married, and you haven’t even had your first date yet!

Now, after reading this, hopefully, you will know enough to maybe go out with this Realtor on at least one date (viewing a few homes).  Still, you may feel uncomfortable signing a contract that obligates you to this Realtor until you buy or die.

How can you handle it?

In Ontario, licensing laws require that you acknowledge receipt of a copy of The Buyer Agency Agreement which explains what you are signing.  Who represents whom in the transaction?

It is imperative that you understand what it is that you sign, and  keep in mind, this form is from our licensing body RECO (Real Estate Council of Ontario), and there is a lot of language in there to ensure that when you buy a home, that Realtor will get paid, either by you or by the seller.

Also, keep in mind that you are free to negotiate a change to any of the boilerplate language if there are terms or conditions you can’t live with

working with a Realtor in London Ontario

Here are some of the major issues it will include:

  • How much does the broker charge and how is that paid?

In Ontario, the sellers usually pay the brokerage fees, and I’ve even heard Realtor’s telling people that their services to buyers are “free.”  Not quite.  If the listing company has negotiated a payment from the seller (called a “co-op” commission) to your Realtor of less than the amount of the fee he or she charges, the agreement may say that you must make up the difference.  In other words, if your contract calls for a 3% payment, and the co-op commission is only 2.5%, you may have to write a cheque for the difference at settlement.

  • Does the buyer broker charge an up-front contingency fee?  If so, how much is it?  Is it refundable under any circumstances?  Is it credited back to you at closing toward your down payment and closing costs?  An upfront fee is one way that a Realtor can help weed out real buyers from tire kickers, and it’s becoming more customary.
  • How long is the term of the agreement?  If you are not sure you want to enter into something long-term, and if the Realtor insists that you have to sign something, make it a week or so.  You can extend your contract at the end of that time – assuming the Realtor is doing a good job and you both want to continue the relationship.
  • What geographical area does it cover?
  • What type of property?
  • Is it possible for you to break up once you’ve signed on the dotted line?  If it turned out that you’ve made a mistake and didn’t want to work with that Realtor after all, how do you get out of it?  Most brokerages will let you out, but they don’t have to make it easy for you unless you have included language that lets you terminate.

Make every word count

When a good Realtor enters into a buyer-brokerage agreement with a new client, they know that they have to earn the trust and loyalty that the agency agreement represents.  But the deal has got to be more than a piece of paper.

 Some questions to ask

Cadeau Terrace London Ontario Townhouses & Town Homes Only

2,5,6,7,9,10,14,18 Cadeau Terrace is an adult orientated townhouse & townhome community in Byron, Warbler Woods neighbourhood of London Ontario. Most of these one-floor condominium townhomes have a double car garage and some backing on to green space.

Cadeau Terrace London Ontario Condo Town Homes

This enclave of eight townhouses and townhomes is an excellent location for nature lovers, golf enthusiasts and for those who travel and would like a safe upscale neighbourhood to live.

Depending on the Cadeau Terrace address, some units are detached with walkouts, some back onto green space, and there are some without a patio door to the backyard!

Cadeau Terrace Map London Ontario

A very well maintained area, easy access to shopping, services and downtown London located off of Commissioners Road West.

2 Cadeau Terrace 75 Units

These one-floor ranch/bungalow residences are 1700 square feet on the main floor, and most units have a finished basement and a small private courtyard. This complex did not skimp on green space, trees, shrubs and exterior finishes. Note: The residences at 2 Cadeau do not have a rear deck or back entrance door or a patio door.

  • In 2018, one  sold $440,000
  • in 2017, seven sold from as low as $340,000 and up to $431,000

  5 Cadeau Terrace 48 Units 

 These 1500+  square foot one-floor condominium townhouses have a double car garage, and the maintenance and care are quite evident and have a private courtyard. Note: The residences at 5 Cadeau do not have a rear deck or back entrance door or a patio door.

  • In 2018, two sold, one for $370,000, the other $420,000
  • In 2017, three sold, from $320,000 to $415,000

  6 Cadeau Terrace 13 Units

These 13 detached one-floor condominiums do not come up for sale very often. Eleven residences have two car garages and the other two, a single car garage. Five of the units have a walkout onto a ravine!

  • In 2018, no sales recorded on MLS
  • In 2017, one sold for $316,500

7 Cadeau Terrace 34 Units

 Called ‘Warbler Ridge,’ these 34 adults orientated condominiums have a combination of double and single car garages

  • In 2018, three sold from $332,000 to $380,000
  • In 2017, three sold from $307,719 to $370,000

9 Cadeau Terrace 39 Units

These condominium residences have a combination of double and single car garages, a few with a walk out.

  • In 2018, one sold $497,000
  • In 2017, four sold from $319,900 to $351,000

10 Cadeau Terrace 9 Units

 All nine detached townhomes back onto a ravine

  • In 2018, one sold $437,000
  • In 2017, no sales recorded on MLS

14 Cadeau Terrace 36 Units

  These detached condominium townhomes are one-floor residences that are highly sought after, some back onto a ravine for that extra privacy.

  • In 2018, no sales recorded on MLS
  • In 2017, one sold $355,000

18 Cadeau Terrace 43 Units

 These detached condominium townhomes are one-floor residences that are highly sought after, seven of them back onto a ravine for that extra privacy.

  • In 2018, two sold, one for $394,000 & the other, $351,000
  • In 2017, four sold, starting at $329,900 to $379,900

As you can see, the Cadeau Terrace condominium residences have increased in price as has all similar properties throughout London Ontario and area. To build a similar home in 2019, you are looking at a minimum $100,000 or more if lucky.

Scroll down this page, and you can request exact sales price and amenities and get an opinion on what your residence is worth.

 All the condos & houses currently listed for sale on MLS in Byron.                       

 All Townhouses & Townhomes For Sale in London Ontario & Area on MLS

Pond Mills London Ontario Townhouse Bargain, Needs TLC

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TLC & Vision for this three bedroom townhouse in London Ontario

•  Two bath, three bedroom townhouse – FOR SALE CAD185,000. What an opportunity

Here is your chance to apply your decorating skills to this three bedroom, 1 1/2 bathroom townhouse in Pond Mills, the last two sales were $225,000 and $240,000 and both sold in one week! A well-managed complex of townhouse residences, this unit has a carport, and a fenced backyard patio, low condo fees of $187 and the taxes are only $1702.03!

We all know this will not last long on the market, call now for an appointment to see this bargain.

Property information

Condo Buying in London Ontario Is Like Fashion, Changes Occur Rapidly

Are you spending countless hours searching the MLS, real estate magazines, classified ads &  real estate websites looking for the right condominium at the right price in a good neighbourhood in London Ontario?

searching for a condo in London Ontario

Going to Open Houses?

Have you missed out a few properties because they already have an offer or were sold before you even knew about it being for sale?

You may be missing out on some excellent properties that sell in a day or two or one priced so aggressively that it sells as soon as it comes on the market or in a specific area?

Is all that searching working for you or is that you wish to avoid a pesky or bothersome real estate person (don’t blame you)?

Or, perhaps you are curious, or you are in the ‘just thinking stage’ of real estate. Possibly to purchase or sell.

Like fashion, real estate changes quickly, people change, neighbourhoods change, real estate markets change, and the motivation of buyers and sellers change.

So how do I, as a real estate professional & problem solver help?

We view a lot of houses and condos every week. We do loads of searches daily for clients; we are continually researching properties, even For Sale By Owners.

Search Lpndon Ontario Condos For Sale

 

We are out looking at properties every day, we know the jungle, the alleys, the streets, avenues, crescents, what a reasonable price is, what junk is and what the games are that some play.

You won’t have to jump off any cliffs, scale any mountains, wrestle a crocodile, put up with a pushy real estate salesperson, cross-eyed lawyers, impotent mortgage lenders, near-sighted home inspectors, just put up with us!

Small price to pay to get what you want!

  These folks did, and they are still with us!

Two Bedroom Apartment For Sale Downtown London Ontario

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Downtown London Ontario Luxury Residence 19 King Street

•  1700 Plus Square Feet, two bedroom plus a den apartment condominium , only 3 residences per floor for sale $379,900

Here is your chance to live in downtown London Ontario in desirable ‘Regency Towers’ at 19 King Street. This rare and spacious two bedroom plus den residence includes 1,700+ square feet of space and is one of only three units on the entire floor! With only 39 residence condominiums in the building, these apartments very seldom come up for sale as 19 King is a few minutes’ walk to Harris Park, London Museum, Budweiser Gardens, Covent Garden Market, superb restaurants, walking and biking trails and a tremendous serene view of the Thames River.

This apartment residence has two good sized balconies with fabulous views, an updated stylish kitchen and gleaming hardwood floors throughout — two spacious bedrooms including a large master with a walk-in closet and a large master ensuite with a rainfall glass shower. The second bedroom includes beautiful wood built-in shelving & a Murphy Bed, great as an office, yet, a guest bedroom as well.

Two convenient storage lockers, as well as two underground parking spaces, window coverings and an electric fireplace, are included.

The amenities that this adult building offers is a saltwater pool, a sauna, small library, an upscale lobby, a security system and the condo fees include ground and building maintenance, caretaker and cable. Average monthly costs for hydro and gas $90, Roger’s phone ($51.56), not included in condo fees, insurance about $45 and water heater rental approximately $32!

As you can see, the location is prime, the quality and size are there, the safety is superb, and the management is top notch. Why not book your viewing now and then start packing?

Property information

How To Price a London Ontario Condominium For Sale

How to price a London Ontario condominium for sale on MLS, or a house or any other type of real estate? I won’t go into the debate about “free advice,” you know, your hairdresser, co-worker, Uncle Ted who knows everything about everything, your financial advisor, or the “Free Market Evaluation” postcard or online generalities.

Selling a House in London Ontario

Below are a few things you may want to give considerable thought to when selling a house or a condominium in London Ontario:

  • Not choosing the right price when a property is first listed. In other words, thinking “We can always come down.”
  • Put your property for sale at a realistic price. A property must be priced on a comparative basis to the other features which are similar. (I should add, everyone thinks their home is different, but buyers and their Realtor do not think so.)
  • Relate the time to sell to your price. Generally, the quicker you want to sell, the less you should be willing to take.
  • Calculating brokerage fees on top of the sales price. A home is worth what it is worth, with or without a commission.
  • Thinking that buyers aren’t comparing your home, on a dollar-for-dollar basis, with every other house on the market
  • Do not add up all your credit card debt, car loans, a line of credit, mortgage, that one-month luxury cruise and then $20,000 just for the heck of it, and that is the price! Think I am joking? I was on a listing presentation, and the price they wanted was to be able to do the above.

 

I did not take the listing because they wanted $66,000 above the present market prices. In the end, they went through 3 Realtors and ten months and got $81,000 less than their original asking price!

There is a better way!

London Ontario Condominiums 2018 And What To Expect in 2019

One of the best ways to understand the condominium market in London Ontario is to look at how many days these were on the market before being sold and what was the sale price percentage versus the asking price.

condo sales in London Ontario

Our real estate board LSTAR ( The London St.Thomas Association of REALTORS*) breaks London down into three geographical areas, North, South and East. ( I know, why not the West?) I plead silence with my opinion on why!

Sold Condominiums in London Ontario  2018
Area % of Asking Price Average Days on Market
North 102.2% 22
South 104.92% 17
East 103.49% 24

What does all this mean? The inventory of townhomes and townhouses for sale is low, and with more buyers than sellers, we see bidding wars, hence, higher sale prices. Apartment condos remain strong as well, and where townhouses and townhomes used to dominate the market, apartments are catching up, not only in the volume of sales but in price as well.

Is this a good time to sell a condominium? Yes!

For buyers, be prepared to act as there are more buyers than sellers, but do your homework and do not let emotion override prudence and common sense.

The hottest segment right now is the one floor detached or attached bungalow townhouse with a two car garage, seconded by attached townhouses.

What will 2019 bring?

2019 prediction condominium sales London Ontario

  Building permits for new construction are higher than ever for both high-rise buildings and townhouses and townhomes. Affordability is a powerful motivator for first-time buyers and downsizers over single-family homes.

  Until I can walk on water and be exact, all condominiums in London Ontario and area will experience a rise in prices because of demand.

 

London Ontario Condominium Buyers, Common Sense or Impulse?

Mark Twain wrote that humans have a lot of common sense because they don’t use it very much! I was looking at the daily home sales in London Ontario today and saw some houses & townhouses in London Ontario sold at 110% – 125% over the asking price!

Mark Twain

It seems to me that home buyers either act on impulse or self-discipline! Impulsive action is emotion (keeping up with the Jones’s or fear of loss) rather than common sense.

Acting impulsively has consequences, and for a buyer of London Ontario real estate, that could mean, when it comes time to sell, the market has not kept up with inflation, being house poor and in turn, having to become more frugal in the other areas of their life.

In the heat of negotiating, counter offers and multiple offers, most buyers act impulsively, even their sales representative.

 How I think a buyer should act.

Be prepared! First, know the facts, neighbourhood prices, your financial limitations and lifestyle and secondly, psychological preparation.

Facts are the easy part and make sure they are facts and not opinions. Mentally being prepared to walk away takes courage and good old common sense.

With common sense, you’ll have more cents!

All our clients have more cents! Here’s proof!

Mortgages Explained When Buying a Condo In London Ontario

 Mortgages Explained When Buying a Condo In London Ontario

When purchasing a real estate property, be it a condo apartment or a townhouse, unless paying cash, consumers typically finance all or a portion of the purchase price. Financing means borrowing money from a financial institution to buy, using the intended house or condominium as collateral for the loan.

getting a Mortgage London Ontario

Mortgage payments include the principal (the amount borrowed), and the interested (the amount charged for borrowing the money). Payments can be made once a month, bi-weekly, or weekly, depending on availability from the lender. A typical mortgage is for an amount that does not go over 75% of the appraised value of the property or the purchase price, whichever is lower. That means 25% of the purchase price is the down payment. However, with a high-ratio mortgage, you may pay less than 25% of the cost of the home as a down payment.

Home mortgages are available from several types of lenders: banks, mortgage companies, trust companies and credit unions. Different mortgage lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You may also get a home loan through a mortgage broker. Brokers arrange financial transactions rather than lending money directly; in other words, they find a lender for you. A broker’s access to several lenders can mean a more comprehensive selection of loan products and terms from which you can choose.

Typically it takes a few days to receive approval for a mortgage. It is recommended to get pre-approval for before you start and go out looking at properties. When you put in your offer to buy, this is almost always on the condition of getting mortgage approval as this assures everyone involved that you can pay back the mortgage without defaulting.

Qualifying For A Mortgage

  The process involves submitting your financial paperwork to a potential lender and receiving approval for a pre-determined mortgage amount. The pre-approval agreement may also guarantee an interest rate for a mortgage taken out during the 60 to 90-day pre-approval term. The mortgage lender will inquire about such things as your marital status, some dependents, age, current employment (including how long you have worked there), salary, as well as other sources of income. They will ask for a list of your assets (i.e. vehicles, cash, etc.) and liabilities (i.e. credit card balances, car loans, etc.). Lenders also do a credit check to find out if you pay your bills on time.

 To qualify for a mortgage, the applicant’s gross annual income, credit history, and assets and liabilities (past or present) all impact the outcome. Here is a mortgage calculator to help you figure out the amount of mortgage you may get..

Types of Home Loans

 Types of Mortgages

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