A Poor London Ontario Condo Decision?

This complex is located right across from Masonville Mall and bordres on Richmond St and Sunnyside. Over the years these 1, 2 and 3 bedroom units have been sought after because of the location, price and the proximity to The University of Western Ontario.

The 4 buildings at Masonville Gardens were in need of updating, be it the windows, lobbies, roof, electrical, facade and eliminating the wood fireplaces and restructuring the balconies and excavating the foundation around all 4 buildings.

Jacksway Court troubles

The complex will look great when completed however, right now there is a legal quagmire, see this link here in The London Free Press.

There have been some sales over the past year or two and I have talked a few buyers from buying these, especially investors and parents for their children. What amazes me the most are the buyers who have purchased in there without getting a status report or their lawyers not thoroughly reviewing the report and allowing their clients to buy!

An experienced professional Realtor would know about troubled condo corporations, the history and the challenges. That is not to say those challenges could not be overcome by a professional, (there is always a way), yet people make poor choices when spending $1000’s of dollars because they will not listen or allow their bravado to overcome common sense.

Great Tips Before Buying a Condo in London Ontario

 Before buying a condo in London Ontario, following these ideas, tips and real life experiences and then implementing them most likely will save you money, time, worry and allow you to sleep better!

Buying a condo in London & South West Ontario can be a roller coaster of emotions …. Finding the right one that fits your budget and lifestyle…. Securing a mortgage….. moving in. And, if you’re like most, this condo may be your largest investment. Emotions over such a large and personal purchase can often cloud common sense & unbridled enthusiasm.

condos

Many condo buyers do very little research before “diving in” and investing their hard-earned money. Oh, they may have been going to ‘open houses’, searching MLS or viewing realtor websites and that is usually all they do, but there is more that could be done before making an offer.

Below are a few ideas and with the help of the right real estate professional, (ask them these 11 questions first)you’ll make a good sound decision that you’ll be happy and proud of for years to come.

Inspect, Review and Double Check:

Get a home inspection by a professional home inspector who is thorough and can explain to you his or her findings. For apartment condos, you may or may not want to do the inspection yourself because the windows, doors, roof etc are covered by the condo corporation. Turn on all the appliances, the heat or A/C, all lights, flush the toilets and run all the taps in the house and check electrical switches and receptacles.

​  Have your lawyer review the Status Certificate which will cover  the by-laws and  fees, restrictions and the financial staus of the condo corporation.

Don’t take anything for granted… inspect everything!

    Imagine the unit vacant:

Your furnishings and decorations will be the ones filling this new residence. Don’t be swayed by beautiful furniture….it leaves with the owner.

    Income plus Lifestyle Equals Mortgage Payment:

  Sit down with us and honestly discuss your income level and living expenses. Take into account future considerations like: job security or transfer, life style, amenities or fix-ups.

View More Than One Building or Neighbourhood:

Go through at  least 4-6 properties. Don’t get excited on the first property you see, if you really like it, use it as a yard stick and if the others do not compare, act quickly.  With a patient Realtor, you’ll be able to view enough properties to get a good overall perspective of your market. And when you find the right property, all the leg work will be worth it.

  Utilize The Professionals You Are Working With: 

  By aligning yourself with the right real estate professional, you’ll have an entire group of professionals working for you. Top Realtors have lenders, inspectors, appraisers, lawyers, trades people, cleaners….an entire group of trained professionals making the whole buying experience simple and easy for you.

   More Checking to Do: 

 Check out all your costs and expense before you sign: condo fees, utilities, cable, taxes and insurance. Make sure all utilities are on (gas, electricity, and water) when you do see the unit,  so you can inspect everything is in working order, Ask lots of questions and be very detail conscious. (I use a detailed room by room review manual with every client, it covers everything)

   Do a Final Walk-Through Before Closing: 

 Visit the property 2-3 days with your Realtor  before you move in to make sure there are no surprises. Be absolutely sure the appliances, fixtures and any chattels are still there  as you had agreed upon when the offer was accepted. Many times, things are unintentionally overlooked that could have been spotted in a final walk-through. (This is a standard clause in my Agreement of Purchase and Sale)

  Plan for Flexibility if Needed: 

 Closing dates are not written in stone. Allow for contingencies and have a back-up plan. If you or the sellers need a little more time to conclude the final arrangements, don’t let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction; however, with a great real estate professional and his/her teams, this will seldom occur.

  If it’s Not in Writing, It Doesn’t Exist: 

 All promises and discussions are to be in writing. Don’t make any assumptions or believe any assurances from any one. Even the best intentions can be misinterpreted. Have your real estate professional keep an ongoing log (in writing) of all discussions, and get the seller’s written approval for all agreements.

happy condo buyers

A few more ideas

Why Not Own a London Ontario Condo?

Why not own a London Ontario condo, especially if you are paying rent over $850 per month!

Have you been renting your place for long?  If so, you have probably become intimately familiar with the disadvantages of being a tenant:  increasing rents, odours, uncorrected maintenance problems, and unsympathetic landlords.

Sound familiar?

Why, then, are you renting?  Others who have just purchased their first house or condo tell me they rented for three basic reasons:

  1. Lack of down payment money.
  2. Fear of not being able to qualify for a mortgage.
  3. Uncertainty of the benefits of home ownership.

As homeowners today, or should I say condo owners, they now realize their fears were groundless.  There are many mortgage options available and with today’s low interest rates, monthly payments, condo fees and taxes can be lower than the rent you are currently paying!

Does that not make sense?

If you want to own your own house or condo, call me today at 519-435-1600 or drop me an email, I will be happy to explain the benefits and make arrangements for a prequalification telephone or face to face interview with a mortgage lender or two.  They will be able to guide you and make recommendations so that you will be able to buy, even if it is 3-6 months from now.

Then, with your questions answered, and knowing where you stand, you will be free to make your house or condo buying dreams come true!

Why not contact me today?

19 Questions You May Want Answered Before Buying a London Ontario Condo

     19 Questions You May Want Answers For Before Buying A London Ontario Condo

Regardless if this  your first or your 5th purchase of real estate,  knowing some of these  ‘inside secrets’  could be  helpful .

Working with a buyer

  • Five things you need to know to make the home buying process easier​

  • Four important questions to ask your mortgage lender before you sign any of their documents

  • I’m the one buying a home – Just who are the key players in a real estate transaction?

  • The 3 things that scare you most about buying a home

  • Why you shouldn’t buy a car right before you buy a condo

  • 4 quick tips that could save  thousands

  • Get the home YOU want! Just what is it that you want?

  • How to avoid 5 of the most expensive mistakes homebuyers make

  • Top 6 things to ask  when looking at a home

  • Four ways to beat the stress of buying a home

  • How can I remember each home when I’ve seen so many?

  • checklist

  • Seven money saving secrets you can use when you buy a home

  • Five questions you should ask your real estate consultant at every home you visit

  • 6 things most builders hope you NEVER hear

  • 6 signs that could mean expensive (hidden) trouble…

  • How do sellers price their homes and how much should I offer?

  • How to avoid being beaten out by other buyers who may be competing for your dream home

  • No fail guide to finding a mover that won’t take you to the cleaners

  • Planning your move: What to do now that you’ve bought your dream home?

Buying a home is one of the largest purchases people will ever make in their life time!

DUCKS IN A ROW

Know ahead of time the steps required or as some say, getting all your ducks in a row!

Contact me for some answers to these, you are under no obligation what so ever.