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First Time Home Buyer

Eric Skicki

Condo Closing Costs

Written by Eric Skicki Wednesday, February 24th, 2016
  • closing-costsClosing costs are the fees which are associated with finishing any real estate transaction. In Ontario, these are usually paid for by the buyer, and usually cannot be added to the mortgage. Buyers must have money set aside on top of their down-payment to ensure they can take smooth possession of their property.

    In this blog post we will cover the different types of closing costs and how they apply to both resale and pre-construction condos.

     

    Resale Condos

    Resale condos (those we find on MLS or on MySquareOneCondo) typically have what is commonly referred to as “standard closing costs”. These usually include items like lawyer fees, disbursements, mortgage charge and land transfer tax.


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    • This entry was posted on Wednesday, February 24th, 2016 and is filed under ALL Articles, First Time Home Buyer.

    Eric Skicki

    Hidden Tax Costs When Purchasing A Condo

    Written by Eric Skicki Wednesday, March 5th, 2014
    • hidden fee

      One of the main factors, when choosing a new home, for many new home buyers is deciding which city is the right fit. Most people will choose a location close to their work. Others may pick a location associated with higher social status. Which ever factors go into your decision, property tax is something you should consider. Property and land transfer taxes are required to be paid to the owner on your Closing Date. The money is split between the city, region, and province. In this article, we will outline the property tax and land transfer taxes associated with purchasing a property in the Square One region of Mississauga.


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      • This entry was posted on Wednesday, March 5th, 2014 and is filed under ALL Articles, First Time Home Buyer.

      Eric Skicki

      A Closer Look At Renting Vs Owning

      Written by Eric Skicki Tuesday, February 4th, 2014
      • rent-or-own

        It is no secret that many of the condo units around the Square One area are rented out to tenants. In fact, in 2013, there were over 1746 recorded lease transactions on the MLS system in the City Centre area alone. This does not take into account any privately conducted leases, or lease renewals. Although leasing is a viable option for some, most tenants aspire to be owners one day. Over the years, we have helped many tenants transition from renting to owning a condo in Mississauga. In this blog post, we will break down the cost relating to renting and owning a condo in downtown Mississauga.

         

        The Cost Of Renting Vs Owning

        In the chart below, we compared the monthly carrying costs of an average priced one bedroom condo in downtown Mississauga. Rent is based on market average of $1,450 per month, and owing is based on a purchase price of $260,000, with $52,000 (20%) down, and at a 3.5% fixed rate amortized over 25 years.


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        • This entry was posted on Tuesday, February 4th, 2014 and is filed under ALL Articles, First Time Home Buyer.

        Eric Skicki

        Deciding When to Buy a Condo

        Written by Eric Skicki Sunday, September 8th, 2013
        • when-to-buyShould I buy in the fall, or wait until the spring when there are more properties? These questions are often asked by buyers searching for Mississauga condos.  Although, different Realtors will give different answers, I believe the decision of when to buy really comes down to the individual.

          Condo Buyers

          First and foremost, you have to establish your needs, wants and desires when it comes to your dream condo. At the same time you have to be aware of your budget and the carrying costs associated with owning a condo. Buyers should understand that during the spring and summer seasons there will be more selection of properties available for sale, than during the slow winter months. However, at the same time, this also signifies that there is a higher probability that you will be competing against other potential buyers for a condo of your choice. Do not be alarmed if at times the amount needed to secure your property will be over the asking price. You also need to know that the market is really unpredictable. There is no absolute way to know for certain how many available units there will be, how interest rates will be and how stable the market will be in the future. As a general guide, I encourage buyers to follow these eight points:


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          • This entry was posted on Sunday, September 8th, 2013 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer.

          Eric Skicki

          3 Tips For Mississauga Condo First Time Home Buyers

          Written by Eric Skicki Thursday, May 24th, 2012
          • Buyer Tips For Mississauga Condos

            Shopping around for a condo can be an exciting time, especially for first time home buyers. Mixed emotions are present and sometimes significant decisions are made on the spot. During this time, there are numerous things to keep in mind, yet it is easy to get sidetracked and forget what is most important.

            In this blog post, I want to cover the three biggest mistakes I see first time home buyers make, when purchasing a Square One condo. I will outline each mistake, identify the common false belief which is then followed by the true fact.

            1. Shopping For A Condo Using Only MLS – MLS (Multiple Listing Service) also known as www.realtor.ca is a great starting point for anyone interested in a Mississauga condo. In fact, over 92% of all properties that sell are listed on MLS. However, before any condo is placed on the MLS system and is accessible to the public, it is first placed on www.torontomls.net– a database only accessible to Realtors. Through this internal system, a good portion of real estate properties are sold before the public has a chance to place any offers on them.


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            • This entry was posted on Thursday, May 24th, 2012 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer.

            Eric Skicki

            9 Real Estate Mistakes for Mississauga Condos

            Written by Eric Skicki Sunday, April 15th, 2012

            • Here are some common mistakes both buyers and sellers make, when purchasing and selling condos around Square One.

              1. Buying a Condo Based On Its Interior/Décor – When you are purchasing a Mississauga condo, you are not buying what is inside the unit but the unit itself. You need to look past the furniture, wall colours and décor and focus on square footage, as well as measuring the unit to make sure that your possessions fit how you envision your unit to look like at the end.

              2. Waiting Until Spring To Sell Your Condo – Sure, spring is a very busy season in real estate, however, your condo will sell for its value the rest of the 365 days. It is simply a myth that it will sell quicker in the spring time. People purchase all year round. Just ask yourself – Do people move to Mississauga in the winter? Of course.


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              • This entry was posted on Sunday, April 15th, 2012 and is filed under ALL Articles, Articles for Buyers, Articles for Sellers, First Time Home Buyer.

              Eric Skicki

              Mississauga Condos Selling Fast and Attracting Distant Buyers

              Written by Eric Skicki Monday, January 30th, 2012
              •  

                Over the past 2-3 weeks I have been working with several buyers, all looking for a condo at or near Mississauga’s downtown core. The universal problem I am experiencing is locating a property, that fits my clients’particular criteria and which doesn’t sell within the first 5 days, while on the market. By the time my clients get to see the condo, think it over and give me the “go-ahead” to make an offer; that property ends up being sold. Just last Saturday, I had 9 showings booked ahead of time, only to be told that there are no more viewings for 4 of those condos as the properties were already sold conditionally.

                What does that mean for Mississauga condo buyers? The Mississauga condo market is hot and time is of essence. If you see a property you like, consider the fact that it might be off the market in a few hours. Also be prepared to go into a multiple offer situation and don’t be surprised if a unit ends up selling over asking price.


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                • This entry was posted on Monday, January 30th, 2012 and is filed under ALL Articles, Articles for Buyers, Articles for Sellers, First Time Home Buyer.

                Eric Skicki

                What to look for in a Mississauga condo layout?

                Written by Eric Skicki Monday, January 23rd, 2012
                • Good vs bad condo layout

                   

                  I often get the following questions asked by buyers looking for Mississauga Condos. What is the best condo layout? What is the worst condo layout? What should I look out for in a condo layout? I always like to say that it all depends on personal preference and style. However, some points are good to keep in mind.

                  1. Well managed layout – Space is not wasted. Example – too many hallways. Location of the washer/dryer should not be inside a bedroom.

                  2. Walls – Ideally two bedrooms should not share a common wall between them. It is much nicer to have one bedroom on one side and the other bedroom across from it.

                   

                  3. Amount of lighting – Having a window in the Master bedroom for more lighting is a must. However, sliding doors where light comes through should be avoided. It is also essential to have lighting or extra lighting in walk-in-closets.

                   

                  4. Kitchens – Open kitchen concepts have become very popular over the last few years. It makes the entire space look bigger and you are not shut off from view.

                   


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                  • This entry was posted on Monday, January 23rd, 2012 and is filed under ALL Articles, Articles for Buyers, Condo Features, First Time Home Buyer.

                  Eric Skicki

                  11 Tips for Buying a New Condo Development in Mississauga

                  Written by Eric Skicki Thursday, January 19th, 2012
                  •  

                    When purchasing a brand new condo in Mississauga, also known as a pre-construction condo, there are a few things to look out for while deciding on the perfect unit.

                    1. Location – Once you buy any property, you may change many aspects of that property. However, one aspect that you can never change is its location. A condo such as the Absolute Towers at Burnhamthorpe and Hurontario, will be a lot more active and busy, than the Miracle at the west end of Mississauga. Do not be fooled by condo pictures as they are mere artist impressions. It is a good idea to take a look at the neighbourhood and see what is out there.

                    Therefore, the number one priority when purchasing a new condo in Mississauga is to decide on the lifestyle that you want, and to keep in mind the surrounding area.

                    2. The floor plan – Memorize your floor plan and take a look at already constructed market comparables. Over the years, condo suites got smaller, yet the price per square foot increased rapidly. In turn, condo developers started to play around with different aspects of floor planning, such as shrinking the size of the furniture on the picture layout. Therefore, what appears to be a queen size bed in the picture, is only a double size bed in reality. Also, a 600 square foot condo may look a sufficient size on paper; however, when built and ready to move into, some might find the space too small for their needs.


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                    • This entry was posted on Thursday, January 19th, 2012 and is filed under ALL Articles, Articles for Buyers, Condo Features, First Time Home Buyer, Pre-Construction Condos.

                    Eric Skicki

                    Mirage condo Mississauga VIP agent sale

                    Written by Eric Skicki Saturday, November 26th, 2011
                    • Attention Mississauga condo shoppers! The Mirage condos have now released their VIP agent sale. These are some of the best per square foot condo prices for a brand new condo in the Square One area. In my professional opinion, the mirage condos make a better investment due to the lower price rates, as compared to the condos down the block.

                      Mirage condos are located at the corner of Confederation and Rathburn in Mississauga. There are those who live, and those who live well. And finally, there are those who choose to live at the cutting edge of style, elegance and convince. Welcome to Mirage. A soaring statement of distinction, rising above the heart of Mississauga’s most desirable neighbourhood. A sleek, modern condominium residence that combines luxury living with a fine roaster of life style amenities.


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                      • This entry was posted on Saturday, November 26th, 2011 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer, Investment, Pre-Construction Condos.