First Time Home Buyer

Eric Skicki

How To Buy A Pre-construction Condo

Written by Eric Skicki Tuesday, January 22nd, 2013
  • the pre-construction buying process

    The Buying Process For Pre-construction Condos

    If you are interested in a pre-construction condo in the Mississauga area, you should know that the pre-construction purchase process is very differently structured as opposed to the purchasing process of Mississauga Condos that are already complete. Typically the purchasing process is 2-4 years in advance and you are not required (at this point) to get a mortgage. Although this process may seem very long, it does prove to be financially rewarding in the long run, if you purchase in the right location, at the right time, with the right builder and of course with the right real estate agent.

    When you purchase a pre-construction condo, you are essentially purchasing off a floor plan. However, many Mississauga condo sales offices have managed to create furnished model suites in order to reflect what the units will look like upon completion and to give the buyer a better idea of what they are purchasing.

     

    1. The first step before purchasing your pre-construction condo is to find an agent who specializes in pre-construction condos. Make sure that this agent has a firm understanding of how the pre-construction buying process works and has a solid sales record. This agent should be familiarized with answering complex questions regarding closing costs, legal fees, and ownership rights.

     

    2. Once you have found the right agent, who specializes in pre-construction condos, you will then together book an appointment with the builder.

     

    3. The third step includes visiting the chosen project you liked the best with your realtor, selecting your floor plan, your floor premium and signing the appropriate documents! The agreement used for buying a pre-construction condo is a lot longer (up to 30 pages) than the one used for resale condos. One unique aspect of this process is that the builder gives you a 10 day “cooling off” period on your pre-construction unit. During this time you will have your lawyer review all your documents for you. Once the “cooling off” period is over and you have received a “go ahead” from your lawyer, you will need to submit the remainder of your deposit checks, usually about 20% of your total purchase price, to the builder.

     

    4. A few months/years later the condo building is being constructed and you will be asked to come into the sales presentations centre to chose the colours of your finishes and features of your Mississauga pre-construction condo. At this time, most condo developers give you the opportunity to select & pay for upgrades for your unit. This is a great opportunity to get creative and chose everything according to your taste for the perfect condo lifestyle you always wanted.

     

    5. Approximately a year after the upgrading process, you will be given the keys to your brand new suite. In real estate terms, this is called “interim occupancy”. At this point you still do not own the unit you are living in, as it still “belongs” to the builder, instead you are still responsible for paying something that is called the “occupancy fees” to the condo builder. This number reflects a portion of your taxes, maintenance fees and interest on the remaining of the balance owed. Occupancy typically lasts up to 6 months, however, it varies from builder to builder. Once the condo building registers with the Land Registry the title ownership will be transferred to your name and you will require a mortgage. This is referred to as “final closing.” As a side note; some builders allow you to sell your unit before you are “legally” considered the owner of the unit.

     

    6. Congratulations! You are now the owner of a brand new Mississauga condo.

     

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    • This entry was posted on Tuesday, January 22nd, 2013 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer. Tags: ,

    Eric Skicki

    Buying a Condo in Mississauga with MySquareOneCondo.ca

    Written by Eric Skicki Thursday, November 22nd, 2012
    •  

      The truth is there are practically no reasons why any person should buy a condo without a realtor on their side. A good realtor has access to historical sales data, can aid with the paperwork/negotiations and best of all – do it free of charge. The problem lies in finding the right realtor for the job. Here are some of the reasons why you should have me represent you when buying a Condo in Mississauga:

       

      knowledgeandexpertise

       

       

      You wouldn’t consult with a divorce lawyer about your accident benefits, so why would you consider hiring a real estate agent who has none or limited knowledge about Square One condos, when buying your next Square One condo? It only makes sense to have the right person for the right job. I specialize in Square One condos and have done plenty of research with regard to Mississauga downtown condos (known as the W15 zone). For my clients, I can provide advice on topics such as: which builders to be wary of, what to look for in an older condominium and how to get a bargain for your money.

       

      search

       

       

      Often imitated yet never duplicated. There are plenty of decent Square One condo websites out there. However, my website – MySquareOneCondo – manages to stay ahead by providing up-to-date condominium information, having a blog which updates weekly, and by equipping buyers with the resources required to make an informed decision about their next condo purchase. For many condo shoppers, this website is the first and last stop they will need to make when purchasing their dream condo. My comprehensive list of the various condos around Mississauga’s downtown core should be the first stop for anyone seeking to buy a Square One condo. From here you can also see which condos are offered for sale at any given time.

       

      realestateresources

       

       

       Have you ever seen a condo you liked which just came out on the market and you called the first day only to be told it is sold? This is because a good portion of condos, especially ones which are well priced, sell before they are even placed on MLS or Realtor.ca. I have access this is hidden inventory and can set up my clients on an automatic email list which notify them every time a condo with specific criteria is about to appear on the market.

       

      vipadvantage

       

       

      This privilege allows the general public to use an agent to access exclusive preconstruction condo sale events (during the pre-construction period). Often these events are by invitation only, and I, Eric Skicki, along with Cloud Realty Brokerage, can provide access to such sales events.

       

       

      legalpaperwork

       

       

      Back in the seventies, the one page home purchase deposit sheet was seen as the norm. Today’s purchase agreements are ten pages or more in length and include various clauses and terms which can be difficult to understand. One small mistake or omission can end up costing you thousands. Why would you risk it when my buying services to you are offered for free?

       

      freeservices

       

       

      The services which I provide for my buying clients are and always will be free. With new condo projects, the builder pays agent commission and the resale condos commission is paid to the buyer’s agent by the selling party.

       

      weputyourneedsfirst

       

      One of the biggest complaints I hear about realtors is that they are not attentive to their customers’ specific needs. Real estate is my full time career and I treat every one of my customers as if they were my only customer. I provide you with the answers to all of your questions and concerns in a timely matter.

       

      nopushysalestactics

       

       

      For buyers this means that I am going to show you as many properties as it takes to find the right one. I will not pressure you into making an offer on anything you do not want.

       

      cancelanytime

       

       

      If a situation ever arises where you are unsatisfied with me or my services, let me know. If I can’t fix the problem you may cancel our agreement at no cost. No hassles, no penalty, nothing to lose!

      Give me a call, and let me show you why my system works.

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      • This entry was posted on Thursday, November 22nd, 2012 and is filed under Articles for Buyers, First Time Home Buyer. Tags: , ,

      Eric Skicki

      Old Condos VS New Condos

      Written by Eric Skicki Tuesday, October 30th, 2012
      • should buy older or newer condo?

        Before I take my clients out for showings, I always ask a series of questions which help me select the right units for us to see. One question, which seems to always come up is whether my clients want an “older style” or “newer style” condo. By older style condo, I mean; any condo in Mississauga which was built before 2001 and by newer condo, I mean; any condo in Mississauga which was built after 2001. In this blog post, I will cover the advantages and disadvantages of older and newer condos. 

         

        Older Mississauga Condos

        Most condos in Mississauga built before 2001, are 1,000+ square feet in size, have baseboard heaters and glass enclosed solariums instead of balconies. They offer a great solution for those looking to raise a family or perhaps entertain many guests. Many of these condo units that are found inside older condos have been extensively renovated to look and feel newer.

        Advantages of older condos include; good sized units, affordable pricing, and lower condo fees per square footage compared to newer condos. Older condos usually have a formal dining room where the entire family can sit down and eat supper. These condos typically allow the owners to have pets and the condo rules and regulations tend to be more lenient.

         

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        • This entry was posted on Tuesday, October 30th, 2012 and is filed under ALL Articles, Condo Features, First Time Home Buyer. Tags: ,

        Eric Skicki

        Women Investing In Condos

        Written by Eric Skicki Tuesday, September 25th, 2012
        • young woman investing into condos

           

          Lately, more women are buying real estate.  Television shows like “Buy Herself” and “Property Virgins” are displaying more and more women independently buying properties. This new emerging trend can be explained through numerous ways; young women wanting to move out and being independent, a high divorce rate, women having better job positions and equally paid positions and also young women who wish to focus on their careers instead of settling down too soon with a family.

          At the moment the housing market is healthy within the GTA, especially Mississauga, allowing more people to buy and invest in real estate, including women. RBC Royal Bank predicts that within the next 2 years, women are more likely to become first time home buyers as compared to men. The results of their annual survey on homeownership showed 49%  (women) vs. 35% (men).  A recent study done by Genworth Financial demonstrates that a quarter of Canadian home purchasers in 2011/2012 were single, and the majority were women. In Mississauga, the single women buyer boom has expanded. Single women buyers represent approximately 15-20% of Mississauga’s condo market, up from barely 1% in the 1990s.

           

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          • This entry was posted on Tuesday, September 25th, 2012 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer. Tags: , , , ,

          Eric Skicki

          How To Buy A Resale Condo In Mississauga

          Written by Eric Skicki Wednesday, September 5th, 2012
          • step by step condo buying process

            The Buying Process – 8 Easy Steps For First Time Condo Buyers

            1. Choosing the right real estate agent to work with is the most important part of the whole process. When looking for a real estate agent you should keep in mind that it does not cost you (the buyer) to have a real estate agent represent you. The selling party is responsible for the compensation of your real estate agent’s commission. The realtor you choose to work with should also work hand in hand with a property lawyer. When you make your selection, keep in mind that you want a realtor who is experienced and who specializes in (knowing) that neighbourhood. Some questions that you may want to ask could be; What areas do you specialize in? How many buyers have you represented in the area that I am interested in? A common mistake that many first time home buyers make is that they go with a realtor who is their friend, instead of the local real estate agent expert, and whom they feel obligated to. Although your friend who is an agent and is considered loyal may not be the right choice in finding you the perfect condo because the agent might lack a good understanding and experience of the area. In the end, you should choose an agent that will save you money and that will look out for your best interests (wants and needs).

             

            2. Getting a mortgage is the next important step. In order to get pre-approved, you should go to your bank and sit down with a mortgage broker, have them explain the mortgage process to you, and fit you with the best interest rate and terms. The letter of approval is usually valid between 45 and 90 days.

             

            3. The condo search process is the most exciting step. You and your realtor should get together and discuss your wants and needs, then your realtor should book you the best listings according to these wants and needs. Some of these might include, price range,  number of bedrooms & bathrooms, specific amenities, floor premiums, and certain finishes. Some things that your realtor should be advising you on are; appreciation rate of the unit, builder reputation, the location of the condo and financial stability of the condo corporation. Once the properties have been booked, you will look at the layouts, get some decorating ideas, view the many amenities and compare what you like the best/least about the properties you have viewed.

             

            4. Finding the perfect unit can prove to be a challenge at times. Sometimes you like everything but the price. Your real estate agent should pull up a comparative market analysis (CMA): recently sold, recently expired and just listed properties in the condo you are wishing to buy. This will allow you to know if you are overpaying for your condo, how much you can negotiate the price, and to see how much the unit has appreciated over time.

             

            5. Making an offer is a significant step in bringing you closer to your dream condo. Once you have found your property, made a comparison and found the unit meeting your needs, it’s time to make an offer. Always make it conditional on the status certificate. The offer may be also conditional on financing and inspection. During this time period, you should take your conditional offer to your lending institution and your lawyer for revision. They should go over everything and make sure that all is in order. It is important for you to also read over the by-laws of the condo section and to make yourself familiar with them. This section includes, whether or not you are allowed to have pets, the amenity hours, the number of free visitor parking passes you have every month, etc. Once you are satisfied with the status certificate and other clauses, you may wave your conditions and then the deal goes firm.

             

            6. What happens after the deal goes firm? At this point, everything will be reviewed one more time, by the lender, the real estate agent and the lawyer. They will make sure that everything is ready, that no last-minute complications arise, that is unnecessary and that you can move in on your closing day. You will sign any outstanding documents, if applicable once the deal goes firm.

             

            7. Prior to closing date – about one week before closing, you should get in touch once more with your agent, the lending institution and your lawyer to make sure that everything is still in good order. This is the time when you should register yourself with the condo management, and book your elevator for the day of moving.

             

            8. On the day of your closing, you will meet up with your lawyer, obtain any necessary documentation and get your keys. Now you are ready to move in! Congratulations on your new Home!

             

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            • This entry was posted on Wednesday, September 5th, 2012 and is filed under Articles for Buyers, First Time Home Buyer. Tags: , ,

            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. Tags: ,

              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 springtime. 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. Tags: , ,

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