Posted on: 08-04-04 23:03:39
hi,
i wanted to know if a 3 bedroom condomenium in richmond hill
(which is located near hillcrest mall,with 2x4 washrooms ,2 parking & one locker)worth for $210,000?
its around 1350 sqft with 5 appliances
its a 20 year old well maintaned building
plz advice me
thanx
Quote:
Orginally posted by saba
hi,
i wanted to know if a 3 bedroom condomenium in richmond hill
(which is located near hillcrest mall,with 2x4 washrooms ,2 parking & one locker)worth for $210,000?
its around 1350 sqft with 5 appliances
its a 20 year old well maintaned building
plz advice me
thanx
Richmond hill is comparatively costlier than most other places. And the cost of the condo you mentioned should be around 200k. However, whether it is really worth that much money or not depends on individual's needs, the location (which is really good) and the maintenance fee (?) you have to pay and the type of facilities it offers as you have to see the carrying cost of the mortgage. If the condo fee is around $500 then instead of buying a condo for $210 K , one should go for a house of $260 k as the carrying cost of both would be similar.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
the condo fee is 510
including water,hydro,heating ,cooling(gas)
cable pool,gym ,recreational facilities ,2parkings and building insurance.
i liked the location coz of easy transportation n 10 mins to finch subway.
Quote:
Orginally posted by saba
the condo fee is 510
including water,hydro,heating ,cooling(gas)
cable pool,gym ,recreational facilities ,2parkings and building insurance.
i liked the location coz of easy transportation n 10 mins to finch subway.
The best thing is that you liked not only the condo but the location, the facilities and the proximity to the subway. Basically you are paying around $300 + for the pool, gym & recreational facilities. If you are going to use them regularly then it is really worth it. One suggestion though, go for a good variable rate mortgage as it would save you significantly in interest in the initial years and would help you pay down your mortgage quickly. Make sure the variable product you chose should be atleast prime -.75%, should allow you to make weekly, bi-weekly payments and the compounding should be semi-annually and not monthly as not all variable products offered by different banks are same. Also avoid to go for a variable product which offers you a 'teaser rate' meaning a low introductory rate as it proves costlier in the long run and also make sure to ask that if you want to lock at some time in future, how much discount the bank would give you from the posted rates.
I hope I have not confused you with this. However, if you need clarifications or have any questions you can email me directly and I would be happy to answer your querries and can help you in getting the best product suited to your needs.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Congrats Saba on your decison to buy a condo and become a homeowner.
My question is: Do you have an Buyer Agent who is working for you?
Buyer Agency is a real estate brokerage representing the interests of the buyer. Buyer agency can be established by implication, as well as a written agreement/contract. Buyers seeking exclusive representation usually do so through an agency agreement. A representative of the buyer must use professional negotiation skills, seek appropriate properties that meet the buyer’s needs, describe the merits and defects of any selected property, keep information confidential concerning the buyer, and generally act in the buyer’s best interests. The hallmarks of this relationship are good faith, full disclosure, competence, obedience, and accounting. The buyer and the brokerage will enter into a signed buyer agency agreement that details their relationship. THE SELLER USUALLY PAYS ALL COMMISSION TO THE LISTING BROKERAGE WHO, IN TURN, FORWARDS THE APPROPRAITE PORTION TO THE BUYER'S BROKERAGE. Alternatively, the buyer’s brokerage can be paid directly by the buyer and, therefore, this amount does not form part of the sale proceeds. IN MOST OF THE TRANSACTIONS , THE COMMISSION TO THE BUYER'S BROKERAGE IS PAID VIA THE LISTING BROKERAGE FROM THE PROCEEDS OF SALE.
More reasons to use a Buyer Agent when buying a house:
Agents are experienced negotiators who will manage your offers and counter-offers.
An agent is familiar with the neighbourhood and can give you information on local real estate values, taxes, utility costs, services and amenities. YOUR AGENT WILL BE ABLE TO RUN A COMPARABLE MARKET ANALYSIS BASED ON MLS DATA and will be able to tell you the sold prices of exactly same condos/homes in the same building/neighbourhood in the past.
An agent is familiar with the entire home purchasing process and can advise you of your legal and financial options as well as recommend appraisal, home inspection and contracting services.
An agent can pinpoint homes that fit your needs and dismiss those that do not, saving you time.
An agent knows the potential problem areas in a home and can guide you away from LEMONS.
So go and get a Buer Agent. You will pay him 0 dollars.
And if you are thinking of hiring someone and do not have a buyer agency relationship signed yet then you may contact myself.
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Saba,
With the details you have given, I too might be interested in buying one - since I am looking for some place around that area ( I presently live nearby). Can you give me the details of this place so that I too may see it. Is it on Baif Street?
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Chandresh
Advice is free – lessons I charge for!!
