In order to avoid legal repercussions later on down the road, it’s generally advised that you disclose absolutely every known fact about your home that could influence a purchase. Negative things like a leaky basement don’t need to be included on your MLS listing, of course, but should be discussed in advance with any potential buyers who express a serious interest in your home. Many realtors and lawyers will insist on a home inspection if they have any doubts as to the state of your home, so these defects are likely to become known in any event. It’s ideal to be upfront about them to remove the worry that there are deeper issues you may be hiding as well. The best way to avoid this issue, and to ensure a higher value for your home, is to address any negative issues in advance of putting your home on the market.
Most sellers assume that the best time to put their home on the market is sometime in the spring or early summer. Traditionally speaking, this is generally the time of year when the Toronto real estate market heats up. However, there may be reasons to wait until the fall or winter to sell your home. For example, there is less competition in the fall and winter months, which, in some cases, could lead to a higher asking price for your home. In addition, serious buyers tend to be the only ones looking during this time, which can ensure that you don’t waste your time prepping your home for nothing. The answer to this question depends on the state of your home, its location, and your need to move, and is best discussed with your realtor on a case-by-case basis.
It’s advisable that you have both a realtor and a lawyer involved when you purchase a home. Most lawyers offer reasonable flat rates for a home purchase; rates that are much cheaper than dealing with the headache of an insecure title or other Toronto real estate issue such as inaccurate property lines. While realtors can get you a great deal on a home, your lawyer will make sure that the home is everything the sellers promise and can give you grounds to seek legal recourse if it is not.
The real estate market is a complicated field, and while it isn’t legally required that all purchasers have a real estate agent, it is certainly a wise decision. Real estate agents understand the market well, have access to MLS listing, and are in a much better position to negotiate a better asking price than most buyers. It’s a realtor’s job to ensure that you get the best possible home for your money, and they are able to help make that happen. From handling the finer details of an offer to explaining the Agreement of Purchase and Sale, a realtor can help simplify the process.
Residential Property Residential leases are generally for one year and then become automatically renewable. Leases are generally pretty standard and must conform to the Landlord and Tenant Act. Having a one-year lease makes it easier for vacancies to happen. Commercial Property Leases can span for several years. 3-5 is common but in some cases they can be up to 10 years. This is good because it ensures you will have tenants in place for a longer period of time.
Residential Property One risk involved with residential properties is that costs can creep up. Rent increases are limited by legislation so there is only so much you can do to recoup costs. If your investment property is a condo, then maintenance fees can rise. A small landlord can easily end up subsidizing his tenants housing if costs continue to rise. Commercial Property In most commercial properties the tenant is responsible for taxes, maintenance, and insurance for the property. The tenant also pays utilities. You can be more easily insulated against costs when you own a commercial property.
Residential Property Finding a home in Toronto for investment purposes can be challenging. The market is extremely competitive and the investment quality homes go fast. The point of an investment property is to find a home that will pay for itself plus make you a bit of money. It can be tricky to find a home that is in decent enough condition at an affordable price to make it worth converting to an investment property. Our expert real estate agents will guide you through the process and connect you with the home of your dreams. Commercial Property There is a lot of competition when it comes to commercial properties. These properties are all about the money. You will get to see income and expense reports and things of that nature when considering these types of properties. You should be sure you pay attention to these items because money is the most important thing when it comes to commercial investments. You need to know whether or not a certain property will be profitable. Our commercial real estate agents are extremely knowledgeable and can help you out.
Residential Property There are a considerable number of potential applicants when it comes to residential properties. People are always in need of housing so you won’t have to look too hard to find tenants. If you get a property that is in decent condition and are able to rent it for a decent price then you shouldn’t have any problems with vacancy. Commercial Property Commercial properties can be more difficult to rent. You will open yourself up to more possibilities if the arrangement of the space is flexible. If you can use it for several different business types then you are better off. You will be more easily able to find tenants that are suitable. You will want to carefully advertise your space to get the attention of suitable tenants. You should make sure the place is clean and tidy and in top condition before you present it to potential tenants.
Residential Property People are generally more familiar with residential properties and the type of work they entail. The systems within the house are also more easily understood by people. People generally have a sense of plumbing, and electrical set-ups in homes for instance. Commercial Property Depending on the type of property you buy there may be a lot of elements that you are not familiar with at all. You may be looking at purchasing a building that was used as a restaurant and not be familiar with all of the equipment that is inside. You will have to be willing to look past this when deciding if you should purchase or not. You will also want to be prepared to hire people who are knowledgeable about the type of property you plan to invest in.
Residential Property During the process of finding a home to use as a rental property, you will need to consider financing. 20% down is required for a down payment. You can only consider 50% of the rental income of your properties when calculating your income. This is the case for multiple properties as well. Commercial Property Commercial properties have higher down payment requirements. Down payments generally need to be between 30 and 35%. Mortgage rates are also often higher. You will need to have a lot of money set aside to become a commercial investor.
Residential Property The law in Ontario for residential properties is very strict for investors. Landlords are not very well protected and the waiting period before getting a non-paying tenant out is long. Some cases can take over 9 months to resolve, and even if you are proactive the process will take 3 to 4 months at best. With a certified Homula agent, you can avoid many issues. Commercial Property Commercial property law can be very complex. The good news is that the leases are subject to contract law, unlike residential leases. This means that everything stipulated in the lease and agreed to by both the tenants and the landlord is enforceable. Dealing with non-payment of rent is much easier when it comes to commercial properties. Leases are often renegotiated and not automatically renewed which is often the case in residential situations.