Recently in Todd Category

Our team is always striving to deliver the best possible service to our clients. We always appreciate hearing from you and receiving your feedback. Here are some of the comments we have recently received:

"Bill has a wonderful way about him. His style is a good balance of professionalism and friendliness. I appreciated his knowledge of the market in Oakville, as it is a unique community. He was patient, when I was unsure of what I was looking for in a home. He gave me good advice and was never pushy. He understood my situation and comfort level. I enjoyed working with him very much. It took many months, but he found me a place to call home."

Cathy

"We appreciated everything - from the moment we made contact with questions about selling through to listing our house and buying another. Bill & Angie were personable, professional & helped make an overwhelming process manageable & enjoyable. All of our experiences with everyone at Prudential, including the front desk, etc., were fantastic. We felt listened to, respected and a part of the whole process. We definitely will use Bill again for our next house. (The fact that I even mention next house is a testament to how positive the experience was!)"

Danielle & Lee

"Amazing service! Angie, you really made me feel that I am coming back home!"

Boriana

Updated and renovated 1.5 storey on one of West Oakville's most popular streets. Welcoming timeless curb-appeal. Features include large tumbled stone driveway and rear patio, oversized newer garage, open granite kitchen with bonus pantry and ceramic floors, centre stone fireplace, main floor master bedroom with ensuite bath, finished lower level, mature 60 x 125 ft property, 2.5 baths, 3 bedrooms. Transitioning area of Oakville, many custom projects existing and underway. See www.schiavonediamond.com for more photos and information.

Rare free-hold semi-detached opportunity in trendy Bronte. Perfect 1^st timer or downsizer purchase. Unique layout features over-sized living room with vaulted ceiling. Ideal fully-fenced yard backing to park/greenspace. Walking distance to village, steps to the lake.

Okay, now most everyone has either owned or considered purchasing a condominium at some point in their life. The attraction usually lies in the low maintenance/turn key type of lifestyle in conjunction with the lower value of the property in comparison to detached or freehold properties in the same area. The major detraction is that the condo fees are seen as exorbitant for the services provided. Hmmmm.....I wonder what the overall carrying cost of a condominium is versus a detached home. It's an age old question that's about to be answered.

 

Let's set this up by firstly describing the condominium in question. The unit is currently for sale at $224,900, its approximately 1500 square feet with a bi-level layout, the fee is $556.32 which includes exterior maintenance, exterior insurance, water, cable, underground parking. Hydro, which is also the heat source is on top of this, coming in at about $150 per month, the Municipal taxes are a paltry $1606 per annum or $133.84 per month. Add this all up and the carrying costs arrive at $840.16 per month.

 

Now for the detached split level we are comparing it to. The property is currently for sale at $449,900 with approximately 1500 square feet, the same size as the apartment (surprise), no condo fee of course, but the hydro runs around $150 per month, water is $35, the heat source is forced air gas at around $150 per month, cable and internet are $100 and the exterior insurance is $60 per month. Municipal taxes are $3271 per annum  or $272.58 per month. We have arrived at a carrying cost of $767.58 each month.

 

Here's the rub. The detached split also has costs that aren't immediately obvious to the average buyer. Exterior maintenance and capital cost outlays( roofing, landscaping, re-paving, windows, lawn maintenance, pool) are on top of the amounts already discussed and they ain't giving this stuff away for free anymore my friends.

 

Oh yes that reminds me, there is one other thing to consider. If  both are mortgaged at around 50% of the their value, the condo would cost around $600 per month and the detached home would be double that at close to $1200 per month for financing at today's historically low interest rates.

 

Seems to me that condominium ownership is an attractive, viable, and yet affordable option in today's real estate market. Having said that, I currently have the aforementioned condo for sale, so please call to view and bring your chequebook.

Have you ever closed on a home which the vendor left in unacceptable condition? If you've purchased more than 3 homes, the odds are that you have. We have historically included this clause in all of our offers to purchase:

"The Vendor shall leave the home on closing in broom-swept condition"
 
Unfortunately this is no guarantee. It certainly mutes the excitement of moving into your dream home only to find that the former owner thought you might find some use for his 43 half-used "hunter green" paint cans, or his arsenic soaked railroad ties stashed behind the garden shed. What to do, what to do?
 
We have come up with a more detailed clause to try to avoid the situation:
 
"The Vendor shall leave the home on closing in broom-swept condition and agrees to remove all general debris from the home and property, ie. Paint cans, unused lumber, brush piles, furniture."
 
Is this enough? In most cases I would say yes. But let's add a little more teeth to this clause. We also routinely ask for 2 purchaser visits prior to closing, it goes something like this:
 
"The Purchaser shall have the right to re-visit the home two (2) times prior to closing, with adequate notice given to the Vendor."
 
If we change the wording a little, the Vendor now knows that a Purchaser visit will take place just before closing, driving the fact home that they better have the place sorted out before then.
 
"The Purchaser shall have the right to re-visit the home two (2) times prior to closing, with the second of these visits to take place during the week before closing."
 
Nice.