Thursday, October 27, 2011

Sold firm- Brand New Condo


Hello fellow blog readers:
First and foremost, I would like to wish everyone a HAPPY DIWALI!
The last couple of weeks have been extremely busy for me, hence the infrequent blog posts.
However, I have few updates on my end.
The following condo has been now sold firm to my buyers. This one is a brand new Markham condo. This beautiful new development is surrounded by The Rouge River Valley. It boasts Engineered Hardwood Floors, Balcony, Large Windows, A Large Bedroom, and Open Concept Kitchen with Granite Countertops, Ceramics Tiles, and Stainless Steel Appliances.
Also, I have been extremely busy showing condos in Mississauga and North York area. For your list of condos, please don't hesitate to call me.
Regards,
Megan










Sunday, October 9, 2011

Pre-construction condos

Pre-construction condos:
There are several costs involved with a pre-construction condo:
Usually when you buy a pre-construction condo you put down an initial deposit of 5% which goes into lawyer’s trust account. You could also pay 5-10% on occupancy date. And a normal of 20-25% in the span of couple of years until occupancy date. Here’s an example: say you buy a condo for $300,000. You must pay out 20% in deposits over the next couple of years. 20% of $300,000 is $60,000. That leaves $240,000 in unaccounted for funds for which you need to get a mortgage pre-approval.
But one must not forget the following costs that crop up on the day of your closing (ie. Possession date)
·         HST
·         Land transfer tax
·         Tarion enrollment fee
·         Property if pre-paid by developers
·         Development charges ( for development that requires the passing of a zoning by-law 
·         Occupancy fee (which is basically like your rent because it is not added to your mortgage)
·         With condos, unlike houses, there are two "closings". The first is called the "Interim Closing" which occurs at Occupancy (when the Municipality authorizes people to actually occupy the premises). The final closing is when you acquire title for the property and you start your mortgage payments.
·         3 months common elements fee
·         Water and gas hook up fees
·         Disbursement, mortgage registration fees
·         Development fees, Tarion enrollment fees, and water/gas hook up fees are all examples of costs that buyers incur when buying pre-construction instead of going resale.
Please call/email me for more questions.



Tuesday, September 27, 2011

Fixed vs. Variable

I am big proponent of variable rate and here’s why:

Why go variable?
1.)   Statistics, Statistics: BMO says variables have been cheaper 83% of the time
2.)   Lower Penalties: People often break their mortgages early, for various reasons (including refinancing, selling, divorce, moving to a mortgage with a better rate/more flexibility, etc.). Most variables let you escape your contract with a 3-month interest penalty, whereas fixed rates can hit you hard with interest rate differential (IRD)—even if rates stay relatively flat (many people don’t know that).
3.)   Less Rate Risk: Compared to prior economic recoveries, economists believe that it won’t take as many rate hikes to cool Canada’s overleveraged slow-growth economy this time around
4.)   Slower Rate Hikes: The U.S. Fed has pledged to remain on hold till 2013. Moreover, TD says: “The Bank of Canada has repeatedly noted that there are limits to how much Canadian short-term rates can diverge from those in the United States."
5.)   A Free Option: Variables let you lock in anytime for free.(i.e., lock in if rates drop further, or lock in if rates look like they’ll blast off), you can do it for free in VRM…but not in a fixed.
6.)   Fixed Payments: Some lenders let you fix your payments so that they don’t move when prime rate moves.
7.)   Payment Matching: When variable rates are lower than fixed rates, you can increase your variable payments to match a 5-year fixed payment.
8.)   Timing is Futile: The problem is, knowing short-term rates doesn’t help you predict long-term rates, and the majority of mortgages are 3+ years.

Friday, September 23, 2011

Buying a Home? Get the Facts on HST

Consumers buying a resale home do not pay HST on the purchase price of the home.

In addition to not having HST on resale homes, a refund of Land Transfer Tax of up
to $2,000 is available to first-time home buyers of resale homes.

On the other hand, if you are buying a newly constructed home, HST will apply.

Enhanced new housing rebate:The new housing rebate would be enhanced so that new homes purchased as primary residences across all price ranges would receive a rebate of up to $24,000, while continuing to ensure that, on average, new homes priced up to $400,000 would not be subject to additional tax compared to the retail sales tax (RST) currently embedded in the price of new homes. For new housing, additional tax only applies to the portion of the price above $400,000.

Qualifying housing would include substantially renovated housing, co-operative housing, owner-built housing, housing on leased land, mobile homes and modular homes for use as primary places of residence.

Quick fact: 75 per cent of new homes sold in Ontario are under $400,000 and would not be subject to an additional tax amount, on average, compared to the current retail sales tax (RST) embedded in the price of new homes.

Tuesday, September 20, 2011

Updates!!


Hello blog readers:

It has been a great week so far...

Two deals have been firmed up: 2 bd condo in Toronto and a semi-detached house in Brampton. 


I have attached pictures below.

I am very happy for my first time home buyers.

Anyways, until next week ...

Regards,
Megan


Friday, August 5, 2011

What the latest stock market crash could mean for Real Estate?

The Toronto stock market tumbled again Friday, which is considered to be the worst decline in two years.

This is giving way to fear and stress. No one really knows what the chaos means to them. Ultimately, there is no magic wand that will make things better. However, there are alternative solutions.

We cannot control the world but we can control part of our surroundings. Which brings me to a very valid point: Real estate by far is the most secure long term investment one could make.

Stock markets have a huge gambling component. However, real estate will still be there after dust settles and is not subject to the vagaries we see in the stock market now.

You too can make money if you have a good negotiator by your side that will show you good (if not great) deal(s) that will provide you with a hefty return on investment.

If you are an amateur or seasoned investor in Real Estate, look no further and contact me! I would love to hear from you.

Tuesday, August 2, 2011

Post long weekend ...

The long weekend has come and gone.....

It all went by so fast with an open house in Mississauga (Queen Elizabeth Way and Port Credit area ) and showing properties to my first time home buyers! Gotta love em..

Speaking of the open house. I have to say I am very much impressed with the work done in the house. The sellers got rid of the clutter and got their house staged (Thanks to my advice!)

And....what a difference it makes. Everyone who came to open house marvelled on how "spacious" and "beautiful"  and "professionaly painted" the house looks. And damn right, it does.

The house looks roomy and bright which translates to welcoming and utters a"buy-me" slogan. Here is a snapshot of what it looks from the inside.

You can practically own this property for $1200/monthly. The selling price is $349,000 which I have to say is quite aggresively priced as the sellers vacated the property and staged it for maximum exposure and move in ready condition.


You can always call me for viewing ! I would love to hear from you.

Until my next post... Have a good day!!

Sunday, July 24, 2011

Happy Sunday!

Hello everyone:

I realize I haven't been very regular with my blogs. However, I would like to update my fellow readers about my recent experiences.

Most recently, I was showing condos in North York area to first time home buyers. I am proud to say that they have successfully bought a condo through us! I negotiated (saved) them almost $15,000!!! :-)

I am really glad for them! At first when they came to see myself and my team member, they were quite apprehensive. However, after answering their questions and giving them a brief overview of current market conditions they were quite pleased and calm about their first home-buying process.

If you are looking to buy and you are a first time home buyer, contact me today for a free consultation on the entire home-buying process. Let me save you time and money!

With that being said, I will be calling it a night. I had a very long day today taking care of my paperwork and showing more properties to a young investor.

Regards,
Megan

Tuesday, June 14, 2011

Semi-Detached Raised Bungalow close to York University


















o   Wow This Ones A Showstopper
o   Fully Upgraded Home From Top 2 Bottom.
o   Lots Of $$$ Spent On Quality Upgrades
o   Pot Lights Everywhere,
o   Brand New Maple Hardwood Floors On Main Living area
o   Custom Made Kitchen W/ Granite Counters
o   High End Cabinets
o   Custom Backsplash
o   ALL Brand New Stainless Steel Appliances (Fridge, Microwave, Oven and Dishwasher)
o   Front Load Washer and Dryer
o   Crown Moulding
o   Updated Washrooms
o   New Windows & Doors
o   New Garage Door
o  

o   Prof Finished 3 Bedroom Basement W/ Separate Entrance Rented For $910/Mth Can Leave Or Stay!
o   Granite Counter In Basement Kitchen
o   Pot Lights Windows All Around
o   With Separate Laundry Can Be Divided Into Two Basement Apartments.
o  

o   Includes: All Stainless Steel Appliances, Front Load Washer & Dryer, Bsmt Fridge & Stove, Bsmt Washer & Dryer. Minutes To New Subway Station, 400 series highways, York University
o

o    CALL: Megan

3 reasons why buying a house is a good idea!

Here are three reasons why buying a house is a good idea:

1. You build equity
The amount you owe declines with each mortgage payment. The difference between what you paid and what you owe is your equity and it is one of the most valuable assets most family’s have. The sooner you start, the faster your equity grows.
2. It is an appreciating asset
Home prices decline when the economy turns down, but the long-term trend has been and will continue to be rising prices. The reason is supply and demand. As someone once remarked – “Buy land. They ain’t making any more of the stuff.” Land supply constraints for residential development exist in most markets.
3. Demographics trends are favourable.
Meanwhile, there is population growth it producing demand. Canada has 34 million people now. In 1961 it was about 18 million.

These three trends underpin the long-term upward trend in housing prices.
.
For questions and/or concerns please don't hesitate to contact me.

Friday, May 20, 2011

Sold for Over-asking price in one day!

Hello Readers:

I have just recently sold this amazing property for over-asking price for my clients. They were extremely pleased with my professional services. If you are looking for a free market evaluation of your property, I will be more than happy to help.

Have a good long weekend,
Megan.






Following are the details of the property:
  • Beautiful & Spacious 3+1 Bdrm House,
  • Very Well Maintained,
  • Shows 10+++.
  • Live At The Border Of Mississauga For Less.
  • Lots Of $$$ Spent On Upgrades,
  • Recently Renovated Washrooms & Modern Kitchen,
  • New Laminate Flooring,
  • Professionally Painted,
  • Spacious Bsmt Apartment
  • Professionally Finished W/ Separate Entrance,
  • Bsmt Was Rented For $750,
  • W/O To Backyard, Extended Driveway,
  • Amazing Location,
  • Close To Everything (Highways, Sheridan College, Gurudwara, Heartland)

For Sale: Amazing Semi-detached 2 Storey In The Heart Of Mississauga

§    Amazing Semi-detached 2 Storey In The Heart Of Mississauga
§    Steps To Square One
§    Enjoy City Life And Still Be Able To Enjoy A Huge Backyard W/ Lots Of Fruit Trees.
§    Recently Renovated Home W/ Upgrades Like:
o Granite Counters In Washrooms
o Pot Lights In Prof Finished 1 Bedroom Basement
o Concrete Patio
o  Extended Driveway Recently Paved
o 6 Parking spaces
§    Very Convenient Location Close To Everything!! 
Call for more information. 

Megan B.H.Sc.






Monday, May 16, 2011

JUST SOLD!

Just sold! 
If you are thinking to list your property, give me a call for a free market evaluation and consultation.

Now is the best time to sell!

§        Beautiful And Spacious 3 Bdrm on the border of Mississauga
§        Very Well Maintained,
§        Lots Spend On Upgrades,
§        Recently Renovated Roof,
§        New Fridge & Washer,
§        Professionaly Painted,
§        Walk Out To Large Deck,
§        Foyer With Mirror Closet,
§        Marble Floors,
§        Brick Fireplace,
§        Eat-In-Kitchen,
§        Mirror Backsplash,
§         Finished Rec Room With Built In Bookcase, Laundry + 2Pc Washroom!
§         Amazing Location, Close To Everything (Sheridan Coll, Highways, Gurudwara ,Heartland).





Megan Rekhi B.H.Sc.
Homelife/Miracle Realty Ltd.
Each brokerage is independently owned and operated.
Fax: 416-747-7135

Wednesday, May 11, 2011

Market Watch: Brampton, Mississauga, Milton, Burlington homes

Western district, as shown in the map below consists of the LARGEST shares of new listings in the GTA market.

There is also an increase in sales-to-new listings ratio which means an increase in prices well above inflation in the year 2011.

So what does it mean for home buyers? Act fast so you can get a house at your affordability range before the prices escalate for the rest of the year.


For more information regarding current market conditions, please contact me.

Tuesday, May 10, 2011

First time home buyer seminar

First time home buyer seminar:
Please call for date and time 
470 Chrysler Dr.# 20, Brampton
 
Buying a home can be both exciting and enjoyable, and sometimes a little intimidating.
That’s why I offer free home buying seminars.
My seminar will take you through the entire process of home-buying, familiarize you with government initiatives, and my professional real estate services.
Topics:
1.    The advantages of owning versus renting
2.    Affordable housing options:
a.    Government incentives for first time home buyers, immigrants
3.    How to use your RRSP to buy a home?
4.    How to buy a home with no money down payment or bad credit?
5.    Current housing market conditions
6.    Listings of available homes for sale
7.    Closing cost discounts and assistance
8.    Mortgage financing: Pre-approval, Adjustable vs. Fixed rate mortgages
 
 
If you don’t have time to attend one of my home buying seminars, please free to contact me to book a one on one consultation appointment.
Seating is Limited, Register Today!
You are also encouraged to take part in these free seminars if you are looking to buy a home in Toronto, Brampton, Mississauga and Oakville.
To book your reservations, please call Megan or email meganrekhi@gmail.com