Things you Need to Know When Buying a Condo in K-W

By Warren McNeil

Do you have your New Years resolution yet? Let me guess, you need to lose weight, exercise and save money. Maybe your New Years resolution is to buy a condo or loft in Kitchener-Waterloo. If this is the case, then there are some things you need to know before you plop down the cash. Some people overlook these things so I will summarize what you should look for. That way you will know what to expect when you buy a condo or loft.

Check out this little video I created regarding buying condos and lofts.

*Video:tips for buying a condo or loft in kitchener-waterloo and cambridge

Having an understanding of condos or lofts is important so you can make sense of their differences from freehold housing.

All non-freehold condo or lofts have common elements. Common elements are owned by everyone and include the lobby, elevator, swimming pools, exercise room, hallways etc. Common elements are anything outside of your unit.

It’s very important to understand how parking works. Do you get one spot? Can your rent another spot. Is parking underground? How much visitor parking?

Condos or lofts are also subject to a monthly condo fee. This fee covers maintenance of the building and ground and the common elements. The condo fees in Kitchener-Waterloo or Cambridge can range in prices from $150-600 per month. The higher fees usually cover others things such as fitness facility and swimming pool maintance costs.

If you have pets, you need to make sure that the condominium corporation will allow them. I know that the Kaufman lofts, LeMarche are a couple of buildings that allow pets. Size restrictions may apply. Realtors will be able to find out which condos are pet friendly.

Condos and lofts are subject to strict rules and regulations that prevent you from making changes to any of the common areas. You need to get permission if you want to make a change such as build a fence, changing doors & windows, paint garage doors etc. Read through the rules and regulations to find out what you can and can’t do. You can request the rules and regulations from the property management company.

Lastly. it is important to have your lawyer review the status certificate so that you know that the finances for the condo corporation are in good standing.

I hope you found this information helpful. As you can see there is a little more that you need ot know about condos or lofts when compared to a freehold housing.

What do you think your biggest concern is when buying a condo or loft in Kitchener-Waterloo or Cambrige (High condo  fees, pet friendly, parking) ?  Let me know.

Thanks for reading!

We are a full-time real estate team in Kitchener Waterloo area. We enjoy assisting buyers and sellers with the purchase or sale of condos or lofts in the Kitchener-Waterloo or Cambridge areas. If you would like us to help you with your condo or loft search, please check out our brand-new free search website.

Warren & Melanie McNeil | Sales Representatives, Team McNeil
Re/Max Twin City Realty, Brokerage
( 519.579.4110 
8 www.TeamMcneil.com, www.LoftStyle.ca, www.ClickThatHouse.com 
 
P.S. Looking for a condo or loft, check out our brand new website at www.LoftStyle.ca!

[Tip] Searching for Kitchener Waterloo Condominums or Lofts

By Warren McNeil,

If you are on the fence about buying a condo or loft in Kitchener, Waterloo or Cambridge you might want to consider taking advantage of some of the great deals that are currently available. The real estate market in Waterloo Region is really strong and there are lots of upcoming developments in the coming years. Andrin Homes new project in the downtown core just to name one.

If you are looking for a resale condo or loft in Kitchener or Waterloo you might be finding that your search is frustrating you. There are easier ways. If you are looking in the newspapers or other real estate publications you will probably find that when you call the agent the house has already sold. Despite the houses that are selling, there are still many more available. However if you are waiting for them to be advertised in the paper, you could be waiting too long. By the time the property is advertised, it may have already received an offer.

There is lots of choice when it comes to a Kitchener Waterloo condo or loft and I recommend having a realtor setup an automatic search for you. This will not only cut down on the time it takes to find a condo in Kitchener or Waterloo, it will also let you know about the newest listings right away before they even hit the public MLS system. This will give you a jumpstart over other buyers who are still looking on their own without a realtor.

In summary, if you are looking for a condominium in Kitchener, Waterloo or Cambridge and haven’t had any luck finding the right home, then you should let a realtor do the work for you. It will save you time and money and you won’t miss out on a good deal ever again.

For more info see:
Click Here 

Thanks for reading!

We are a full-time real estate team in Kitchener Waterloo area. We enjoy assisting buyers and sellers with the purchase or sale of condos or lofts in the Kitchener-Waterloo or Cambridge areas. If you would like us to help you with your condo or loft search, please check out our brand-new free search website.

Warren & Melanie McNeil | Sales Representatives, Team McNeil
Re/Max Twin City Realty, Brokerage
( 519.579.4110 
8 www.TeamMcneil.com, www.LoftStyle.ca, www.ClickThatHouse.com 
 
P.S. Looking for a condo or loft, check out our brand new website at www.LoftStyle.ca!

10 Steps to Buying a Condo or Loft in Kitchener Waterloo

By Warren McNeil

If you are in the market to buy a house in Kitchener-Waterloo, than you may want to consider buying a loft or condo. There are many condos available that offer a  nice alternative to some of the single detached homes. These condos can sometimes be available for considerabley less money. The only caveat is that you need to watch the condo fee. If the condo fee is too high, it might not be the best value. The other thing you need to watch for is whether heat or property taxes are already included. Once you deduct the cost for heat and property taxes then the monthly fee doesn’t seem so bad. There are a few condos in Kitchener Waterloo area that are quite high but some include special features such as a membership to a fitness centre. If this is not what you are looking for then you are best to keep looking until you find what is right for you.

If you are a snowbird, investor, downsizing, first-time home buyer or someone who is looking for something that doesn’t require any outside maintenance then a condo might be a good fit for you. Here are some tips to ensure that condo living is the right option for you.

1. Maintenance is taken care by condominum corporation. (maintence can  include such things as yard maintance and snow removal)

2. Can be more secure if you buy into an apartment building that has controlled entry. Underground parking is also very handy so that you don’t have to clean the snow off your car in the morning before you go to work.

3. Gives you the freedom to come and go without having to worry about upkeep of the common area. Perfect if you are traveller. No grass to mow or snow to shovel!

4. It is possible to get more house for less money. (keep in mind that you have to add on the condo fee and property taxes.). Do your homework because in some cases the cost can be higher.

5. Condos are very uniform which means that there are heavy restrictions on changing the appearance. (Unless you buy freehold.). This can be a good and bad thing. Good because everybody must conform to the rules and regulations of the condomium corporation. Bad if you want to put up a fence for your dog Fefe and the condo corp won’t allow it. It’s important to decide what you are looking for.

6. Condos or lofts are excellent if you have kids going to University and you want to avoid paying somebody else’s mortgage. Build your own equity! 5 years of equity building could pay for your son or daughter’s tuitiion and then some! Do your homework first so you know what you are getting into. Some people are nervous and don’t want to get into buying investment properties. I can see why people might feel this way especially if you are not familiar with an area or a worried about taking risks. I belieive that if you are financially able to do it, then you should do it.  If you kids have friends that rent, then maybe they can also help pay the rent of your new investment. It’s a win-win situation! We have helped many clients who go to the University of Waterloo, Laurier and Conestoga College who purchased homes and they are very happy that they did.

7. If you are in the market for a home and want modern living, then there is lots of choice here in Kitchener Waterloo and Cambridge. Some really impressive developments are The Kaufman lofts, LeMarche condos (one of my favourites) , Seagrams Lofts, Bauer lofts, Tiger lofts and Mansion Lofts to name a few. These condos have many unique features that will appeal to a broad range of different people and lifestyles.

8. If you have a pet, don’t fret! Several condos or lofts in Kitchener-Waterloo will allow you to have pets. There might be some restrictions but the rules are laid out in the rules and regulations.

9. Some condos come with multiple parking spots as well as extra deeded spots, if not you will need to look into renting extra spots.

10. If you are an investor, you might want to consider filling your portfolio with condos and rent them out. Keep them for several years, build the equity and then sell them. This is a perfect way to invest without spending too much money on multi-family or other types of housing. The nice thing about condos, especially aparment style condos, is that maintenance on the common areas are covered by the condo fee which means there are less expenses. Again it is necessary to crunch the numbers and make sure you know what you’re getting into.

Well that’s all I have to say for now. If you want to find our what condos or lofts are for sale in Kitchener, Waterloo or Cambridge, please check out our new website at www.kitchenerlofts.com.

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil
Re/Max Twin City Realty, Brokerage
( 519.579.4110 
8 www.TeamMcneil.com, www.LoftStyle.ca, www.ClickThatHouse.com