Blog | Mortgages By Liz

Elizabeth Prins, CAAMP

Mortgage Alliance – Cutting Edge Lending
Liz@CuttingEdgeLending.com
Office:  250.590.6009
Cellular:  250.812.1529
Toll Free:  1.877.590.6009
Fax:  250.590.5899

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Wednesday July 29, 2009 10:38 AM

Victoria Real Estate expert Cheryl Woolley wants you to know:

PROS & CONS OF CONDO LIVING

Condominiums and townhouses offer an affordable option to single-family homes and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your due diligence. Here are some important things to consider:

Storage. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.

Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you.

Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.

Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home — good news if you like to travel.

Security. Keyed entries are common in most condos. You’re also closer to other people in case of an emergency.

Contingency funds and strata fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees decided by the strata, whether or not you’re interested in the amenity.

Resale. The ease of selling your unit may be dependent on what else is for sale in your building, since units are usually fairly similar.

Condo rules. Although you have a vote, the rules of the strata can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets, or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.

Neighbors. You’re much closer to your neighbors in a condo or town home. If possible, try to meet your closest prospective neighbors.

For more information on buying condos in Victoria, contact Cheryl Woolley, DFH Real Estate Ltd. 250-477-7291

www.cherylwoolley.com

Market Update May 2009 from Naomi Melhuish

Monday July 06, 2009 05:47 PM

Royal LePage Coast Capital Realty

Wow, the market has heated up so much in the past few months - some people are getting burned!!

Check out the most recent stats by clicking on the links at the bottom of this page: http://www.homesbynaomi.com/newsletter.php The last link depicts the sales vs. listings, which is a great indicator of market conditions. If you have a look at this past April compared to April 2008, you will see that there were actually more sales in relation to listings in April 2009. This shows the balance shifting towards a Seller's market, which is an unexpected surprise in this economic climate.

My clients have been experiencing this hot market first hand with many multiple offer situations (I have personally been involved in 5 in the past month!)

Message to Buyers... (especially those purchasing homes under $500K and condos under $300K) ...things are moving quickly, prices are still down 5-10% from last year and are currently steady if not rising again, rates are fantastically low - consider this a GREAT opportunity to buy or move up in the market!

Any questions?? Want to chat? Please page me anytime at 250-384-7663 or email me at Info@HomesByNaomi.com More on my website at www.HomesByNaomi.com.

Wow! 2009 is the Year of the Buyer.

Monday July 06, 2009 05:26 PM

With the record low interest rates, many of my new clients have finally been able to get into the home buying market. I have also seen an increase in mortgage arrangements for real estate investors buying up revenue properties and the number of refinances as well; people are taking advantage and consolidating high interest debt.

If you know your present interest rate, the outstanding balance of your mortgage, the maturity date and the amount of your early prepayment penalty, I can quickly do the necessary calculations to help you decide of it is advantageous to redo your mortgage at the new lower rates. There are no charges for my services and I am happy to take a look for you.