Toronto Real Estate and Morningside Heights, Markham Boxgrove Housing Updates Jas Jagpal: UNIQUE Buyer Questions in Real Estate Transactions

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com

Here are some unique buyer questions that are not commonly asked.

1. Can Seller Pay Buyers closing costs including property transfer fees? (land transfer tax)

- Absolutely! It must be written into the Purchase and Sale Agreement. It could be an incentive offered by the Seller to sell his house... especially in a slow market.

2. I have a rental property and I'm looking to buy my own home. What percentage will I need to for a down payment?

- 5% down is all you need. Obviously you need to have good credit and be approved for the mortgage and will incur CMHC insurance costs... unless you can come up with 20% down.

3. Does a railroad in your backyard ACTUALY decrease value? Does it matter if it is behind an opaque fence?

- Think like a Buyer. Would you buy a property with a railroad running behind you and pay the same as if you were on a quiet circle? No! So definitely it will decrease the value. How much? Well that would depend on the distance from your house, the noise level, the frequency the trains run, passenger or freight. These factors will influence how much the Buyer is willing to pay and it is best to talk to an agent and get right market selling price.

4. Why are maintenance fees calculated by square foot, not number of people residing in a condo?

- Excellent question. Why a family of say 2 pay the same as a family of 4 who live in a 1BR + Den apartment. We'd probably think the family of 2 should pay less for they will be using less water, hydro and amenities. That is not necessarily the case. A family of 2 can be irresponsible... taking 1 hour showers, leaving the lights on, wired up many gadgets, and feel cold so have the heat setting at high. Just say that isn't the case. How would you manage a condominium when people buy and sell, every week, move in an out, and recalculate the maintenance cost every week. That would be a logistical nightmare. So like the province, who charges property tax, depending on the value of the home and not how many residents live there, Condo Corp. that maintains the building, finds it a lot easier, simpler to charge per the size of your unit.

Formula: Total expenses / Total square footage = Cost per square foot.

Maintenance Fee: Cost Per Square Foot x Your Unit Size

If you are a buyer, looking to buy or sell in the GTA and have any questions. Give me a call at: 647-272-6629 or visit my website at www.JasJagpal.com where you will find many tips and information.

Jas Jagpal, BSc. is a Remax professional helping clients buy, sell and invest in Condos and Homes, primarily in Markham, Scarborough and the GTA.