💧 25th Mar 2024 - Halifax Senior Stuck With $45K Bill For New Sewer, Water Lines Before She Can Sell Her Duplex!

💥 Monday 25th March 2024 💥 NEW vs Resale Homes - FREE Report! Daily GTA Real Estate Ignition! "Elevate Your Home Experience: Expert Reports & Irresistible Listings!" "Daily GTA Real Estate Ignition" is your daily spark into the Greater Toronto Area (GTA) real estate market. Each day, we ignite discussions, uncover trends, and provide you with the hottest updates to keep you informed and inspired. Whether you're a buyer, seller, investor, or simply passionate about real estate, our daily ignition delivers the insights you need to stay ahead of the curve. Get ready to ignite your real estate journey with "Daily GTA Real Estate Ignition." Are there any potential hidden costs or unexpected expenses associated with purchasing new homes versus resale homes, and how can buyers mitigate these risks? When purchasing new homes versus resale homes in Toronto, Ontario, Canada, there are potential hidden costs and unexpected expenses that buyers should be aware of. Here are some factors to consider and strategies to mitigate these risks: New Home Warranty: While new homes typically come with warranties from builders, buyers should carefully review the warranty coverage to understand what is included and for how long. Some warranties may have limitations or exclusions that could leave buyers responsible for certain repairs or maintenance costs. Mitigation: Research the builder's reputation and track record for honoring warranties, and consider obtaining an independent home inspection before closing to identify any potential issues. Upgrade Costs: New homes often come with standard finishes and features, but buyers may incur additional costs for upgrades or customizations to meet their preferences. These upgrade costs can add up quickly and significantly impact the overall price of the home. Mitigation: Prioritize upgrades based on your budget and needs, and negotiate with the builder to include certain upgrades as part of the initial purchase price. Development Charges and Levies: In some cases, new home developments may be subject to development charges, levies, or other fees imposed by municipal or provincial governments. These charges can vary depending on the location and type of development, and they may not be included in the initial purchase price quoted by the builder. Mitigation: Conduct thorough due diligence and consult with local authorities or real estate professionals to understand the potential impact of development charges on the overall cost of the home. Landscaping and Exterior Finishes: New homes may not include landscaping or exterior finishes such as sodding, fencing, or driveway paving, which can be additional expenses for buyers to consider. These costs are often not included in the base price of the home and may need to be budgeted for separately. Mitigation: Factor landscaping and exterior finishing costs into your overall budget when purchasing a new home, and discuss these requirements with the builder to clarify what is included in the purchase price. Condo Fees and Maintenance Costs: In the case of new condominiums, buyers should be aware of ongoing condo fees and maintenance costs associated with shared amenities, common areas, and building maintenance. These fees can vary depending on the size and type of the condo development and may increase over time. Mitigation: Review the condo corporation's financial statements and reserve fund study to assess the adequacy of reserves and potential future fee increases, and factor these costs into your budget when evaluating new condo developments. By understanding and anticipating these potential hidden costs and unexpected expenses associated with purchasing new homes versus resale homes in Toronto, buyers can make informed decisions and mitigate risks to ensure a smooth and financially prudent homebuying experience. Consulting with experienced real estate professionals and conducting thorough due diligence can also help buyers navigate these complexities and avoid costly surprises. Halifax senior stuck with $45K bill for new sewer, water lines before she can sell her duplex | CBC News A Halifax senior says major issues selling her home of 50 years have become a cautionary tale for those in old duplexes around the city. cbc.ca READ MORE ... Thousands on waitlist for $10 plots of land in Ontario before project launch | Urbanized Cochrane, Ontario, will soon be selling $10 plots of land as part of a multifaceted project to boost housing and energize property sales.  dailyhive.com READ MORE ... Historic mansion in Toronto is surprisingly under $3 million When it comes to affordable housing in Toronto, it's slim pickings.  With rental prices having climbed a whopping 20 per cent in the last few years... blogto.com READ MORE ... This Toronto home just hit the market after being in the same family since 1948 We love a home with a story to tell, and when it comes to 111 Donlands Avenue, it's a story of pride of ownership and a family's love that has span... blogto.com READ MORE ... Mortgage broker says more first-time buyers entered the market following the pandemic - BNN Bloomberg A new survey found that over the last two years, about one-third of respondents moved, a majority of whom were first-time homebuyers. bnnbloomberg.ca READ MORE ... CMHC’s First-Time Home Buyer Incentive is Ending | RealInsights CMHC First-Time Home Buyer Incentive has ended. Find out about new deadlines and who can still submit applications. gta-homes.com READ MORE ... Canada To Cut Temporary Resident Target 20% After More Than Doubling - Better Dwelling Canada’s explosive population growth went from a boasting point to liability in less than 3 years. The Government of Canada (GoC) announced on Thursday they will be implementing a limit for temporary residents in the coming years. This comes as the economic boom driven by immigration fades, leaving behind an oversupply of labor and undersupply […] betterdwelling.com READ MORE ... Dundas home listed for $9M 'like nothing you’ve ever seen' Weirs Lane spans more than two hectares and has a live roof. thespec.com READ MORE ... Interest rate cuts could soon diminish real estate investment opportunities in Ontario | insauga Real estate investment opportunities across the GTA and Ontario, such as the purchase of a new condo, could diminish soon due to interest rate cuts. The Bank of Canada has indicated that it will cut its overnight lending rate three to five times this year. It’s a certainty that condominium prices will start increasing immediately […] insauga.com READ MORE ... Home sales fell in August. Why that might be good news for buyers Canadian home prices are stabilizing heading into the fall, CREA said Friday, as higher interest rates cool demand among buyers and the level of new listings grows. msn.com READ MORE ... With renters feeling squeezed, city holds 1-day tenant fair | CBC News For London, Ont., renters like Xenia Osegueda, it's not always clear which website to visit or what number to call when problems emerge in the tenant-landlord relationship. cbc.ca READ MORE ... Missing 'middle housing' keeps new homes out of reach for many: TRREB Mixed homes, smaller modular homes, and micro homes are needed in communities like Newmarket so that people can stay in the communities they were raised in, Toronto Regional Real Estate Board CEO says newmarkettoday.ca READ MORE ... This Week's Top Stories: Canada Spends 75% of Its Deficit To Prop Up Mortgages & Cuts Immigration - Better Dwelling Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canada Is Spending 75% of Its Forecast Deficit To Prop Up Mortgages The Government of Canada (GoC) plans to spend a whopping $30 billion to support its mortgage market this year. March marked the second month of its buying spree, spending roughly […] betterdwelling.com READ MORE ... Albertans struggling to find place to rent: survey Albertans are struggling to find a place to rent as the province is flooded with a river of newcomers. The time spent searching for a rental stretches more than six months for one in every six renters, according to a survey by rentals.ca. But even fewer are spared the frustration of looking for one — nearly two-thirds of respondents say securing a spot has been very difficult. The survey was conducted among 600 participants in Ontario, B.C. and... msn.com READ MORE ... Housing market will see 'staggered' return of buyers and inventory: RBC Economist believes it will take a series of rate cuts before many are ready to take the plunge ca.finance.yahoo.com READ MORE ... Landlords call on province to speed up eviction process for unpaid rent A group of landlords are calling on the province to speed up the eviction process when tenants don’t pay rent, saying months of backlogs at the Landlord and Tenant Board is costing thousands. ottawa.ctvnews.ca READ MORE ... This Texas couple charged their daughter rent — but they're still getting plenty of 'backlash' online Tough love at the Bank of Mom and Dad. ca.finance.yahoo.com READ MORE ... $4 million Toronto home inspired by 17th-century Italy Tucked away in the heart of Toronto's prestigious Yorkville neighbourhood, 42 Berryman Street stands as a true masterpiece, offering a blend of Vic... blogto.com READ MORE ... Some Ontario landlords are calling for ’automatic’ evictions for tenants who don't pay rent | RCI Landlords look to B.C. model, but tenant advocates say it’s the wrong solution ici.radio-canada.ca READ MORE ... Homebuying activity slows across Canada New data shows first slowdown for three months mpamag.com READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" 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