🧱 9th Aug 2024 - Tenant doesn’t pay $41,000 in rent for Toronto condo but owner can’t evict her yet!

💥 Friday 9th August 2024 💥 From Listing To Closing: 9 Step System! Hot Headlines: Greater Toronto Real Estate! "Stay Ahead in the Housing Market: Free Reports & Fresh Listings!" "Hot Headlines: Greater Toronto Real Estate" brings you the most important and timely updates from the GTA real estate market every day. This daily newsletter curates the top stories, market trends, expert analyses, and notable property listings, ensuring you stay informed about the ever-evolving real estate landscape. Whether you're a buyer, seller, investor, or simply interested in the market, "Hot Headlines" provides the insights and information you need to make well-informed decisions. Stay ahead in the competitive GTA real estate market with "Hot Headlines: Greater Toronto Real Estate." Can sellers anticipate any unexpected costs or expenses between listing their property and closing the sale, and how can they budget effectively to cover these potential expenses? Yes, sellers can anticipate several unexpected costs or expenses between listing their property and closing the sale. Effective budgeting and planning can help manage these costs. Here are some common unexpected costs and strategies for budgeting effectively: Common Unexpected Costs for Sellers Pre-Listing Repairs and Upgrades: Cost: Making necessary repairs or cosmetic upgrades to make the property more appealing to buyers can be costly. Tip: Conduct a pre-listing inspection to identify and address issues early. Allocate a budget for minor repairs and aesthetic improvements. Staging Costs: Cost: Professional staging can help sell a home faster and at a higher price, but it comes with a fee. Tip: Consider DIY staging or partial staging to save costs while still enhancing the home’s appeal. Professional Photography and Marketing: Cost: High-quality photos and marketing materials are crucial for attracting buyers. Tip: Budget for professional photography and consider investing in premium online listings or virtual tours. Agent Commissions: Cost: Real estate agent commissions typically range from 5% to 6% of the sale price. Tip: Factor this commission into your overall selling costs. Negotiate the commission rate with your agent if possible. Concessions to Buyers: Cost: Sellers may need to offer concessions, such as paying for some of the buyer’s closing costs or providing a home warranty. Tip: Be prepared to negotiate and include potential concessions in your budget. Closing Costs: Cost: Sellers are responsible for certain closing costs, which may include title insurance, escrow fees, and transfer taxes. Tip: Request a detailed estimate of closing costs from your agent or attorney early in the process. Utility and Maintenance Costs: Cost: Sellers must continue to pay for utilities, lawn care, and routine maintenance until the property is sold. Tip: Include ongoing utility and maintenance expenses in your budget until the closing date. Holding Costs: Cost: If the property doesn’t sell quickly, you may incur additional mortgage payments, property taxes, and insurance costs. Tip: Estimate the average time on the market for similar properties in your area and budget for holding costs accordingly. Unexpected Repairs After Inspection: Cost: Buyers may request repairs or credits for issues discovered during their home inspection. Tip: Allocate a contingency fund for post-inspection repairs or negotiate credits instead of making repairs. Moving Costs: Cost: Moving expenses can add up, especially if hiring professional movers. Tip: Obtain quotes from multiple moving companies and factor these costs into your budget. Effective Budgeting Strategies Create a Detailed Budget: List all potential expenses, both expected and unexpected, from the pre-listing phase to the closing date. Be as detailed as possible to avoid surprises. Build a Contingency Fund: Set aside a contingency fund (typically 5% to 10% of the expected sale price) to cover unforeseen expenses that may arise during the selling process. Get Estimates Early: Obtain estimates for repairs, staging, photography, and moving costs early to better plan your budget. Consult with Your REALTOR®: Your REALTOR® can provide valuable insights into typical costs and help you create a realistic budget based on your property and local market conditions. Negotiate Fees and Costs: Negotiate commissions, repair costs, and any buyer concessions to keep expenses within your budget. Monitor Your Budget Regularly: Track your expenses throughout the selling process and adjust your budget as needed to stay on track. Plan for Holding Costs: If you anticipate a longer selling period, plan for additional holding costs such as mortgage payments, property taxes, and insurance premiums. By anticipating these potential costs and budgeting effectively, sellers can avoid financial surprises and ensure a smoother, more predictable selling process. Tenant doesn’t pay $41,000 in rent for Toronto condo but owner can’t evict her yet | Globalnews.ca A Brampton couple bought a condo as an investment for their retirement but are frustrated they can't evict a tenant who they say owes them thousands of dollars in unpaid rent. globalnews.ca READ MORE ... Montreal home sales surge 12% in July, defying national trends - Mortgage Rates & Mortgage Broker News in Canada Montreal defied the national trend of stagnant home sales, recording a 12% increase in sales in July. canadianmortgagetrends.com READ MORE ... GTA’s housing market revives with increased sales & listings yet declining prices persist Find out about the changing dynamics of the GTA housing market in July 2024. Explore the rise in home sales, new listings, and how they... realestatemagazine.ca READ MORE ... Hamilton-Burlington area inventories rise as sales ease and prices soften: CAR Get the latest market stats for the Hamilton-Burlington area. Find out how home sales and listings are performing this month realestatemagazine.ca READ MORE ... Toronto condo sells at $320,000 loss A 37th-floor luxury condo in the heart of Toronto’s entertainment district that sold for a $320,000 loss is an example of a condo market that hasn’t been this tough in decades, Realtors and observers say. toronto.ctvnews.ca READ MORE ... Over 80 per cent of Toronto-area homes are selling below asking price The Greater Toronto Area real estate market is in turmoil with a glut of homes on the market and houses across the region selling at shocking losse... blogto.com READ MORE ... What's going on in Canada's condo markets? An expert shares her insights What's going on in Canada's condo market? An expert spoke with CTV's Your Morning about when is a good time to buy. ctvnews.ca READ MORE ... Laneway Suite of the Week: $2.2 million for an upside-down Harbord Village home with a rooftop shower - Toronto Life 1,077,815 Torontonians can’t be wrong. torontolife.com READ MORE ... Canada’s housing markets look for deeper rate cuts to ramp up activity - RBC Thought Leadership The Bank of Canada’s interest rate cuts in June and July likely marked a turning point for struggling housing markets... thoughtleadership.rbc.com READ MORE ... Canadian rent growth hits two-year low with 5.9% annual rise in July - Mortgage Rates & Mortgage Broker News in Canada Average rents across Canada were up an annualized 5.9% in July, marking the slowest pace of growth in nearly two and a half years. canadianmortgagetrends.com READ MORE ... Own a cottage? Act now to reduce the sting of capital gains tax changes Sponsor Content theglobeandmail.com READ MORE ... Average asking rent drops in Vancouver, but remains highest in Canada: report Vancouver and Burnaby have topped a ranking of the most expensive places to find rental housing in Canada. bc.ctvnews.ca READ MORE ... Rent increases are slowing across Canada – and especially in London Rents in London grew at a slower pace in July than they did across the country, which in turn posted its slowest growth in more than two years, the latest snapshot of the Canadian rental market shows. lfpress.com READ MORE ... Canadian rent growth slows, but some cities see big increases Rents in Canada rose 5.9 percent in July, with notable increases in Halifax and prairie cities despite overall slower growth wealthprofessional.ca READ MORE ... Here's how much it costs to rent in Ottawa in August The average rent in Ottawa is up by 1.5 per cent for a one bedroom apartment and 1.2 per cent for a two bedroom apartment since last month, according to Rentals.ca. ottawa.ctvnews.ca READ MORE ... Rental rates fall in Oshawa, with prices for one-bedroom units dropping the most - INdurham | Local Online News While rental rates are up across Canada, prospective tenants looking to buy in Oshawa might be relieved to hear that unit prices are down from last month. According to Rentals.ca and Urbanation’s latest National Rent Report, the price of a one-bedroom unit in the Durham Region city hit $1,863 in July, down 4.3 per cent […] durham.insauga.com READ MORE ... Toronto Real Estate Prices Fall Further, Most Inventory Since 2008 - Better Dwelling Swing and a miss—strike two for interest rates boosting Greater Toronto real estate demand. Toronto Regional Real Estate Board (TRREB) data shows home prices slipped lower in July. Despite a narrative of rapid population growth, demand remains historically weak as sellers appear in near record high volumes for the month, only to find one of […] betterdwelling.com READ MORE ... Canada's Bank Regulator Delays Standard Risk For Capital Minimums - Better Dwelling One country’s discreet bailout is another country’s financial crisis, and that’s why Basel III was rolled out. The series of banking supervision measures are designed to improve banking resilience, with the latest measure designed to set minimum capital using a standard approach to risk. Canada was set to begin adopting the rules this year, but […] betterdwelling.com READ MORE ... Toronto house slated for demolition now transformed into a surreal wonderland A group of artists has come together to give a house a last hurrah before it is demolished to make way for a new residential development. Led by ar... blogto.com READ MORE ... This half-gutted Toronto house sold in just three days While all signs point to Toronto's real estate market being in a coma, with housing sales taking longer than ever, there are still some shenanigans... blogto.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!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | ManojAtri.ca SearchRealEstateInToronto.ca | Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: Articles in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here