Is Downsizing your home right for you?

The number of Zoomers choosing to downsize from their current homes to a more manageably sized one is on the rise. Many say continuing to maintain a large family home can be difficult –  both physically and financially

 Zoomers moving have so many options — from buying another house or condominium to moving into a rental accommodation, independent living community or continuing care retirement community.

Some of the Advantages to downsizing may include:

Being closer to friends or family

Lower home maintenance costs

Better access to services that support your needs

Having more amenities such as access to a pool, golf course or gym

Not having to shovel snow or mow the lawn

Increased social interaction with other 50-plus residents

Some of the factors to keep in mind when downsizing

Emotional considerations: 

Your Property value

Financial considerations

The condo lifestyle

Adult Living Communities

If you are considering downsizing your home, you should first examine your reasons for wanting to do it and ensure that your new environment will meet all of your needs. It is also important to speak with your family before making the decision. We recommend meeting with a Wafa & Jalila your local realtors to discuss what you’re looking for and whether what you want is affordable.

Curious about what your home is worth? Give us a call; you will be pleasantly surprised at your home’s current value. Planning a renovation? We can advise you where you will get the most return on your investment.  Please accept this as your personal invite to call upon us with any of your real estate needs. We can be reached at 416 699 9292 or drop us an e-mail at info@wafamasri.com

Top 10 Mistakes to Avoid When Buying a New Construction Condo or Home

Buying a new construction home whether a condo, townhouse or detached is a bit different then buying a resale. 10 Mistakes to watch when buying a new build in Toronto. 

Mistake #1: They fall in love with the model home
Most people fall in love with the model, but you have to realize that everything you see in that model home is often an upgrade.  Upgrades are a major portion of a builder’s 10% to 20% profit margin.

Mistake #2: They trust the floor plan
Condo sales will often include balcony or terrace measurements as part of the total square footage. New home sales staff will provide square footage based on measurements of external walls. You can’t rely on their verbal assurances, on the floor models, or on the sale pitch or brochure.

Mistake #3: They don't get their lawyer review the contract
Whether you’re buying a new detached home or a condo, the purchase agreement is the legally binding document that spells out what you’re getting and the conditions of the sale. It’s full of fine print and legal-speak, and if you sign without legal representation, you risk being bound to terms you don’t understand or don’t want. 

Mistake #4: They don’t bother with an inspection
During the new home buying process there are two specific times when it’s important to have your home professionally inspected. The first is the pre-delivery inspection, a mandatory walk-through for all new homes under warranty. This inspection takes place with your builder shortly before you officially take possession of your home. The second inspection should be scheduled for about one month before your home warranty expires. In Ontario the first and broadest portion of your warranty expires 12 months after your possession date,

Mistake #5: They accept delays without a fight
The law is now clear and critical dates are now included as part of the purchase agreement and contract. If a builder misses these critical dates and requires an extension, a buyer can either agree, and seek compensation, or simply get out of the deal.  Seek legal advice whenever you’re presented with a request to delay a critical date

Mistake #6: They forget they are moving into a construction zone
Anyone considering a new condo or home purchase should take into consideration the impact of ongoing construction. It maybe noisy, everything is dusty and the air quality could be horrible. Combine that with the fact that the whole area is incomplete for quite a long time and that access points can open and close, depending on the phase, and you could have a recipe for long-term aggravation.

Mistake #7: They think they have a warranty—but they don’t
Buyers should be proactive and get their new home warranty in writing. They should also go online to determine if their builder is registered with a provincial regulator as a new home builder. This is particularly important for loft or condo conversions—residential units constructed inside an existing building shell. In such situations, new-build warranties often don’t apply.

Mistake #8: They’re not speedy with their warranty claims
To ensure you understand how long you have, carefully read the package you get during the pre-inspection, as there are different deadlines for different types of warranty claims.  Get a calendar and mark down those deadlines, and then make sure you get the claim in at least five days before the deadline.

Mistake #9: They’re ambushed by hidden closing costs
When you sign the agreement of purchase and sale for your new place, many of the closing costs are estimates. These costs often escalate as you approach your possession date.Try and pay close attention to the adjustments and get a cap on certain items and remove others.

Mistake #10: They don't hire their own Realtor to represent them
The Builder's sales agents are paid to represent the builder, regardless of what they may tell you. Many will use high pressure tactics to persuade you to sign the contract. Get your own agent to make sure you get the best price on your purchase

Buying or selling a home in the Greater Toronto Area can be expensive and come with many uncertainties. However, by hiring Wafa & Jalila as your Toronto Realtors,  they will watch out for your best interests and assist you in investing your money wisely.

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