Buying a new condo? 5 things to know

(NC) If you’re looking at purchasing a pre-construction condo, you’ll soon encounter strange new words that may make you feel like you’ve just set foot in a foreign country. Since it’s never too early to talk the talk, here are some terms to learn that can help you make smart decisions: Occupancy date This is the date your unit is ready for you to move in. It’s also the date your seven-year warranty takes effect.

Continue reading

Buying a home as a family

(NC) Canadians who purchase a home with family or parental involvement continues to gain popularity while purchasing a home with a spouse or partner has shown a steady decline over the past few years. According to the 2019 RBC home ownership poll, a family purchase is now nearly as popular sole ownership. The family purchase approach to buying a home is especially popular with the millennial set. While funding as a family provides an opportunity for those who may not be in the financial position to buy on their own or with a partner, it has the potential of being complicated when multiple parties come together to finance such a large purchase.

Continue reading

Buying pre-construction? Your deposit is protected

(NC) Is this the year you plan to take that bold leap and buy a new-build house or condominium unit? Prices on new homes have gone up in recent years, and so have deposits. But there are two pieces of good news. The first is that your deposit is protected by Tarion, the company that administers Ontario’s new home warranty program. The second is that coverage was increased and expanded in 2018 to provide buyers with even more protection.

Continue reading