Feb. 2, 2007
Posted April 30, 2007 12:00 pm.
This article is more than 5 years old.
MonsterMortgage.ca
A caller to Hot Property had a question about paying off his mortgage and selling his home. If the property closes on the first of the month and your mortgage payments are taken out at the start of the month what are you responsible for to the bank? “So you would have made a payment the previous month and there would have been an accumulation of interest for 30 days. What they would do is they would give you a statement showing your balance as of the previous month and 30 days worth of interest,” Dave Currie of MonsterMortgage.ca explained. “And that’s what will be payable on the first of the month when you go to sell the property.”
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Daniel Ellenberg
Toronto’s real estate expert! Serving the GTA’s real estate needs since 1989! High-rise condos are big business in Toronto, but stacked townhouses are popping up in up-and-coming neighbourhoods and one caller to Hot Property wanted to know which has the better resale value. “On average, the apartments probably are a little less expensive than the town homes, but it all depends on exactly where in the city you’re looking for it,” Dan Ellenberg of Sellwithdan.com said. “If you’re buying a typical condominium, you’re putting up less money … and you may do very well on that condo versus a higher output of cash initially on the town home.”
Tridel
When buying a new condo maintenance fees are always a concern so it’s important to find out what amenities your development is offering before you make a final decision to buy. The services offered can have a big impact on what your monthly fee will be. “If you have one concierge in your building, on an annual basis that costs about $180,000. Now we’re not paying them 180 grand. We’re paying somebody to be in that concierge station 24 hours a day, 7 days a week every day of the year so it’s a company that’s providing that service,” Jim Ritchie of Tridel explained.
