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]]>Before going to the notary and purchasing a new condo, there are many things to consider in order to spare you from future anxieties and complications that you wouldn’t have imagined and therefore anticipated. Because buying a condo means becoming a co-owner, and because it’s in the common areas in particular that the defects of properties that look clean hide, you may miss the building’s faults during your visits and especially when listening to the seller’s promises. Indeed, because the construction of this type of building has experienced great success in the past two decades, certain buildings may have been made quickly and the hidden defects are now difficult to repair. The problems and hidden defects can often be found in the common areas, which potential buyers sometimes don’t visit or which they observe with less caution, but which may, however, cost them dearly due to major repairs.
Even though used condos may have been constructed according to industry standards, after 10, 15, or 20 years of use, replacements, repairs, and major maintenance must be carried out at the co-owners’ expense. These obligations for the good of the condominium and the building may therefore greatly increase the budget that must be allocated to the purchase of a used condo and may sometimes be even more expensive than buying a new condo directly.
Buying a used condo in Québec can help you save money in some cases, but you have to keep up to date on the work that will need to be done in the near future, as well as the associated costs. You must also take the burden of these works into account for your daily routine and weigh the pros and cons in your own financial and personal situation.
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]]>The post The Mistakes to Avoid When Buying a Condo in Montréal appeared first on Le Quatrième.
]]>Though completion of the first phase of condominiums isn’t expected until mid-2019, the arrival of such high-quality housing is already making a stir in the local area—and few things demonstrate this better than the complex being featured as the Montreal Gazette’s “Project of the week.”
Such a high-profile feature is a clear marker of the expectations that city residents have for the project. The Montreal Gazette is the only English-language newspaper serving Montreal, with a daily circulation of over 103,000 (as of 2013). However, this is far from its only distinction. It is also noteworthy as Canada’s oldest daily newspaper that is still published today. Founded in 1778 as a French-language newspaper and later relaunched in 1785 as a bilingual publication, it has since become a central part of life for Montreal’s English-speaking residents.
As such, being highlighted as a “Project of the week” is a sign that there will undoubtedly be a great demand for these new luxury condos. Of course, this shouldn’t come as much of a surprise when one looks at the incredible amenities this complex has to offer.
Condominiums will be available in sizes ranging from 579 to 1,757 square feet, providing ample space for single professionals and young families alike. With quartz countertops, engineered hardwood floors, and balconies with beautiful views of Lake St. Louis, each space will provide a truly luxurious lifestyle.
The neighborhood itself also contributes to the overall quality of the project. The complex will provide a gym, saltwater pool, indoor parking, and an urban lounge to its residents. The neighborhood itself has easy access to public transportation, a boardwalk and public park, and even a golf course and yacht club.
Needless to say, with such fantastic amenities catching the attention of the Montreal Gazette, this complex will undoubtedly be in high demand once it is ready for move-in applications.
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]]>The post Residential Development Project: The Expanding Neighbourhoods in Montréal appeared first on Le Quatrième.
]]>Over time, neighbourhoods start to look different from each other and take on value, sometimes suddenly. Indeed, the phenomenon of the neighbourhood that deteriorates only to gentrify a few years later is very recurrent. On the island of Montréal, the up-and-coming neighbourhoods that are in full residential development and expansion are the following:
After the renewal and gentrification of the Plateau Mont-Royal and the Mile-End, which are starting to become saturated, it’s time for the neighbouring district of Mile-Ex to be on the verge of seeing a major residential development emerge. Formerly an industrial area, then popular, in recent years, it’s become a trendy, community-oriented neighbourhood where many restaurants and bars can be found, as well as the offices of multiple startups.
In the extension of Mile-Ex, on the east side of Outremont, near the old rail yard, the new Université de Montréal campus can be found, which is accompanied by the construction of over 800 affordable housing units primarily intended for students. This large-scale project predicts a bright future, a renewal, and a great dynamism surrounding this area around the Rockland viaduct and Chemin Bates.
The entire sector around the Lachine Canal and the very lovely Atwater Market is currently experiencing a major construction boom where the most contemporary and innovative buildings and condos in the city are emerging. More and more condo towers with common spaces such as swimming pools and rooftop terraces can now be found there. Because the popularity is high, especially among young professionals, since this neighbourhood near downtown is also home to the offices of many companies, be careful to always make a good deal by choosing these neighbourhoods to invest in a property.
Located on the banks of Lake Saint-Louis and full of green spaces, the Dorval neighbourhood on the southwest corner of the island of Montréal is charming more and more people who want to remain close to downtown (15 minutes) while taking advantage of outdoor spaces and a more peaceful life. Dorval residents also appreciate the proximity to the airport, the train station, and the entrance to Autoroute 13, which make their trips easier.
Dorval is a family neighbourhood near Montréal that’s quite popular at the moment, especially because of the presence of many cultural, athletic, and recreational facilities, as well as various shops, which let you get everything done close to home without having to make too many big trips. As for properties, Dorval retains a great advantage over the surrounding neighbourhoods, in that it offers larger town homes or condos than elsewhere, and not necessarily for higher prices.
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]]>The post The Mistakes to Avoid When Buying a Condo in Montréal appeared first on Le Quatrième.
]]>Like any important, life-changing decision, buying a condo in Montréal is a process that merits some patience on the part of the buyer, who should visit several places, compare the offers, and take some time to reflect in order to make the best decision for their living space. Patience also gives you realistic ideas and desires – that is, prevents you from having unrealistic expectations.
Before starting your search for a condo in Montréal, one of the most important points is to know the neighbourhoods where you’d like to live long-term. Indeed, while the inside of the home counts, you also buy a condo for the atmosphere of the neighbourhood in which it’s located, for the amenities available nearby, and to satisfy all your daily needs easily. To choose the location of your future home, you can seek out the support of a broker who knows the condo market in Montréal.
Living in a condo isn’t the same thing as living in a detached house, because a condo involves co-ownership, which in turn involves obligations and restrictions. Indeed, all co-owners are subject to the rules established in the declaration of co-ownership, including being responsible for the cleanliness and upkeep of the space shared by all condo owners. Living in a condo therefore means being ready to live with rules and respect for your neighbours! To avoid disappointment, take some time before the purchase to get to know a few things about your potential future neighbours: Are they families with young children or retirees? And don’t hesitate to ask the inhabitants you come across during your visit some questions.
In addition to the base price of the condo that you’re interested in, to be able to really know if it’s within your budget, you have to calculate and add up the additional fees that will necessarily be added to the purchase. Home inspection, notary fees, condo fees, mortgage interest rates, heating, property taxes, home insurance, and many other expenses must be taken into account in your purchase to respect your budget and the amount of your bank loan or savings.
When you do research online or even when you go to a demonstration condo during a visit, you may be very visually impressed thanks to the attractive staging or the excellent photography. However, you should look beyond what you notice at first glance – beyond the decorative objects or the beautiful furniture – to avoid making a decision based on image alone. To do this, you can put your needs and expectations down on paper by asking yourself questions such as: What dimensions do I need to feel comfortable in the kitchen or bathroom? Do I want an outdoor space? Do I need soundproof housing? When is there the most light in the main room of the condo that I visited?
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]]>The post How Are the Condo Fees Calculated for a New Building? appeared first on Le Quatrième.
]]>Due to a poor distribution of the budget, which should be divided among the whole building, and a lack of knowledge about this subject, many condominiums find themselves in situations of disputes between co-owners.
Often, the distribution of the common areas—also known as the condo fees—is calculated by dividing the condo fees by the number of divisions. If the building consists of 10 condos, then this means dividing the fees by 10, so that each condo pays an equal share. Although this may seem fair, this division is inappropriate because it doesn’t take into account the common areas, the restricted-use common areas, and the shares associated with each condo and specified in the declaration of co-ownership. The shares are very important for determining a fair calculation, because they represent all the components of each person’s property.
In some buildings and condominiums, certain common areas are considered as being restricted-use, because they’re exclusively reserved for certain people. For example, a condominium may include parking spaces that aren’t accessible to the owners of the residential condos, but simply to their owners. To determine fair condo fees, the costs associated with these units must therefore be isolated and only divided among the people concerned with their use and maintenance.
Once you’ve been able to isolate the restricted-use common areas, such as parking spaces, and determine the annual maintenance costs associated with them, you can calculate each owner’s monthly condo fees as follows:
If your 10-unit condominium has 5 parking spaces with annual maintenance costs of $1,000 and your annual budget is $10,000, then the annual condo fees for the owners who don’t have parking spaces are calculated as follows:
In the case of a new building, to be able to calculate the condo fees, you should have drawn up a provisional budget beforehand—that is, a realistic estimate of the financial requirements of your condominium association—for regular expenses, more occasional expenses, and the contingency fund. The expenses that must appear in your provisional budget are, among others:
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]]>The post 5 Ideas for Modern and Spacious Condo Interior Design appeared first on Le Quatrième.
]]>Generally speaking, modern decor is characterized by the presence of sleek lines, monochromatic colour palettes, versatile furniture, and natural light. When these elements are brought together, spacious rooms can be created with a warm and sophisticated atmosphere, sometimes approaching a minimalist spirit.
While the aesthetic aspect is essential in modern condo interior design, the efficiency of the layout of the rooms is no less important. To create rooms that are at once elegant, practical, and spacious, it’s recommended to opt for furniture that can be used for multiple purposes or that can be adapted according to your needs. This bold furniture is generally designed by thinking about the needs of people who live in homes where space is rather limited.
This aspect is particularly important for those looking to create space by reducing potential sources of clutter as much as possible. Examples of versatile furniture include bunk beds, which can be very advantageous in children’s bedrooms, chairs that turn into beds, or modular furniture that can move around on wheels, depending on your needs.
Obviously, to adapt to the modern style, you should choose furniture that adopts pure and harmonious lines.
When it comes to the colour palette, modern style is often associated with neutral shades that let you create a refined space complemented by decorative accessories. For the walls of the condo, white, grey, or beige shades are generally chosen. The accent wall is a very common element in modern-style decor. By choosing a single wall of the room to add a touch of colour to, you can make the decor livelier while bringing together the elements of the room.
Given that the furniture generally adopts sleek lines and the colours of the walls are neutral, you can have a bit of fun with the accessories. These accessories, integrated sparingly, let you add a warm and textured look to the rooms of the condo. Vases, frames, carpets, lamps, and storage boxes let you add a bit of whimsy to the decor of the rooms. As with the furniture, accessories that are also used for storage are very common in the modern style.
Why have the countries of northern Europe and Scandinavia acquired such a reputation in the world of architecture and furniture design? Since the ’50s, the Scandinavian style has carved out a great place for itself in this field, particularly because of the most famous decor brand, that big blue and yellow store that exists around the world!
Scandinavian design is very popular because it focuses on efficiency while paying plenty of attention to the aesthetic side of things. The designers are greatly inspired by nature and strive to create timeless furniture and accessories. To adopt the modern Scandinavian style in your home, you can opt for raw and natural materials and soft fabrics that invoke comfort by creating warm lighting.
Natural light offers health benefits to the occupants of the condo. Ideally, you should therefore include as many windows as possible, which let the natural light penetrate softly. Of course, given that we live in a country where the light is sometimes limited to a few hours per day, you have to know how to compensate by also creating pleasant artificial lighting.
In modern decor, the lighting is used to highlight the architectural elements and to bathe the rooms in targeted yet subdued light. The light fixtures can also be part of the decorative elements in the house. For example, in modern decor, we often see chandeliers in dining rooms, which act as accent pieces.
So these are just a few tips to follow to adopt the modern decor style in a condo, which will let you create a warm, pleasant, and spacious living environment.
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]]>The post What Is the Legal Value of an Offer to Purchase a Condo? appeared first on Le Quatrième.
]]>First of all, to understand the function and legal value of a promise to purchase, it’s important to know when this document is drawn up and signed. As stated above, the offer to purchase is prepared and signed before the deed of sale. This is obviously presented in writing, and the parties can reject it or make a counter-offer. However, once it’s signed, it becomes an irrevocable contract.
This document doesn’t represent the sale per se, but it nevertheless carries legal obligations for both parties. Once they’ve agreed upon the clauses to be included in the promise to purchase the condo, its content becomes definitive. Other clauses can be added afterwards, but the agreement of both the buyer and the seller must be obtained.
If the content of the offer isn’t specific enough or contains loopholes, this can open the door to potential problems. So you should make sure that the following information is included in the document before signing:
This list is non-exhaustive, and the promise to purchase may include other information in some cases. To make sure nothing is missing, it’s strongly recommended to ask a notary for help and to entrust the task of drawing up the contract to a specialist.
It’s of the utmost importance to ensure that the offer to purchase the condo is well written. Indeed, the document should not contain any vague aspects that could limit its validity. Any potentially contentious point must be clarified.
The promise to purchase becomes valid once both parties have signed it. At this point, it’s difficult – but not impossible – to get out of it. On the other hand, you should be aware that if the document doesn’t contain any clauses that let you get out of the contract, the party that decides to cancel it will be exposing themselves to legal proceedings.
Certain clauses included in the contract may open the door to the cancellation of the promise to purchase the condo. For example, it’s possible to write that the promise to purchase is only valid on the condition that mortgage financing is obtained or subject to the presence of an inspection report that does not indicate any hidden defects. The presence of a “grace period” may also allow the parties to withdraw from their obligations within a specific timeframe.
To sum up, the signing of a promise to purchase represents a formal commitment and must be initialled only once the buyer and the seller have consulted with each other and agreed on all the essential elements to be included.
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]]>The post I Want to Sell My House to Buy a Condo : Where to Start ? appeared first on Le Quatrième.
]]>The condo is often perceived as a first home before buying a house. However, in some cases, the steps unfold otherwise. Following changes in the lifestyle or needs of the occupants, sometimes the opposite happens instead. In this case, what should you know to initiate the procedures associated with this type of transition ?
You’ve decided to sell your house to live in a condo. As with all sorts of real estate transactions, there are several things that you must take into account and think about from the very first steps.
The financial considerations are among the first aspects to take into account. You need to think quickly about the down payment needed to purchase the condo. Will this only be available once the house is sold? If that’s the case, you’ll have to plan out the sequence of transactions so that you’ll have enough cash at the right time. Then, to calculate the amount required for the down payment, you’ll have to know the total purchase price of the condo. Once you have that number, you can do the math.
For a property worth less than $500,000, the minimum down payment is 5% of the purchase price. If the price of the condo is between $500,000 and $999,999, you’ll have to calculate 5% for the first $500,000 and 10% for the rest. Finally, for a property valued at over $1,000,000, the minimum down payment is 10%. You should know, however, that these figures may vary if you have a bad credit rating or if you’re self-employed. Several financing options are available for the down payment, so we highly recommend speaking to your financial institution to learn more.
Here too, it’s a matter of planning out the process well in order to take the potential delays that may occur during this transition period into account. When it comes to selling one property to buy another, the delays can be hard to anticipate, but if you’ve taken this aspect into account during your planning, everything should turn out for the best. For example, if the house is sold before the purchase of the condo is finalized, you’ll need to have a plan B for housing and storing items. Delays may also occur during several stages, including at the notary, at the bank, and of course, with the other people involved in the transaction.
As the goal is not to suffer losses, and even to make a profit, you should prioritize all the possible ways to maximize your ROI. First, this concerns the house that you’re putting up for sale. Is it in good condition? Is it properly showcased? To ensure a good profit, you’ll have to take the time to do things right.
In addition, take the time to make sure that the price you’re asking for is reasonable and reflective of the current market. That way, you’ll make it easier to sell, without having to go through negotiations that wouldn’t work out in your interest.
Finally, this last but not least point is certainly one of the most important. These days, there are some very attractive condos on the market offering many services and amenities geared toward the occupants’ quality of life. However, you should make sure that you’ve really thought about what you’re looking for and find a home that will suit you perfectly, because condo life is different from life in a house.
By following these steps, you’ll make sure that you’re starting the transition off on the right foot and ensuring that the transactions surrounding it are favourable to you.
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]]>The post The Unique Features of Contemporary House Plans appeared first on Le Quatrième.
]]>Before discussing the unique features of contemporary house plans, it’s important to define what this term refers to. In fact, it’s first and foremost a home that corresponds to current layouts, technologies, and standards. Its architecture is generally refined, and it’s designed with the needs of the occupants, as well as energy consumption issues, in mind.
The watchword for contemporary houses is to focus on efficiency. Whether the rooms are large or quite restricted in size, the plan must be considered and designed so that all the spaces that make up the house are arranged in the most functional way possible. It’s especially important to avoid wasting space, because this affects the layout of the home while leading to unnecessary energy consumption.
Basically, the contemporary house is often associated with very straight lines and square shapes. However, architects also dare to move toward other shapes and tend to play around with volume to maximize the use of space while emphasizing the aesthetic aspect of the building. We often see cantilever extensions that shoot up from the central building, inner courtyards, or the use of different exterior coatings to create an attractive visual look.
In the field of home building, the word “technology” often goes hand in hand with “energy efficiency.” This is a very important aspect for many people, and the plans for these types of houses must therefore be designed with the integration of these technologies that help reduce energy consumption in mind.
Previously, the number of windows per building could be limited, because they were expensive and caused energy losses. These days, however, very weatherproof models make it possible to create homes with plenty of windows, allowing ample natural light to flood into the rooms. This natural light helps brighten up the house and reduce the amount of heating required. However, these windows must be positioned properly to prevent the house from getting too hot in the summer and the light from being excessive at certain times. That’s why it’s important to study the place where the windows will be installed when designing the plan.
Even though the shell of the building already exists, contemporary houses are often made to be personalized. The occupants can therefore be involved in the choice of materials and the layout of the spaces. This makes it possible to create a home that meets each person’s needs and that also matches their aesthetic preferences.
In contemporary houses, we often see that the outdoor spaces are exploited to their full potential. This practice is in line with the concept of efficiency that was highlighted above. By outdoor spaces, we’re talking about the balconies, the backyard, and the roof. Often topped with flat roofs, contemporary houses can accommodate terraces installed on the surface of the roof. These terraces are sometimes built after construction, but ideally, they’ve been included in the basic plans to ensure that the structure is fully able to support their weight.
In short, contemporary house plans are at once a reflection of current technologies and standards as well as a concern with the needs and preferences of the occupants.
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]]>The post Buying a Luxury Condo : How to Make Your Investment Profitable ? appeared first on Le Quatrième.
]]>Luxury condos are increasingly popular properties. Faced with this demand, developers and promoters of these types of projects compete creatively with respect to the services, amenities, and different assets that they integrate into them. This helps add a unique and attractive look to the condos, in addition to providing greater value that corresponds to the “luxury” aspect.Luxury condos have a strong power of attraction. These properties are often very appealing on an architectural and aesthetic level, in addition to offering upscale services. It’s therefore a living environment that responds to the needs and tastes of many categories of people. Of course, in this kind of project, the prices of the condos may reflect the quality of the construction as well as the number of amenities offered. However, it’s possible to make your purchase profitable and turn it into an investment.
Luxury properties attract lust and correspond to the dreams of many people. The subletting option may therefore be appealing, as some individuals can’t or don’t want to become owners but would still like to enjoy the benefits of life in a luxury condo.
The person who owns the condo can easily find people interested in renting this home for the short or long term. This solution lets the owner live in the condo when they need to and make it available to these people at other times. Of course, before anything, you should make sure that you’re following the rules established in the co-ownership agreement and any other legal or administrative regulations.
To ensure the profitability of the project, the owner must also verify that they’ve done their calculations properly. The different expenses to be covered with the rent must be taken into account. If you succeed in setting an amount that’s worth the cost, real estate experts agree that this option can be very advantageous for making the investment that you’re making by buying a luxury condo profitable.
Luxury condos are built in different parts of the city and are therefore located in different living environments. With this in mind, the place where the condo project is located must also be taken into consideration, because some areas are more attractive than others, whether it’s in terms of services, proximity to transportation, or the atmosphere of the neighbourhood. A condo will necessarily be more appealing if it’s located in a neighbourhood that offers a pleasant environment. Some locations are also on the rise and promise to be very coveted in the years to come. The buyer must therefore do their research with respect to the growth of the sector, future projects, and the forecasts made by real estate experts.
To ensure the profitability of a real estate investment, you always have to keep an eye on the market trends. This is especially true when it comes to luxury condos. You must also calculate how long you should keep the condo to ensure that the value increases and that the amount obtained at the time of resale is attractive.
When you decide to put a luxury condo up for sale, it’s important to consider the expectations of potential buyers. Given that it’s a high-end property, people expect the layout to reflect this characteristic. That’s why it’s recommended to stage the home to highlight the interior of the house.
Along the same lines, if you consider the condo to be an investment that you want to be profitable, all the renovations and maintenance carried out while the condo is occupied must be completed while taking this potential resale into account.
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