Archive for My Real Estate Articles – Page 2

North Erin Mills Homes

Lovely Residential area in Mississauga

Years ago, when I thought of Erin Mills Real Estate, I always told people that it was a fine family oriented planned community about 30 years old now, that was located just north of Sheridan Homelands and Dundas Street, and south of the 403.  Well, there is a whole “new” Erin Mills to the north of the 403, and in general the homes range of less than 20 years old to much more recent.

Actually, people are hard pressed to describe the area by name, as the builders didnt’ pick a name that stuck.  The area is lovely!  The lots a bit smaller than the original planned community to the south, but built in varied styles with semis and detached homes, on bike trails and parks.  The schools in this area have made a reputation for themselves as being very good, and you can tell that the area is affluent and that most of the properties are well cared for, that it is a desired neighbourhood to live in.  The prices range from the upper 300′s for a semi and up, to the 500′s and low 600′s for the detached homes. To the west of Winston Churchill Blvd. is Churchill Meadows, to the east of Erin Mills Parkway is Streetsville.  The area is all infill construction south of the community of Meadowvale, so close to the 403 highway, and about midway from the QE  to the 401.

For more information on Erin Mills Real Estate and Homes for sale in Erin Mills, please call Mark Holmes on my cell at 416-460-6054.

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Building Permits are important

When buying any type of real estate it is important to know if the proper building permits were taken out with the city in which you live, and the proper inspections were done on the site after the work had been completed.  This dramatic photo is of an apartment in China that recently fell over!  It was obviously not built to code, and there must have been alot of graft going on here to build something so absurdly unstable.   Now, when you are looking to buy Real Estate in Mississauga, or anywhere, it is important to ask the Seller if a building permit was obtained by the city for any major additions or changes to the building.  If a permit was taken out, was it signed off by an official of the city when the work was finished?

Almost all offers to purchase real estate are conditional today upon a building inspection.  Any licensed Home Inspector in Mississauga would notice a major structual change to a building.  He would then prompt your real estate agent to ask the Seller to provide proof of a building permit being issued and signed off on.  I have often called City Hall to ask whether a building permit was issued for work done in past years on a house my client showed interest in, and they are very helpful, although sometimes the present owner must ask for the information for the Buyer.

You would be surprised to know how many people do not tell the city the are doing major renovations or structural changes to their homes.  Another note here,  when you buy a house, any type of dwelling, title insurance is a must for the price of it, and that is another topic altogether, but most lawyers today will advise the Buyer to get it.

For more information on Mississauga Real Estate or Homes for Sale in Mississauga please give me a call on my cell and I would be happy to help you, Mark Holmes Cell 416-460-6054

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Port Credit Real Estate

Some simple mortgage Tips

I have had to take a new picture of myself for a new business card, and once again have had to decide what to put on the back of the card.  I decided to go with the sections of mortgage information, the amortization chart, the CMHC premium costs, and the cost of the Land Transfer Tax info.  This is handy to have, and I’ll review it briefly. 

 When you get a mortgage to buy a house, you must decide a term for the mortage (how long you will borrow the money for at that rate).  The term is usually from 1 to 5 years.  The amortization is often now 30 to 35 years for first time buyers. This is the time that the payments are determined over, the time when the mortgage would be paid off in full if the term were also to last that long, which it does not.  First time buyers choose the longer terms, like the 35 years to lower their monthly payments.

The next point I included was the CMHC premiums.  Banks want you to put down 20% of the value of the house to secure their loan with you.  If the buyer doesn’t pay the bank then the bank has some equity in the house.  Now, if the buyer only has 5% down, then the bank will charge a 2.75% premium, ie, you borrow 100k but your total mortgage is $102,750.  If you have 15% down if you borrow 100k then your mortgage is $101,750.  Any amount less than 20% down will have some premium charged.

And finally I decided to put down the Land Transfer Tax table.  This is the tax the government charges you when you buy a house, like a sales tax.  If you buy for under 250k then the tax is 1% of the sales price less $275,  if the price is over 250k then the tax is 1.5% of the sales price less $1,525.,  and over 400k the tax is 2% less $3,525.

I hope that will come in handy for someone looking at my business card!

For more tips on Mississauga Real Estate or Homes for Sale in Mississauga please give me a call, cell 416-460-6054,  Thank you! Mark Holmes ReMax Professionals Inc.

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3 Bedroom Condo on the LakeHuge Living Room with Walkout to BalconyLarge Separate Dining Room

Walk out to large balcony

Spacious Separate Dining Room

Recently a client of mine sold her home and bought a condo in Meadowvale.  She wanted to be close to the 401 for her work, so we looked all over northern Mississauga for the right building and location.  What stood out was the size of the units at 6500 Montevideo for their one to three bedroom suites, as well as the spectacular location of this building on Lake Aquitaine Park!  This building was built about 25 years ago, so it has a large square footage, and the spacious grounds!  Do take a look at the link to the video below for a panoramic shot of the park from the balcony.  The view from this suite really sold us on the building.  Prices range in the 200s to the low 300s.   Unless you need quick access to the QE check this out, however, you can be on the 401 within five minutes from the site. 


 

For more information on Homes for Sale in Mississuaga and Mississauga Real Estate please give me a call on my cell at 416-460-6054.

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 There is a small pocket of magnificent estates consisting of only three main streets running north off of Mississauga Road.  It is usually only identified by the name of the main road used to enter it, Doulton Drive, and it is tucked away, in a private enclave of large estate lots, many backing onto the Credit River and the Credit Valley Golf and Country Club.   The river, the wet lands, golf course, and Holy Name of Mary school surround this exclusive neighbourhood.  It has become the perfect area for buyers of large mansions on multiple acre sized building lots.  Many of the original homes in the area are now being torn down for the construction of homes averaging 10,000. sqare foot mansions.  This is the area with the largest homes in Mississauga, and it offers treed privacy in the heart of Mississauga, with access to the QE Highway in only minutes. 

For more information on Homes for Sale in Lorne Park or Homes for sale in Port Credit please call Mark Holmes at 416-460-6054,  Knowledgeable Service since 1978!

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