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Buying a condo: the ins, outs, experiences

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  • Buying a condo: the ins, outs, experiences

    Hi all;

    I'm in the market for a condo for the family here, started searching, and need the advice of the old and trusted members here...

    Questions/situations

    1/ Use the internet to search- Rehouse, Goo Housing, Housedo. Good idea?

    2/ The real estate agents seem to be paid by the purchaser and not the seller. Is this true?

    3/ Renovated vs. not renovated. It's tempting to buy a pre-renovated condo, but what is the financial advantage to doing it yourself?

    4/ The negotiation- how much discount can I expect off the listed price of a condo. eg. a 2000 man condo, is an offer of 1700 man reasonable?



    Thanks everyone!!

  • #2
    2/ The real estate agents seem to be paid by the purchaser and not the seller. Is this true?
    -> Seems so.

    3/ Renovated vs. not renovated. It's tempting to buy a pre-renovated condo, but what is the financial advantage to doing it yourself?
    -> This depends on your skills and taste.

    4/ The negotiation- how much discount can I expect off the listed price of a condo. eg. a 2000 man condo, is an offer of 1700 man reasonable?
    -> We have negotiated rent down by 20 %, while others would not budge. Usually , the agent is on 'your side' as he's trying to make a sell and tell realistically what is possible. He will also know about the general market level while a private seller might be fixed on one price.

    -> Stick to pre-owned ones as 'brand-new' condos have a large premium, prices drop 20 % even if somebody has just lived there for just a year.

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    • #3
      Originally posted by ttokyo View Post
      2/ The real estate agents seem to be paid by the purchaser and not the seller. Is this true?
      -> Seems so.
      BUZZ! I'm sorry, that''s incorrect, but thanks for playing our game.

      Both buyer and seller pay 3% + 60,000 (unless you buy a really cheap place, in which case the percentage will be a little higher and the fixed amount lower).


      4/ The negotiation- how much discount can I expect off the listed price of a condo. eg. a 2000 man condo, is an offer of 1700 man reasonable?
      -> We have negotiated rent down by 20 %, while others would not budge. Usually , the agent is on 'your side' as he's trying to make a sell and tell realistically what is possible. He will also know about the general market level while a private seller might be fixed on one price.
      Depends on how the unit is priced and how serious the seller is about actually selling it. The real estate people can tell you about comparable sales in the area.

      -> Stick to pre-owned ones as 'brand-new' condos have a large premium, prices drop 20 % even if somebody has just lived there for just a year.
      Wrong again. Depends on how the original unit was priced. If overpriced, and you're a sucker, you'll be forced to sell at a loss. I recently sold a condo (purchased new) that I'd owned for three years and made 15%. Why? Because the original purchase was made at an attractive price.

      It all depends on the specific pricing of the unit you are looking at.

      Thank God the Truth Police here are here to set the record straight.

      TP

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