One World Trade Center (Freedom Tower)

February 8th, 2016 Posted in Global Real Estate | No Comments »

1 World Trade Center

1 World Trade Center

To streamline and minimize blog maintenance, I will be discontinuing maintaining the realestateexpedition.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Sep 11, 2010.

Everyone knows about the destruction of the World Trade Towers on September 11, 2001, but quietly on that piece of land, a new tower is being built that will be taller and much more modern than the destroyed towers. It is One World Trade Center, formerly known as the Freedom Tower and upon its completion in 2013, it will be one of the most famous skyscrapers in the United States.

Construction of the tower began on April 27, 2006 under the name of Freedom Tower, however, on March 30, 2009, the name was officially changed to One World Trade Center since it covers the northwest corner of the World Trade Center Site. The building will feature several high rise buildings around it, a National September 11 Memorial and Museum and park area. When completed, it will stand at 1,776 feet, representing the Independence Year of the United States. It will also be the tallest building in the United States, and will stand 100 feet above the Empire State Building.

The building will include 2.6 million sq. ft. of office space, an observation deck, a restaurant, parking, broadcast facilities, and several public spaces. There will be 69 tenant floors rising up to 1,120 feet, followed by the restaurants and observation decks. There will be a glass parapet at 1,362 and 1,368 feet, which marks the height of the original towers that stood on the site.

The tower will feature several safety features including three foot thick reinforced concrete walls on every stairwell, elevator shaft, sprinkler system and risers. The emergency stairs will be very wide and there will be stairwells that are for the exclusive use of firefighters. Windows will be equipped with blast-resistant plastic. The glass will also improve daylight within the building, and the tower will use rainwater collection and a recycling scheme that will give it a Gold Certification through Leadership in Energy and Environmental Design.

The rooftop level of the tower was expected to be finished between October and December of 2011, with the spire going in by 2012. However, the completion was pushed back to 2013. Overall, the building of the tower will cost $3.1 billion, and it will use 50,000 tons of steel.

An interesting note for the construction happened on July 14, 2010, when an 18th century sailing ship was found at the site as workers were excavating the site of an underground vehicle security center for the building. A 32-foot hull and 100 pound anchor were found, and archaeologists believe that the ship was used as landfill material during the 19th century as a way to expand the land of Manhattan.

One World Trade Center will probably become the most recognizable building in New York upon its completion and there will be many who will be happy to set up shop on one of its 105 floors. From a tragedy, a new building rises from the ashes, with safety systems in place that show designers have learned from the past.

What Is MLS?

February 3rd, 2016 Posted in Global Real Estate | No Comments »

Multiple Listing Services or MLS

 

 

 

 

 

Multiple Listing Services or MLS

To streamline and minimize blog maintenance, I will be discontinuing maintaining the Canadapersonalfinancewebsite.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Apr 18, 2010

If you are planning on buying a home in Canada, then you will most likely be finding that home through MLS, unless you go through a private sale. MLS, or Multiple Listing Service, is a one-stop shop for all the homes that are listed through the major real estate agencies within Canada.

MLS has actually been around for quite a long time, finding its origins in the late 1800s when real estate brokers would gather in offices of their local associations to share the information about the properties that they were attempting to sell. They would do this under the agreement of compensating other brokers who helped them sell properties, and this created the basic principle of MLS.

The Real Estate Board of Greater Vancouver claims to be the pioneer of MLS in Canada, and currently the MLS service in Canada has 98,000 members of the Canadian Real Estate Association, who work through the 101 real estate boards and 11 provincial/territorial associations.

MLS is extremely beneficial to you as a homebuyer for the following reasons:

  1. It allows you to search through properties based on location, price, services and more.
  2. It allows you to see pictures of a home anywhere in the country without ever having to travel to that area of the country.
  3. You can comparison shop homes in a wide area to find the home that is right for you.

Some people criticize MLS because it allows the realtors who use it to have a monopoly on listings. Roughly 80 percent of homeowners in Canada use MLS to find their home, so for realtors who are not listed on it, they lose out on a lot of potential business. Lawsuits have been launched to allow other realtors to list homes outside of MLS, but these have mostly been thrown down.

If you are doing a home search, you can either look on MLS yourself (www.mls.ca) or you can have an agent do it for you. When you do a search, you can search in a number of ways for the right home for you and your family.

  • Postal Code
  • Radius Search
  • Street/Subdivision
  • Price Range
  • Number of Bedrooms/Baths
  • Garages
  • Pools/Spas
  • Square Footage

Once you find your home, you can look through the pictures, find out where it is on a map and even e-mail the realtor questions about the place. This puts a lot of the control in your hands and in fact all you need the realtor for is to buy the house and inspect it when you are in the area.

MLS is a great service that really makes the entire process of finding a home much easier. You are able to find a great number of homes anywhere within the country through the easy map function. You can see exactly where the home is, what it looks like, the things it has and anything else you may need. Without MLS, it would actually be more complicated to find a home for average homeowners.

Understanding Ocean-View Condos

February 1st, 2016 Posted in Global Real Estate | No Comments »

Understanding Ocean-View Condos

 

 

 

 

 

Ocean View Waterfront Condos Around The World

To streamline and minimize blog maintenance, I will be discontinuing maintaining the realestateexpedition.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Sep 6, 2010.

One of the most popular types of purchases, in real estate, is ocean-view condos. These condos are so popular because they provide stunning views that will make you feel like you are on vacation even though you live on the shores of an ocean. However, there are many things to know with buying condos. First, we will look at the most expensive places to buy an ocean view condo in probably the most popular area to buy an ocean view condo, Central America.

  1. The most expensive area to own property in Central America is the coastline of Coco, Hermosa and Papagayo in Costa Rica. The average price of a condo in this area is roughly $340 per square foot, but you get plenty for that price including tennis clubs, golf courses, spas and more. It is a stunning place and you may just see some celebrities if you are owning an ocean view condo in this area.
  2. In Flamingo, Costa Rica, you will find condos that are $305 per square foot, but the beaches and amazing sport fishing make it the perfect place to buy an ocean view condo.
  3. Ambergris Cave, located in Belize, has nice beaches, wonderful scuba opportunities and the price comes in at $290 per square foot. One benefit of buying an ocean view condo here is that the country is English speaking so you do not have to learn a new language if you move there.
  4. Tamarindo in Costa Rica is a hotspot for people who love to surf thanks to the amazing waves. It is also a good place to hike, and to check out wildlife like turtles that nest in the area. The cost for an ocean view condo is $285 per square foot, and for that price you get diving, golfing, night clubs and more.
  5. Jaco, also located in Costa Rica, has many great hotels that you can stay in, but it also has very nice ocean view condos that you can buy if you want to stay longer. Plenty of nice restaurants, night clubs, bars and beautiful beaches make the $280 per square foot that you pay completely worth it.
  6. In Panama, you will find Bocas Del Toro, which gives ocean view condos for the price of $275 per square foot. There are many islands in this tourist destination and plenty of good surfing opportunities and diving hot spots for someone who just loves the ocean.
  7. Also located in Panama is Panama City, which is a financial center for the country and a place that has plenty of infrastructure, beaches and places to go if you live there. It also has a retirement program that will help you live there without paying too much. You can have a condo here for the low price of $265 per square foot.

Now, there are some things to consider when you are buying an ocean view condo, and by this we mean that you should keep in mind both the advantages and disadvantages associated with ocean view condos.

First of all, the disadvantages to ocean view condos.

  1. Ocean view condos are expensive, sometimes very expensive depending where you are buying the property. You can end up paying thousands of dollars per month to buy one of these condos, and there are often other taxes you have to pay, including high property taxes. As a result, you may not be able to afford to buy such a condo, but you could probably rent one. Many people choose to retire and then buy an ocean view condo because they can use their savings to pay for the mortgage on the condo, rather than trying to work and pay for their condo while they are living in it.
  2. Ocean view condos are in danger from storms. The ocean can create some very powerful storms and that can put you at risk if you have an ocean view condo. Large thunderstorms are common and hurricanes\typhoons\cyclones are also something that you have to worry about because they can do just so much damage to an ocean view condo. In addition, there is the danger of a tidal wave, which are rare but when they do come they do immense damage. All you have to do is look at the damage done by the Indian Ocean Tsunami in 2004.
  3. In developing countries, there is the danger of crime at your ocean view condo. Many people in these countries are very poor and they know there is money at these condos. However, this is a very small concern because often the areas with ocean view condos have their own security forces to protect those who live there.

Now, let’s go to the advantages of living in an ocean view condo.

  1. First of all, there are amazing views in an ocean view condo and you will wake up in the morning to the sound of the ocean waves hitting the beach. This is an amazing thing to wake up to and something that makes living and paying for an ocean view condo completely worth it. You will be happy you moved into one when you also get to watch the sun go down, or rise, over the ocean.
  2. In many countries, there are plenty of tourist attractions and activities that can be found in the area around your ocean view condo, which means you, will have plenty to do when you live in a condo that looks at the ocean.
  3. Ocean view condos can be very affordable depending where you buy. These condos can be cheap in places like Southeast Asia and in parts of Central America, where you get constant warm weather, friendly people and beautiful beaches.
  4. Speaking of beaches, with an ocean view condo you are always only a few feet away from the ocean and the beach. Any morning you want, you can leave your home, walk 20 feet and check out the various beaches in your area.

When you are buying an ocean view condo, there are some things to consider before you go before hand to buy the condo.

  1. First, you need to look at how much you can afford exactly. You do not want to be paying more than you can afford because you will quickly lose your condo. On that same note, you should look at what kind of incentives there are to buying an ocean view condo in the country you are looking at.
  2. If you are moving to another country, you must determine what you need to do in order to buy property within a country. You often cannot just buy property, you must meet certain criteria. This can include being married to a citizen of the country, or having to start a Limited Liability Company within the country.
  3. Read about the country you are thinking of moving to. Some questions to consider are:
    1. Is it a politically stable country?
    2. What is the crime rate like in the country?
    3. What incentives does the country have for foreign buyers?
    4. What is the economy of the country like?
    5. How far away is the country?
    6. What things do you need to be aware of including diseases in the country?
  4. If you cannot go to the country to buy the condo, have someone who can go in your place, or someone in the country you know, look at the place. This is important because you do not want to be scammed into a place that is far too much for the state it is in.
  5. On that same note, you should do your research on the real estate agency you are going through to make sure you do not buy a home that does not exist and end up losing tens of thousands of dollars.

Ocean view condos can be a great investment and a great place to live when you are in your twilight years. When you can wake up and see the sun rising on the ocean, you know you have made the right choice and you will be happy you paid the money to live where you are. Just make sure you are aware of the costs you will be paying, where you will be living, things you need to consider and what you need to do in order to buy property within the country of your choice.

Ocean view condos are great places to live and good places to buy, so begin your search today for the home of your dreams that sits upon the ocean.

BMO World Elite MasterCard: Should You Keep It?

January 31st, 2016 Posted in Credit Cards|Rewards Cards|Debts | No Comments »

BMO World Elite MasterCard Review

Disclosure: Information provided here may not be accurate and no longer valid. The mentioned card provider is not related to A Dawn Journal and neither monitor this site nor responsible for any inaccurate information. Contact the card company directly for accurate and updated information. A Dawn Journal or my YouTube Channel are not compensated by or affiliated with any credit card companies. All credit card articles are 100% unbiased and honest.

The BMO World Elite MasterCard is a travel rewards credit card that lets you earn BMO Rewards points for everyday purchases that can be used towards eligible travel costs without any blackout periods or restrictions.

The Cost

Annual Fee = $150. Additional cards = Free

Minimum annual income required = $70,000 (personal) or $120,000 (household)

Rewards Points Snapshot

– Earn 2 points for every $1 spent in all credit card purchases

– No caps, no tiers, no restrictions

First Time Bonus

A 300,000-point (valued $300) welcome bonus (no need to spend certain amounts like other credit cards, just make one purchase to receive the bonus). Also, the annual fee is NOT waived for the first year.

Anniversary Bonus

Annual Priority Pass membership (valued US$99) and four complimentary passes per year (valued US$27 X 4).

Features & Benefits

– Book through the BMO Rewards program and redeem points for your complete trip, including taxes and surcharges.

– BMO provides price match guarantee.

– Complimentary 24/7 premium concierge service (provided by Aspire Lifestyles Concierge).

– Emergency Medical Insurance (21 days<65, None>65 or older, Amount: 2 M/per person).

– Option to add extra medical insurance days for under 65 or over 65 at a low cost.

– Travel Accident Insurance (up to $500,000 CAD).

– Auto Rental Theft and Collision/Loss Damage Insurance (up to 65,000), Car Rental Accidental Death and Dismemberment Benefits (up to $300,000), Car Rental Personal Effects Benefits (up to $2,000)

– Trip Cancellation Insurance ($2,500 each, maximum $5,000).

– Trip Interruption Insurance ($2,000 each).

– Flight Delay Insurance (After 6 hours, maximum $500 per occurrence).

– Lost and Delayed Luggage (maximum $2,000).

– Extended Warranty Insurance (1 additional year, $60,000 lifetime limit).

– Purchase Security (90 days, $60,000 lifetime limit).

What’s Missing

– Price Protection Insurance

– Hotel/Motel Burglary Insurance

My Take

Except a few minor flaws that I’ll get to shortly, The BMO World Elite MasterCard is an excellent high-end credit card that I believe you should look into adding to your credit card portfolio IF you make at least one trip a year and appreciate using airport lounges.

The four lounge passes and annual membership that comes with this card is valued at $290 Canadian dollar, as of the 2016//01/30 exchange rate. So you already exceed that $150 annual fee and are up by $140 on the plus side. Also, the strong insurance benefits cover your annual fee many times over.

There are some minor flaws this card has that I can complain about. One of them is that the rewards points redemption structure is not flexible. BMO forces you to book travel through their website and that’s the only way you can use these points. So by using this card, you are forced to book through the BMO Rewards Program. However, you should book only online because BMO charges $30 if you book by phone.

The other thing I can complain about is the Insurance provider Allianz Global Assistance. While their reviews and ratings are not as bad as American Bankers Insurance Company of Florida (provider for ScotiaBank Gold American Express and Capital One Aspire Travel World Elite MasterCard), I would be more comfortable dealing with providers like RSA, TD, RBC, and so on.

The return rate on this card is a flat 2% on everything, which makes this card easy to understand and use. If you use other credit cards for category purchases where you want to earn higher returns or airline/hotel points, you can still use the BMO World Elite MasterCard for all other non-category purchases.

The one not-so-advertised feature I like about this card is that since this is an Elite series card, BMO has a dedicated customer service for this card. Every time I called them, my waiting time on the phone was zero and I received excellent customer service. This is something you will not find anywhere else. Also, I use their concierge service frequently and so far I have found nothing to complain about Aspire Lifestyles Concierge.

As of this writing, I hold this card and I only use it for lounge accesses (and concierge service). I also use this card for some non-category purchases. I will continue to hold this card as long as I travel each year and I am not planning to give up travelling until I am unable to do so.

Private Property Sale In Canada

January 28th, 2016 Posted in Global Real Estate | No Comments »

Private Property Sale In Canada

 

 

 

 

 

 

Is It Possible To Make A Private Property Sale In Canada?

To streamline and minimize blog maintenance, I will be discontinuing maintaining the Canadapersonalfinancewebsite.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Apr 10, 2010

Canadian Real estate 101 Selling is a serious process just like buying is. A person needs to understand how to go about it. The most recommended process is finding a selling agency to offer guidance. A seller has to be prepared to pay a certain commission in exchange to the help a selling agency provides. In this case he or she does not have to worry about being swindled or anything of the sort. This is a good option if a seller has no time or expertise to find a good property buyer.

On the other hand, a seller can decide to oversee the entire process personally to avoid paying realtor commissions. This is certainly complex but not when a seller has taken time to research the Canadian market currently. He or she must be ready to find all the information that an experienced agent is aware of. The good news is that one can easily find sites that guide homeowners through the process of making private property sales. Choosing to use an agent is a decision one can make freely in Canada or some other countries in the world.

After going through these sites one realizes that this procedure is not as complicated. There are some advantages that a private property sale can bring. For instance, a homeowner is always in a position to disclose everything about his or her property to a buyer. Therefore a private home seller can oversee home viewing and price negotiation personally. If a seller decides to make private home sale, he or she has many advertising options. Internet is the trendiest advertising platform right now and there are famous gateways in Canada.

There are several other sites that do private property listing in Canada but it is prudent to find out how it happens. Of course every private home seller wants to be sure of the site’s authenticity trademarks. He or she may want to consider a site’s traffic hits and if the site is actually moving properties fast. A real estate advertising site that a client can flexibly use and obtain support when necessary is good. Before posting a home poster online, one has to make sure that the house is properly maintained.

Avoiding using any realtor does not mean a seller won’t deal with one. Any buyer will often prefer to hire an agent to help him or her in the process of buying. A seller will therefore deal with a person who has ample knowledge of the Canadian real estate 101 selling procedure. The process can get complicated and a seller may end up hiring a lawyer or an agent. In fact it is possible to receive calls from agents willing to do business with a seller after viewing his or her property ad.

If a seller is still willing to sell the privately, he or she may need a lawyer’s note to shun the persistent realtors. Selling a private property via auction is possible but a seller’s home must be cozy, attractive and modern looking. A home situated in the hottest locations in Canada and it is also upscale will receive good bids fast.

Real Estate In Varna

January 27th, 2016 Posted in Global Real Estate | No Comments »
Real Estate In Varna
 
 
 
The Eternal City of Varna and Moving There

To streamline and minimize blog maintenance, I will be discontinuing maintaining the realestateexpedition.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Aug 29, 2010.

If you are going to move somewhere in Europe, one of the best places to go has to be Varna. This Bulgarian city is the largest city along the Bulgarian Black Sea Coast and the third largest city in all of Bulgaria after Plovdiv and Sofia. In all, it is the 92nd largest city in the European Union. Currently, it has a population of about 357,821 and it is often called the summer capital of Bulgaria because it is a major tourist city for the country and much of Europe. The city is a major business city, as well as an education one with its university. As well, it has a seaport where the Bulgarian Navy is stationed. In April of 2008, it became the seat of the Black Sea Euro-Region by the Council of Europe. Varna is generally considered to be the second-most important economic center in the country after the capital of Sofia thanks to its trade link over the Black Sea to Russia.

The country has a humid sub-tropical climate, which means it is generally warm all year round, something that many people like about it.

There are also many different sights within the city including Roman Baths, parks, an archaeological museum, the museum ship of the Drazki Torpedo Boat, as well as the Sea Garden, which is an open-air theatre and garden with museums, a zoo and more within it.

Now, if you are thinking of moving to the city, there are plenty of options for the city you decide to move to and you want to make sure you choose the right place for yourself. When you have a friend or someone within the city find you a good location, you need to do a few more things before you get the place.

  1. In Bulgaria, you need to own a Limited Liability Company within the country beforehand before you can buy property in Bulgaria. It is usually best to have the company with someone who is in the country to make it easier to manage.
  2. There are some fees you will have to pay out, including real estate fees, which can push roughly 10 percent of what the total cost of the purchase is. You need to make sure you are aware of the fees before buying.
  3. Make sure you have the proper visa through the Bulgarian government before you buy property. You need to have a visa that lets you live and work in the country for longer than 90 days.
  4. Once you have made the purchase, you need to have a notary process and approve the sale as they are the only ones within the country who can oversee a real estate sale.

Varna is a beautiful city and one you should truly consider if you are going to move to Bulgaria, as one that you may want to live in. It is a beautiful city, with plenty of history behind it.

What Rewards Canada Is Not Telling You About Its Top Travel Rewards Credit Cards

January 25th, 2016 Posted in Credit Cards|Rewards Cards|Debts | No Comments »

Don’t Get Burned Trusting These Ratings

Canada’s travel rewards website Rewards Canada just came up with its annual ranking of best credit cards. This is one of many sites that do annual ranking for travel and other rewards credit cards. The site is pretty upfront about its ratings and telling all sorts of good things about the cards it is recommending. However, it is not telling you a lot of important information you need to know before booking your trip with one of these cards.

For example, if you follow Rewards Canada blindly and book your trip with its number one recommendation travel card (American Express Gold) and you need to cancel your trip due to illness, you will get burned heavily before your sun-filled trip to the Caribbean begins because the number one card does not come with trip cancellation insurance. What may interest you is the fact that many other travel cards that charge a lower annual fee than Amex Gold offer full travel insurance including trip cancellation.

These rating sites are hiding a vital piece of information from consumers that you should have before making any selections. What’s more? They are also not disclosing if there is any financial compensation going on behind the scenes to put certain cards on the top of the list. However, you can rest assured that they are heavily compensated when you apply for any of these cards by clicking on the Rewards Canada website.

These sites are affiliated with all these credit cards they are recommending. If you hover your cursor on the link underneath the card picture, you will see an affiliate ID or tracking code. That’s how credit card companies keep track of their accounts (how many people are signing up) and pay them. The more good things you hear about these cards, the more people will sign up and more compensation is generated for these sites. So for obvious reasons, you are not going to hear anything that prohibits you from signing up for these top cards.

Here are some facts I have here today for you, which you will not find anywhere on any sites that are rating these cards for obvious reasons.

American Express Gold – A travel card that charges a $150 annual fee and does not offer trip cancellation insurance. You may lose all your money if you have to cancel your trip for valid covered medical reasons. Neither American Express nor Rewards Canada will tell you that it’s risky behaviour booking a trip without trip cancellation insurance.

Capital One Aspire Travel World Elite MasterCard – Insurances provided by American Bankers Insurance Company of Florida, an American insurer. There are numerous complaints and bad reviews online about these providers when it actually comes to processing claims. All the insurance benefits this card provides look very good on paper, but would mean nothing if they are unable to properly process your claims.

ScotiaBank Gold American Express Card – Same insurance provider as Capital One card above. Also, does not support contactless payment. What this means is that you have to punch in your PIN every time you make a purchase and no tapping. I doubt there is any other card in Canada that, instead of going forward, is going back in time and offering no contactless option.

When choosing your credit cards, do not rely on any single site, and look for if these sites are affiliated with the credit cards they are recommending. There are independent sites that do not offer affiliated links and the opinions you will find on these sites are likely to be unbiased. Also, go through the credit card company’s own sites and look for all the information they are providing. Spend some time researching your dream cards and make educated decisions based on information from various sources.

A Dawn Journal and my YouTube Channel are not compensated by or affiliated with any credit card companies. All credit card articles are 100% unbiased and honest.

Declining Canadian Dollar Has Positives Too

January 24th, 2016 Posted in Canada|Global Economy | No Comments »

Canadian Dollar Slides

Canadian Dollar Slides

The Canadian dollar is in a declining mode and hit a 13-year low recently by hitting below 69 cents. This happened last in 2003. There is no sign of moving into positive territory in the short run, as the oil price is staying around or below $30 US.

As a wide array of global issues are unfolding, it’s hard to see anything positive enough to push up the Canadian dollar any time soon. China’s sluggish economy, Iran’s stepping into the global market, and the Syrian crisis are only a few to mention.

However, it can’t be all bad for a dollar that’s at its decade low. Yes, a low dollar means paying more at the groceries, travelling abroad less, and shopping less online and outside Canada, but it has some good sides too.

The film industry, Hollywood North, has experienced an accelerated incoming flow from Hollywood to make more movies due to the low dollar.

The tourism industry is also going through a boost as more visitors are coming in from the USA and across the globe. From hotels to dining, and everything else, the Canadian dollar makes much more sense now than before.

Shopping malls across Canada are experiencing more foreign buyers than ever before. In the past, Canadians are the one to cross the border for bargains, but the picture has reversed, as Americans are finding things a lot cheaper with currency conversions and shopping in Canada makes sense.

Industries such as animal agriculture, mining, goods and services, automotive, and anything related to manufacturing industries will be able to export more as foreign buyers will find cheaper prices more attractive due to the dollar’s nosedive.

As the Canadian dollar goes through its cycle, just like everything else, Canadians are embracing and adjusting to deal with the dollar’s peak and dips.

Why It Is Advantageous to Buy a Property in Canadian Real Estate Market

January 23rd, 2016 Posted in Global Real Estate | No Comments »

Why it is advantageous to buy a property in Canadian Real Estate Market

 

 

 

 

 

 

Canadian Real Estate Market Outlook

To streamline and minimize blog maintenance, I will be discontinuing maintaining the Canadapersonalfinancewebsite.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Apr 3, 2010

Investing in real estate in Canada is a prudent step to take right now. According to recent reports, Canadian real property market is attractive. 2010 is a perfect year for any real investor in the country. Probably even international investor would be glad to take advantage of declining property prices. Many countries lack luring residential or commercial investment opportunities.

This means that an investor can currently expect a good return on property investment in Canada. Just like in other developed countries, Canadian commercial real estate market growth rate is slow. However the cost of these properties have not been too steep lately. An investor can choose to buy a commercial property in busy places where people are seeking business premises. Also buying a house in an area where income potential and employment odds for residents seems promising is perfect.

Buying commercial properties is often beneficial because one is assured of steady income flows. Furthermore, buying a property a time like now when prices are reasonable is wise. In future, a house’s value is expected appreciate and it is much more likely to cost more than its initial buying cost. Before one can buy any property, it is important to examine his or her finances. To be specific, a foreigner who intends to invest in Canadian real estates need not consider the currency conversion alone.

There are extra financial factors that are handy. For instance, a person may decide to purchase a real estate by paying a mortgage loan. The option is available to both the natives and international investors through banks, although the former is favored. As a foreigner, one needs to approach a Canadian bank to inquire about it. Some banks will definitely provide this type of home buying loan based on some conditions. An investor must ensure that his or her credit score is above reproach.

It is very possible to apply for a mortgage in Canadian currency from anywhere. Having a motive to relocate to Canada is a good intention still. To achieve this, one must find a good international mortgage broker. This is not an easy task because these brokers operate in some select countries. If an investor lives in Canada, it is easy to find a good mortgage broker. A broker is always useful to help investor during price negotiations. They are source of advice too.

Even before one can select a mortgage plan, evaluating his or her financial ability is crucial. Every investor knows his or her financial strengths. It is wise to consider that real estate prices can suddenly change due to fluctuating currency exchange rates. Select a home mortgage plan that is easy to pay, putting into consideration such random economic changes. As an international investor, it is important to seek consultation before signing any mortgage documents. Choosing to invest through a certain bank that supports international mortgage loans is a trouble-free approach.

A homebuyer or a commercial real estate buyer, from Canada or a foreign country must not default in payment. This can hurt an investor’s credit score or result to a foreclosure process. Foreclosure is the process through which a real estate is repossessed after an investor defaults. This can be difficult for international real estates investors, although it can be a bad experience for anyone.

Real Estate Buying Process In Canada

January 21st, 2016 Posted in Global Real Estate | No Comments »

Real Estate Buying Process In Canada

 

 

 

 

 

 

Canadian Real Estate Purchasing Process Explained

To streamline and minimize blog maintenance, I will be discontinuing maintaining the Canadapersonalfinancewebsite.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Mar 26, 2010

Real Estate 101 buying knowledge is very important to sellers and buyers of properties. Learning its basics can facilitate the process of buying. Property buying will always require a client to select his or her realtor, also called an agent. It is very easy to make a mistake at this point by selecting the wrong agency. When trying to purchase a Canadian house, avoid working with a dual agency because of some decision-making limitations. Certainly it has its advantages but as it represents both buyers and sellers, every decision is made after consulting each other.

Selecting a seller agency is not safe too because, as the name suggests, a buyer enjoys no representation at all. A buyer agency is the answer when a person wants to get more information about a real estate ad. Avoid choosing just about any Canadian buyer agency available. There is a realtor available to professionally handle the exact interests any client desires. These agents work on commission basis. Money should only be paid to them if a property is bought.

How does Real Estate 101 purchase process work?

The very first step to fulfill in the property buying process is seeking a mortgage pre-approval. This is a very positive progress that impresses any seller. It involves Mortgage form filling and forwarding all the required documents for approval. This can amazingly boost a buyer’s negotiation position because pre-approval shows his or her seriousness. This makes an agent’s job much easier and swift. He or she won’t continue searching for other properties that might interest the buyer.

Another very important document involved in the process is called a Property Condition Disclosure. A buyer must read it to know about the current property condition, its appliances, heating and water systems and so on. Failure to disclose any crucial detail about the property by the seller is not acceptable legally. An agent’s work is to help a buyer report and solve such a problem legally even after closing the sale.

Do you know what earnest money is in real estate 101 buying? A buyer is required to set a side a predetermined percentage of property cost in a Trust account. This money will be locked in the account until the parties reach an agreement and actually finalize the sale. Any realtor knows about this requirement anywhere in Canada and can provide help. If the first offer made by the buyer is good, a seller might accept it right away. If not a seller will reject this offer and propose another.

A buyer is free to accept, meaning he or she does not have a problem with any changes a seller proposes. Rejecting an offer means that a buyer is done and want to sign a Terminate Contract document. He or she wants to have his or her earnest money back. This gets buyer and the agent in the first step of finding a different property. A counter offer can be disappointing if no agreement is reached. However, if both the seller and buyer negotiate fairly, a final solution can be found. After this the parties are ready to close the sale and the buyer will own the property henceforth.

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