Real Estate Discussion Forum - All Forums https://forum.winnipeghomefinder.com/real-estate-forum/ Simple:Press Version 6.2.1 Alfred Gilbert on I'm Renovating My Condo https://forum.winnipeghomefinder.com/real-estate-forum/first-time-buyers-have-questions/10/#p16 First Time Buyers Have Questions https://forum.winnipeghomefinder.com/real-estate-forum/first-time-buyers-have-questions/10/#p16 Hello all,
I'm new to this forum. Just wanted to ask a quick question. Last week, I bought a new condo in North York. They will finish the construction by the end of the month. So, I'm thinking about shifting next month.

So, before moving in we're planning to renovate the interiors pretty well. I mean, some cool furniture, some carpets etc.
Thought it'd be great to hear your opinions and suggestions on this. So if anyone did condo interior renovation before, please share your tips and suggestions.

It's a normal 3 bedroom condo and I don't have pics right now.
Any tips on this would be great.
Thanks!

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Mon, 16 Sep 2019 03:57:14 -0500
Gord Steeves on Can a condo corporation stop me from renting my unit out? https://forum.winnipeghomefinder.com/real-estate-forum/legal-questions-about-condos/9/#p15 Legal Questions about Condos https://forum.winnipeghomefinder.com/real-estate-forum/legal-questions-about-condos/9/#p15 Relatively speaking, the existence of a condominium
building is a relatively new concept in the ancient history of real estate. The idea is a solid one and appears to be generally standing the test of time. That does not mean that there has not been evolution though.

Originally, part of the condominium
dream for some was that people would own the units and live in the building with their neighbours “apartment style” but still retain the ownership model of a residential area. Part of the dream for some buildings was that people who owned the condos would not be allowed to rent them out to a third party. This was the idea agreed to by many building executive groups and the by-laws and declarations of the time clearly spelled out that no renting-out was allowed by owners of the units.

Many of these old by laws and declarations are still floating around today, and sometimes, when people are given documents for the cooling off period, they will see that the documents prohibit them renting out their condo unit. These are dated documents, the Condominium act of Manitoba has superseded many of these by-laws and stated that a unit owner, in most instances, cannot be stopped from renting out their unit.

The condominium
group can charge a levy up to a certain amount to an owner that rents out and they can impose reasonable restrictions on renting, but unless it is very limited circumstances, the owner has the right to rent out their condo unit.

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Fri, 26 Jul 2019 16:20:32 -0500
Cindy S on Can a condo corporation stop me from renting my unit out? https://forum.winnipeghomefinder.com/real-estate-forum/legal-questions-about-condos/9/#p14 Legal Questions about Condos https://forum.winnipeghomefinder.com/real-estate-forum/legal-questions-about-condos/9/#p14 Can I rent out my condo unit?

 

I've owned a condo for a few years and am thinking of buying a house
, but still keeping my condo as a rental property.  I've heard that the condo corp. can stop me from doing that.  Is that true?

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Fri, 26 Jul 2019 16:12:26 -0500
Bo Kauffmann on Bought a house and my possession date is coming up. How will I get my house keys? https://forum.winnipeghomefinder.com/real-estate-forum/legal-questions-for-buyers/6/#p13 Legal Questions for Buyers https://forum.winnipeghomefinder.com/real-estate-forum/legal-questions-for-buyers/6/#p13 Different jurisdictions have different processes.  

 

Here in Winnipeg, the entire exchange of keys and money happens between the lawyers of both parties (seller and buyer)

Lets say that your are the home buyer and the possession date is August 4th, at 09:00 am.  You should receive a letter from your lawyer, advising you of a meeting date with him/her and a request for a certified cheque in a specified amount of money.

You meet with your lawyer, usually about 4-5 days before the possession date, and you give him the cheque.  In some cases, your lawyer may already have the key, and may give them to you with strict instructions that you may NOT enter the new home until the date and time specified on the offer.

You will often even have to sign a form stating that you have been cautioned against accessing the home too early.

If your lawyer does not have the key yet, he 'should' have it the day before possession, so you may have to return another time to pick up the keys.

 

On the morning of August 4th, 9:00 am, you can then enter your new home.  Quickly check to make sure everything is ok, and that all inclusions like Fridge, Stove, Washer Dryer, etc  are still in the home.

If you find anything wrong, first call your real estate agent
who may be able to help.  If your agent can not resolve the issue, your next call should be to your lawyer.  Frown

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Fri, 19 Jul 2019 12:45:46 -0500
Bo Kauffmann on What is CMHC? What do they do, and do I have to use them? https://forum.winnipeghomefinder.com/real-estate-forum/home-financing-mortgages-and-loans/5/#p12 Home Financing, Mortgages and Loans https://forum.winnipeghomefinder.com/real-estate-forum/home-financing-mortgages-and-loans/5/#p12

 

CMHC stands for Canada Mortgage and Housing Corporation.  It is involved in every house purchase in Canada where the buyer has less than 20% down payment.  (15% with most Credit Unions)

Think of CMHC as an insurance company FOR THE BANKS.   If a buyer, who only puts down 5% on a house or condo purchase, defaults on his mortgage payment, the bank might have to take the house and sell it to recoup their investment.  With only 5% down, the margins are too tight, and the bank might lose money.

So CHMC 'insures' the mortgage, and pays the bank whenever the current owner defaults.

Of course, there are fees involved, and the buyer has to pay them.  These fees are tacked onto the mortgage.

Also, while this type of insurance is mandatory for all home buyers with less than the 20% down, there are competitors to C.M.H.C., such as Genworth, and Canada Mortgage.....   both operating under the similar principles as CMHC.

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Fri, 19 Jul 2019 12:36:42 -0500
Bill Ford on Do real estate agents guarantee the sale of my home? https://forum.winnipeghomefinder.com/real-estate-forum/preparing-to-sell-your-home/8/#p11 Preparing to sell your home https://forum.winnipeghomefinder.com/real-estate-forum/preparing-to-sell-your-home/8/#p11 My friend told me that he heard of a real estate agent
who said that "if I don't sell your home, I'll BUY it myself'

Is that a gimmick or is it for real?  Sounds too good to be true, right?

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Tue, 16 Jul 2019 12:00:28 -0500
RaymondAcids on Bought a house and my possession date is coming up. How will I get my house keys? https://forum.winnipeghomefinder.com/real-estate-forum/first-time-buyers-have-questions/7/#p10 First Time Buyers Have Questions https://forum.winnipeghomefinder.com/real-estate-forum/first-time-buyers-have-questions/7/#p10 Does the real estate agent
give me the keys?  My possession date is coming soon, and it's on a Saturday morning.  How will I get my keys?

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Tue, 16 Jul 2019 11:56:12 -0500
RaymondAcids on Bought a house and my possession date is coming up. How will I get my house keys? https://forum.winnipeghomefinder.com/real-estate-forum/legal-questions-for-buyers/6/#p9 Legal Questions for Buyers https://forum.winnipeghomefinder.com/real-estate-forum/legal-questions-for-buyers/6/#p9 Does the real estate agent
give me the keys?  My possession date is coming soon, and it's on a Saturday morning.  How will I get my keys?

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Tue, 16 Jul 2019 11:56:12 -0500
MatthewMiz on What is CMHC? What do they do, and do I have to use them? https://forum.winnipeghomefinder.com/real-estate-forum/home-financing-mortgages-and-loans/5/#p8 Home Financing, Mortgages and Loans https://forum.winnipeghomefinder.com/real-estate-forum/home-financing-mortgages-and-loans/5/#p8 I'm looking at buying my first home.  I heard that there are CMHC fees that I have to pay. 

 

What is CMHC and how can I avoid using them, or paying their fees?

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Tue, 16 Jul 2019 11:53:30 -0500
KevinSwamp on Mortgage Broker or a bank? Which should I use? https://forum.winnipeghomefinder.com/real-estate-forum/home-financing-mortgages-and-loans/4/#p7 Home Financing, Mortgages and Loans https://forum.winnipeghomefinder.com/real-estate-forum/home-financing-mortgages-and-loans/4/#p7 I've been with a large bank for many years, and am thinking of buying a house
.  They offer good rates, but a friend told me that a mortgage broker
can actually do quite a bit better.  Is that true?

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Sat, 13 Jul 2019 09:44:22 -0500
Bo Kauffmann on Im preparing to buy my first house. What's the first thing I should do? https://forum.winnipeghomefinder.com/real-estate-forum/first-time-buyers-have-questions/3/#p6 First Time Buyers Have Questions https://forum.winnipeghomefinder.com/real-estate-forum/first-time-buyers-have-questions/3/#p6 In order to buy a home, yes, you will need to be pre-approved by a lender.  About 10 yrs ago, the conventional wisdom was to first, get pre-approved, then find a REALTOR
and start looking.

However, buyers would simply go to their local bank, wherever they had their savings accounts, to get that pre-approval.

That bank may not have been the best place to get a mortgage, and buyers would end up switching their mortgage pre-approval somewhere else.

So, here is a better solution:  Find a good real estate agent
first, because he or she will be involved in every step of the process.  That agent may also know the best lender for your specific needs:  it could be a bank, or it could be a mortgage broker
or other source.

For more detailed info on the buying process, check this out:

https://blog.winnipeghomefinde.....ers-guide/

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Sat, 13 Jul 2019 07:27:08 -0500
Bill Ford on Im preparing to buy my first house. What's the first thing I should do? https://forum.winnipeghomefinder.com/real-estate-forum/first-time-buyers-have-questions/3/#p4 First Time Buyers Have Questions https://forum.winnipeghomefinder.com/real-estate-forum/first-time-buyers-have-questions/3/#p4 Friends of mine told me that I should get pre-approved first and then start looking for a place.  It makes sense, doesnt it?

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Fri, 12 Jul 2019 18:57:24 -0500