Tuesday, April 26, 2011

Pros and Cons of Buying a Resale Home by Ravinder Tulsiani


•A resale house as the name suggest is the house, which is available for second sale. Since it is not a brand new house, its price is far lower than a brand new house.
•A resale house a lived-in feeling, and the general landscape is mature
•Since the landscape is mature enough, a resale house has well developed mature society and close neigbourhood area.
•Resale house offers the purchaser a completely developed community services.
•A resale house is usually an old house whose architectural style is out of place and looks unique with all the grandeur. This is simply sensed by most of the purchasers of resale house property and love it by al its nature.
•If there are any cracks, settling in the building, these are checked by an experienced building inspector and can be corrected on the very first instance.
•A resale house has often got extra features that were made or installed by the previous owners. These customized features sometimes add to the beauty of the house all the more.
•The purchaser does not have to pay GST. However, there are certain provinces that take Harmonized Sales Tax (HST), which is the combination of GST, and provincial sales tax.


•The equipment already installed in the resale house has crossed the warranty date and there are chances that it might need repair.
•There have been instances where the house has been renovated many times through any local handyman, who lacks any building permit or inspection permit.
•Many of the old homes don’t have a good set up, with small rooms, poor layout, no lavish structures, low basement ceilings; bathrooms and kitchens might be too small. The costing of renovating such homes is not only time consuming but out of budget as well for many purchasers.
•There can be many hidden defects in the house, which cannot become evident immediately. It takes time and energy.
•Most of such houses do not often meet the electrical and insulation codes, using aluminum wires than copper wires. Many use lead pipes instead of copper pipes.

Sunday, March 20, 2011

Resolving the Residential Condo Property Disputes by Ravinder Tulsiani

There are basically four ways in which you can come over from the property disputes. These are:


Litigation – This is the last resort of fight the property related dispute, where a case is filed in the court against the erring condominium corporation or council. The court then takes appropriate action on hearing the complaint. There are challenges in the entire litigation process. The litigation process is time consuming, expensive and many-a-times very uncertain, as to what will be the possible results. In case you are stuck between choosing litigation or arbitration as the solution for the dispute, then I would say that you should consult a condominium law specialist. Don’t be in haste, as you have to face dire consequences in the later stage.

Arbitration – Most provinces condominium legislations have certain procedures set aside for the arbitration process. The disputes that come under the arbitration largely includes, fines put in case of breach of bylaws or rules and regulations; disputes related to contributions related to expenses shared by those living in the condominiums; damage caused to common elements, amenities etc.

Under the arbitration process, it is necessary that parties agree to a single arbitrator. However, there are provisions available where each party selects an individual arbitrator, and the two arbitrators are presided over by a third arbitrator, who is a chairperson. Further, the arbitrators should have been the owner and occupier of a condominium unit in some another condominium development for at least a year. The arbitrator should not be a member of Condominium Corporation, who is involved in the arbitration. The arbitrators make just and a balanced decision, which is also considered the final decision by the court of law. Remember, the procedures in different provincial condominium legislations are different.

Mediation – Here the complaint is lodged to the condominium council of respective province in order to show that the other owner has bylaws, rules and regulations.

Negotiation – In this method, a direct, one-to-one conversation is carried out between two persons in order to get over the dispute. Just breaking your personal hindrances and doing the things in a better way, is just needed.

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Buying a Brand New House by Ravinder Tulsiani

Everybody dreams of buying a new house that can serve as the means of becoming your principal accommodation or becomes your primary source of investment. The prime advantages of going for a brand new home are:

• Comparing the market prices in the adjoining areas become easy, as there are other houses in the same locality that have been built in same land space and with almost similar model.
• New homes stand at lower rates, especially if they are built in the sub urban zones, where the land value is quite low.
• Being new, the house looks, fresh, neat and tidy, and also has a fresh ambience altogether.
• Since the homes are usually built by the builders who are registered under the New Home Warranty Program in the respective province, you have the foolproof safety from any of the builder defaults, as New Home Warranty Program takes all the necessary care.
• Since the houses are brand new, they adhere to the construction standards that include, plumbing, heating, cooling, insulation, and many more.
• Every builder offers to the buyer several house models. The buyers can go for the customized selection procedures, where they look for kitchen appliance colors; kitchen and bathroom floor coverings; etc.
• New houses are designed with sense and the room layout is also very structured. Care is taken to provide en suites, high ceiling level in the basement, well spaced family room, patios and much more.

Like advantages, a brand new house has also got some of the demerits to its credit. These include;

• A condition occurs where the builder who has made the property has not registered itself with the New Home Warranty Program. In such a case, it would become a difficult task for the purchaser of the property to approach any genuine person if any problem occurs with the house at any point of time.
• The purchase documents made by the builder are often confusing and too lengthy to be understood in a less time.
• In case the builder doesn’t acts, as thought, there is the possibility that the purchase might lose deposit funds. Though in Canada, there are some provinces also offer strong consumer protection legislation to safeguard the funds.
• Many a times what happens is that houses are purchased even before they actually come on the land. The architect sketches the model plan of the house and that’s it. A purchaser purchases the property based on it.
• There are very common occurrences where the constructions are delayed, wither there are some finishing touches that need to be done; landscaping or anything extra needs to be done. And all this requires time and more expenses, which often eat away the patience of the purchaser.

A piece of advice here! When you go for any of the purchasing the property, you need to know that following things about the builder and/or the contractor. These comprise:

• Check from the Local or Provincial Home Builder’s Association, whether the builder or contractor is the member of the association or not.
• Check whether or not any complaints have been lodged either in past or at present with the local Better Business Bureau.
• Check the buildings or houses made by the contractor or the builder in other localities. It is the right of the purchaser to ask the contractor about his ongoing projects as well as previous development projects.
• Check whether the builder who is making the property is registered with New Home Warranty Program. If they are not registered, then don’t sign any document without consulting or seeking your lawyer’s advice.
• You can also check about the credibility of the builder or contractor from municipal business licensing office.

Reprint Rights:
You may reprint/redistribute this article provided that you post the article unchanged in its entirety and give credit to Ravinder Tulsiani as the author and include the source link.

Thursday, March 3, 2011

Choosing the Option to Buy or Rent by Ravinder Tulsiani

Buying, selling and renting is an integrated process included under any real estate. Every real estate can and is rented, purchased or sold at any point of time. There are provincial and municipal rules and bylaws that guarantee one or either of the processes for the renter or the purchaser of the property.

Whether it is your first property purchase, or you are the first property renter, you have to remain attentive, with eyes wide open to see and know what new adventures are playing in the real estate market. An option to choose to buy a real estate property needs the investor to take into account various socioeconomic factors and also see what is the best thing available in the property market.

It is for the property investor to see that does the property holds value, does it has all the amenities to raise the value in the market, is the property situated in a commercial zone, etc. Above all the investor also has to take into account any provincial bylaws that can affect the purchase. Considering the fact that what all mortgage options can work rightly for the investor at any point of time is yet another smart move to go for.

Investors or property purchasers going for short term and long term mortgage plans have to prove their credit history anyways. From the lender’s perspective, a property is the way of doing the business in profitable manner. He wants to remain risk free all the time. Though, doing business is a risk, but lending the mortgage plans which work best is what keeps going behind the mind of a mortgagee.

Renting a real estate property for commercial or residential purposes takes into account various municipal and provincial laws that are applicable at any point of time. All types of properties including homes, residential properties, houses, townhouses / town homes, apartments, condos, lofts, villas, single family homes, detached houses, barns, cabins, cottages, triplex/duplexes, apartment buildings, commercial real estate, retail spaces, office spaces, warehouses, industrial properties, farms ranches, horse properties, foreclosure homes, hotels, motels, hostels, golf course real estate, double-wide homes, mobile homes can be rented in Canada/US.

Some provinces/states and cities have rent control, which limits the amount a landlord can charge for the apartment. Each province also has rules on how much a landlord can increase the rent each year for an existing or new tenant. Disputes between tenants and landlords can be taken to a rental tribunal.

It is important to note that rent paid may or may not include such utilities as heat, electricity, gas and water. Before you agree to a rent, find out what it includes. Cable for television and the cost of a telephone line are usually not included and you will be billed directly by the respective utility companies for those amenities.

The landlord pays the property taxes and takes care of insurance for the building, but the tenant is responsible for insuring individual personal items.

Saturday, February 26, 2011


Pros of Owning a Condo

•You have the choice of finding variable locations, space, sizes and condos with different architectural features.
•Financing facility available by showing the property as single family home
•Have the access to luxurious amenities such as spa, swimming pool, saunas, hot tubs, community centres and many more.
•Only an elected councilor has the power to managing the overall property.
•Individual Ownership and Substantial growth in equity.
•It is a less expensive option than single family home because of efficient land use.
•It can be your profitable investment venture.
•Low cost property option as repair and maintenance cost are shared.
•You can decorate the interiors of your condo unit, just the way you want it.
•It is an ideal property lying between the rental apartments and the single-family houses.
•The condo units give a smart living option to singles or couples; “empty nesters”.
•High security due to presence of neighbours in close proximity and also controlled entrances.
•Owners actively participate in the condominium development community programs and events such as, making of rules and regulations; byelaws; budgeting etc.
•High level of social activities and sense of neighbourhood community development is also there. This is because of the element of permanence.
•Problems peculiar to home ownership are overcome. These problems include repairing, maintenance costs etc. All this is now taken into the hands of a professional management company.
•Those belonging to middle income groups can easily buy such property.
•The owner has the natural way to take the ride in the real estate market.

Cons of Owning a Condo

•The quality of construction cannot be judged rightly.
•There is a possibility that the elected councils act in a biased manner.
•It might occur where the owner has to pay for those amenities, which is of least interest to him/her.
•The individuals who lack professional capabilities to handle them manage condominiums.
•The value of the property might not go as high as it goes in the case of single-family housing.
•Many of the owners of the condominium might not show interest in the council elections, and as the result same people are elected as councilors.
•Since the families in the condominiums are in close proximity, there are continuous source of disturbances available, which largely include, regular high volume parties; parking space; etc.
•Personal liberty may be constrained at times due to restrictions imposed in the bylaws and other local regulations.

Monday, February 21, 2011

Extrinsic Factors Affecting Real Estate Prices by Ravinder Tulsiani

Extrinsic Factors Affecting Real Estate Prices by Ravinder Tulsiani

There are many factors that control the real estate prices in the market. It doesn’t matter whether you are a buyer or a lender, but these market factors always play an instrumental role. Let me discuss them with you.

Interest Rates – An inverse relation exists between the interest rates and the property prices. If the interest rates are high, then the prices of the real estate property are lower and vice versa. What’s more, at low interest rates, more people can buy their first homes or second homes or investment property and as the result housing demand is created in the real estate market.

Rent Controls – State restrictions on the rent controls will automatically result in fewer buyers. The rental legislations are subject to change and modification depending on the State. You can search for the latest State rental legislations by typing the keyword, “landlord tenant law” in search engines.

Taxes – The places where high municipal property taxes are prevalent, purchasers are delimited to purchase the real estate property in that region. If the taxes are increased, it is eminent that there would be a drop in real estate prices. There are still many State taxes like the property purchase tax or the speculative tax can also make the confidence of the buyers lose. For the federal tax legislations like the down turn in capital gain tax can also limit the investors from investing in the real estate property market of the area. Therefore, these points play a crucial role in assessing the real estate activity and the prices in general.

Economy – A positive growing economy with high buoyancy makes the investors’ and the buyers’ confidence high. There would be a high market activity marked by increased selling and purchasing of homes, and this would result in increased market prices. And if the market behaviour shows sluggish movement, converse will happen. In such a scenario, both the buyer as well as investor will lose confidence and low market activity marked by poor selling and purchasing of homes, and this would automatically result in depreciation of the market prices of the homes.

Location – A real estate property placed in good and commercially valued location will have high property value as compared to the property, which has low commercial value. Naturally, high commercially significant properties attract more investors’ and buyers’ than any other property.

Land Availability – Factors such as land shortage; zoning restrictions in the municipalities; State land-use laws; and other type of ongoing laws that restrict the land use, would make the housing prices increase.

Public Image – There is certain type of public notion build to an area or the geographical region or the residential property. This can affect the demand as well as the prices of the property to a large extent. There are certain properties located in the States that are much in public demand. Such properties always have an appreciated value.

Immigration/Emigration – A scenic topography with plenty of retiring opportunities, high scale business options; good employment opportunities; tourism etc. aids in attracting people from other countries as well as people from country within. Therefore, immigration to an area increases the property value and conversely emigration results in depreciated property value.

Vacancy Conditions – If the region shows high vacancy levels, the real estate sales can dip and this also affects the confidence of an investor. Conversely, low vacancy levels can increase the activity of first homebuyers and those of investors as well.

Seasonal Factors – There are certain months in a year where the real estate sales move down. This also results in lowest real estate prices. This is also true for the recreational properties and other types of properties.

Political Factors – The State and the municipal government rulings can affect the property prices. This in turn can also affect the demand and the supply of the real estate property.

Friday, February 11, 2011

"Super Tactics of Time Management Experts" Download it for FREE!

Do you want to get rid of your dreadful “time-wasting” habits and start doing things in an organized, efficient manner?

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Did you know that rich people value their time much more than they value their money?

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Success comes to those people who can manage their time according to their priorities. It is due to the fact that they can finish doing important tasks at a certain period of time without rushing things and without becoming reckless.

Thus, coming up with remarkable results is no surprise to them. So, are you willing to change your life?

Are you willing to establish a more organized living, to use your time wisely, and to start doing things now rather than the day before the deadline?

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Super Tactics of Time Management Experts

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With these super tactics, you’ll be having the time of your life!

From Ravinder Tulsiani, Author

Dear Time-Deprived Friend,

Have you ever postponed a certain task as simple as mailing a birthday card for your mom who is out of the country, or perhaps something as important as preparing your report for tomorrow’s presentation at the office?

Yeah, I know what you’re thinking. You’re having a very hectic schedule and you feel like going crazy over so many tasks and things to do.

Say your mom believed any of your excuses why you had sent her a “belated happy birthday” greeting card, or you had managed to get over the presentation even with fillers like “uhm…you see… uhm… well…” Did you feel glad about it being done and consider it good enough?

I don’t think so.

In fact, you could have done it better … or rather, you ought to do it better!

Do you have to wait for the moment when your mom sulks because she thought you’ve forgotten her birthday? What if the increase and promotion you’ve been waiting for your whole life will be given to your colleague because you don’t deserve the recognition?

Why wait for something terrible to happen before you start organizing your time, your career, your relationship with other people, your space, and most especially, your life?

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 The most notorious (and oftentimes irresistible) activities that steal away most of your time, and how you can effectively overcome them.

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 Three important aspects in planning your moves.

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 Important things to remember in setting goals.

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 How to utilize your effort or energy to become an achiever.

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“Remember: Time is Precious, Exquisite, and Priceless!”

You only have one life to live. Would you like to spend most of it just working and being overwhelmed with too many responsibilities to handle? I don’t think so.

Would you like to have more than enough time in the world to do the things you love and to enjoy your life, amidst all your tasks? Sure you would. That’s how important time management is.

Download Super Tactics of Time Management Experts Now!

Ravinder Tulsiani

P.S. What are you waiting for? Time is running fast. The earlier you read and apply the super tactics in this book, the more time you’ll ever have in your life.

P.P.S. You can never turn back the hands of time. Time wasted can never be reclaimed. So act now!