THE REAL ESTATE SMACK W/ MICHAEL ANDREW ROY ( UNLOCKING TORONTO )
The sphere outside of your fridge is home to a chilling vast variety of Toronto’s incredible architecture and homes that instantly take you to your dream wake up scenario. As we are getting close to September, the start of the coziest season, you might be on the fast tracked subway looking for a humble abode that might have ‘the man cave’ written all over it. We spoke to Michael Andrew Roy, one of Toronto’s newest but experienced real estate agents to speak about the market and how your new loft can ‘fall’ right into your lap.
What made you decide to go into real estate? I decided to go into real estate as I am passionate about Toronto. Not just about the real estate market, but about the communities and the people who make this city such an incredible place to live. Helping people find their dream home is what gives me satisfaction. You say you unlock Toronto, what part of the GTA has the most value? I think that every part of the GTA has its benefits and can hold value. If it’s an area with schools and parks than selling to growing families would be an asset. In general, if you are renting, then investing in real estate will not only give you the power of ownership but any increase in value combined with the mortgage payments less interest is money in your pocket.
The Real estate scene can fluctuate depending on the time of the year, what season do you feel buyers & sellers gravitate to? In this market, spring and fall would be the times that people seek change unless there is a reason to make the summer transition. Most of our readers are 18-25, for the generation of the youth what would be the ideal property to invest in? ( loft, condo etc) For the 18-25 group, a condo or loft is a great start. I think that the budget is a key factor. Calculate your minimum payment, condo fee, taxes. Don’t forget there are the lawyer fees as well before the property closes and possession. There are plenty of online mortgage calculators to get started with before having an in-depth conversation with a mortgage broker.
What’s your take on the Toronto market? I believe the Toronto real estate market’s bidding wars have finally stopped. Properties are finally being sold for the real asking price.
Lets talk scenario, you know, life circumstances individuals will come up against. –
How many homes do you believe I should see before I make an offer? With all the online MLS listings available to see with not only pictures but videos, it is making it a lot easier to narrow down choices. I would say see 3 picks is a start. If you do some research on the property or condo dev, area, then it will make it easier to choose on the offer date.
To be frank, how do I know if the property is a good deal? Everyone wants a good deal. As an agent, what I do for my clients is a comparable property analysis of the ‘solds’ in the building and area. With this information, we are able to see the market value of the property that you are interested in so that you are not over paying.
Is a home inspection something I should look into? If you are buying a Single family house or Semi Detached, It is nice to know if there are any issues that are unseen. This is going to protect your investment in the future and could sway your decision to purchase. When it comes to condos, a lawyer will do an overall title search of the status certificate. This will tell him if there are any liens or lawsuits. If any, they will give their advice to purchase or not. Also, an important fact is the reserve fund. All good status condos have this and if something needs to be repaired or wear down over time, a sufficient fund is necessary.
At what point can I back out if I change my mind? Once you have signed the final portion of the contract you are now binded to continue with the purchase. A huge problem would be backing out and then the seller cannot sell the property for the same amount you had agreed on. This could result in a lawsuit for the remainder.
It’s safe to say that if you’re looking for an agent that will not only want the best for you but over exuding compassion and effort to make sure your new property is a forever home, Michael will get you to the front steps of the door, to ‘unlock’ what awaits.
Make sure to keep up to date with Michael & Unlocking Toronto by visiting www.unlockingtoronto.com and his social media link.
