Lily's guide to real estate

1 - What are the pros and cons of a house vs condo?
There are benefits to both and sometimes the best fit for you is the opposite for someone else.
Think about what is most important to you when buying and what is nonnegotiable. With a house, there is always something to fix. But you do have your own space with a yard, no neighbours and you have your own privacy. With a condo, it’s convenient and you don’t have to worry about the maintenance / upkeep. But you do have monthly condo fees and you have to deal with neighbours. It is up to your lifestyle!

2 - What to do if the inspector report list is too long?
Every inspection report will have something. Unless you buy new and even then, there might be something. But the inspectors are there to find what’s wrong with the property. It really depends on the situation and how bad it is. At that point, you can negotiate a price reduction, or you can always back out of the deal, when you have an inspection contingency. But every case is different… I always say there is a solution for everything.

3 - Do we write an offer without contingency?
I always say it’s a little risky because you never know what you can find out during negotiations. It is a way for you to be protected with your contract and your money. Think twice so you can recover, but it is up to you and keep everything in mind.

4 - First step to purchasing a property?
Get your pre-approval letter from your bank or a mortgage broker. This way as your real estate broker, I can be more efficient with our time to help focus on your budget and needs. We need to understand what budget we are working with… unless you are paying all cash!

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