The Ottawa New Condo Owners Thread - Page 3

YOWetal · #41 Posted: **Feb 27, 2009, 2:23 PM**

Anyone have thoughts on the value of paying a professional inspector for the PDI? Buying a resale house it is obviously essential and maybe even for a resale condo, but I am wondering if it is worthwhile given the Tarion warranty and expense.

LDavinci · #42 Posted: **Feb 28, 2009, 6:59 AM**

Quote:

Originally Posted by YOWetal

Anyone have thoughts on the value of paying a professional inspector for the PDI? Buying a resale house it is obviously essential and maybe even for a resale condo, but I am wondering if it is worthwhile given the Tarion warranty and expense.

I wouldn't. If it is a new building like HP1&2, everything is new and under warranty. With the old Condo buildings you get the info before you buy it. If you know where to look like Condo fees, Reserve funds, Financial report, the Bylaws, you will know what you are getting into, and if something even happens later, the cost is shared among all owners. It is not like in the house, you have a major problem with furnace or plumbing, it will cost you a thousands of dollars to fix it and nobody to share the cost with.

Etoile · #43 Posted: **Feb 28, 2009, 4:16 PM**

I sympathize with you, it is noisier than I thought it would be. I'm happy that I go outside to work as if I worked from home I guess a creative solution would be to move my office into the amenity room during the day? Perhaps you can work from there until they are done with the man lift. I was talking to a worker and he said the man lift would probably be removed in a couple of weeks. Charlesfort told me March, so it looks like the noise will stop soon. Meanwhile maybe Charlesfort might supply you with some of those ear muffs :-) for noise & you could have some peace and quiet during the day although if you need to make and receive calls you would not hear them, just trying to add a little humour to living in a construction situation I certainly undestand your plight ;-)

The amenity room, a cell phone and lap top might be a temporary solution, hope this helps. Hang in it shouldn't be long now...

Etoile

Etoile · #44 Posted: **Feb 28, 2009, 4:49 PM**

Quote:

Originally Posted by YOWetal

Anyone have thoughts on the value of paying a professional inspector for the PDI? Buying a resale house it is obviously essential and maybe even for a resale condo, but I am wondering if it is worthwhile given the Tarion warranty and expense.

I spent $450 on an inspection for my last condo but it was not a 17 floor highrise, it was a brand new 3 level condo...I would have to say it was not that helpful and the inspector that did it seemed a little dramatic, there was nothing major wrong with the condo but he sure did make eveyrhting page he wrote seem like it was life and death (part of their job)? I was nervous about closing my first property and so an inspection eased my nerves.

Since then I realize that Tarion handles most issues and a few years depending on what the issue is, the builder will comply as they know the rules. One thing I would do is to make sure that whatever was noted on PDI that doesn't get fixed transfer it on to the 30 day warranty. I have not signed off on anything yet so I also have a couple of issues with my floor like a gouge and crack that I will ensure is fixed.

After all that I won't have an inspection this time, as you say it's useful for house and condo resales. Everyone has to decide this on their own.

Etoile

Tor2Ott · #45 Posted: **Mar 2, 2009, 5:33 PM**

FYI, for purchasers (of HP at least), you have the option of going to the contractor that supplies the granite, and actually pick out/see your slab of granite, marble, etc. Granite being a natural stone with unpredictable imperfections, I think it's a good idea. If interested, you need to call them to make an appointment to come in; they need to get your slab ready for you before you come in.

d_jeffrey · #46 Posted: **Mar 3, 2009, 3:06 PM**

Quote:

Originally Posted by Etoile

I spent $450 on an inspection for my last condo but it was not a 17 floor highrise, it was a brand new 3 level condo...I would have to say it was not that helpful and the inspector that did it seemed a little dramatic, there was nothing major wrong with the condo but he sure did make eveyrhting page he wrote seem like it was life and death (part of their job)? I was nervous about closing my first property and so an inspection eased my nerves.

I'm actually renting in the same building that I had bought an unit in. You would be suprised how many don't care about imperfections. The builder was really good, for my previous unit, to take care about details and make sure that no problem would come at a later stage.

The owner of the condo I'm renting right now, didn't seem to care that much. The hardwood flooring has 1/8" gaps, some tiles are not straighten properly, all things that would have been covered by the warranty, when the owner just didn't care. But it's too late for now to have it fixed...

Momma T · #47 Posted: **Mar 4, 2009, 4:17 AM**

Quote:

Originally Posted by d_jeffrey

I'm actually renting in the same building that I had bought an unit in. You would be suprised how many don't care about imperfections. The builder was really good, for my previous unit, to take care about details and make sure that no problem would come at a later stage.

The owner of the condo I'm renting right now, didn't seem to care that much. The hardwood flooring has 1/8" gaps, some tiles are not straighten properly, all things that would have been covered by the warranty, when the owner just didn't care. But it's too late for now to have it fixed...

Good God, leave Muntreayll and come to Oughtawah.

Momma T

d_jeffrey · #48 Posted: **Mar 4, 2009, 2:53 PM**

Quote:

Originally Posted by Momma T

Good God, leave Muntreayll and come to Oughtawah.

Momma T

I was actually talking about the East Market in Ottawa!

Anyways, tomorrow wil mark the 4th month where I'm trying to close a condo in MTL. Since it's an historical building, no insurer (CHMC, Genworth...) wants to insure the building. So the builder has been fighting it since then. Really a long process, I'm fed up to no end.

333fun555 · #49 Posted: **Mar 5, 2009, 5:33 AM**

Quote:

Originally Posted by d_jeffrey

The owner of the condo I'm renting right now, didn't seem to care that much. The hardwood flooring has 1/8" gaps, some tiles are not straighten properly, all things that would have been covered by the warranty, when the owner just didn't care. But it's too late for now to have it fixed...

That happens when the owner doesn't live in the condo and renters don't care enough to report those things to the owner

In my building a few owners changed their hardwood floors because of those gaps, free of charge of course, especially the bamboo ones. No bamboo for me, I like my good old maple

LDavinci · #50 Posted: **Mar 8, 2009, 5:48 PM**

Quote:

Originally Posted by d_jeffrey

I'm actually renting in the same building that I had bought an unit in. You would be suprised how many don't care about imperfections. The builder was really good, for my previous unit, to take care about details and make sure that no problem would come at a later stage.

The owner of the condo I'm renting right now, didn't seem to care that much. The hardwood flooring has 1/8" gaps, some tiles are not straighten properly, all things that would have been covered by the warranty, when the owner just didn't care. But it's too late for now to have it fixed...

This part I don't understand

"I'm actually renting in the same building that I had bought an unit in." So who lives in the unit that you have bought, or you sold it to go to Montreal

Momma T · #51 Posted: **Mar 9, 2009, 4:42 AM**

Anyone from other condo developments checking this site?

What are your concerns? questions?joys?

How about sharing them with those of us who are interested and would like to have something to compare our new home with.

Momma T

d_jeffrey · #52 Posted: **Mar 9, 2009, 11:25 AM**

Quote:

Originally Posted by LDavinci

This part I don't understand

"I'm actually renting in the same building that I had bought an unit in." So who lives in the unit that you have bought, or you sold it to go to Montreal

I sold it to go to MTL, but my contract here ends in April, I had put it for sale last November and it sold much quicker than I expected though.

333fun555 · #53 Posted: **Mar 11, 2009, 11:47 PM**

Quote:

Originally Posted by d_jeffrey

I sold it to go to MTL, but my contract here ends in April, I had put it for sale last November and it sold much quicker than I expected though.

Hey d_jeffrey, hope you'll enjoy your place in MTL

YOWetal · #54 Posted: **Mar 13, 2009, 5:23 PM**

Good news for anyone taking interim occupancy of their units in the next few months. The interest rate that applies (BoC 1 year conventional Mortgage rate) is now down to 4.5%, down from a high of 7.15% last year.

Etoile · #55 Posted: **Mar 13, 2009, 10:55 PM**

Quote:

Originally Posted by YOWetal

Good news for anyone taking interim occupancy of their units in the next few months. The interest rate that applies (BoC 1 year conventional Mortgage rate) is now down to 4.5%, down from a high of 7.15% last year.

Rates are low, it's true. You can negotiate even lower that 4.5 % I think although it depnds on when you close. I will let everyone know what I get when I close I will be one of the first to close maybe in May? I was quoted 4.49 for 5 years fixed a couple of months ago and I was talking to someone who got 2.25 % fixed but this is a negotiator type. Because of the Bank of Canada rate down to .5 % this is good for us home buyers with new mortgages, one thing I hope is eveyrhting stays low for a couple more months and then I will probably do a variable and see when it goes up and then lock it in when it's time.

Cheers!

YOWetal · #56 Posted: **Mar 14, 2009, 1:59 PM**

Quote:

Originally Posted by Etoile

Rates are low, it's true. You can negotiate even lower that 4.5 % I think although it depnds on when you close. I will let everyone know what I get when I close I will be one of the first to close maybe in May? I was quoted 4.49 for 5 years fixed a couple of months ago and I was talking to someone who got 2.25 % fixed but this is a negotiator type. Because of the Bank of Canada rate down to .5 % this is good for us home buyers with new mortgages, one thing I hope is eveyrhting stays low for a couple more months and then I will probably do a variable and see when it goes up and then lock it in when it's time.

Cheers!

You are correct that a little negotiation can save you a lot on your mortgage rate, but I was referring to the interim occupancy interest rate. This rate is set by law in Ontario and is the average of the chartered banks posted rates for a one year mortgage (as reported by the Bank of Canada). In a large building you could end up paying this "rent" for 6 or more months,so it is good news that it has dropped so much.

Tor2Ott · #57 Posted: **Mar 14, 2009, 3:22 PM**

Quote:

Originally Posted by YOWetal

You are correct that a little negotiation can save you a lot on your mortgage rate, but I was referring to the interim occupancy interest rate. This rate is set by law in Ontario and is the average of the chartered banks posted rates for a one year mortgage (as reported by the Bank of Canada). In a large building you could end up paying this "rent" for 6 or more months,so it is good news that it has dropped so much.

As I understand it, this "rent" needs to be paid until the building registers. Once the building is registered, it does not need to be paid, correct? If so, I hope they register by the time I move in.

333fun555 · #58 Posted: **Mar 14, 2009, 4:38 PM**

Quote:

Originally Posted by Tor2Ott

As I understand it, this "rent" needs to be paid until the building registers. Once the building is registered, it does not need to be paid, correct? If so, I hope they register by the time I move in.

5 things to know about occupancy fees: #2 applies to you Tor

1. Occupancy fees will have to be paid to the developer every time you purchase a new condo. It is normal and there is no way around it.
2. The occupancy period is normally 3-6 months, but the higher up you are in the building, the shorter the occupancy period will be. So if you buy a unit on the ground floor, you can expect a long occupancy period. If you buy the penthouse, you will likely have a very short occupancy period.
3. There is no way to say absolutely how long the occupancy period will be.
4. There is often a relationship between the length of the occupancy period and the experience level of the developer. The more experienced the developer, the shorter the occupancy period. Experienced developers who are familiar with process and who have diligent lawyers working behind the scenes for them know how to build and how to register a building as quickly as possible.
5. It is in the developer’s best interest to register the building as quickly as possible and to have the occupancy period as short as possible. This is because they don’t get their money from the banks until the building is registered and all the unit owners have their mortgages commence.

LDavinci · #59 Posted: **Mar 14, 2009, 4:49 PM**

Quote:

Originally Posted by YOWetal

You are correct that a little negotiation can save you a lot on your mortgage rate, but I was referring to the interim occupancy interest rate. This rate is set by law in Ontario and is the average of the chartered banks posted rates for a one year mortgage (as reported by the Bank of Canada). In a large building you could end up paying this "rent" for 6 or more months,so it is good news that it has dropped so much.

Were you referring to this???

"The rate of interest that the Bank of Canada has most recently reported as the chartered bank administered interest rate for a conventional one-year mortgage as of the first of the month in which the purchaser assumes interim occupancy of a proposed unit or is required to do so under the agreement of purchase and sale."

Tor2Ott · #60 Posted: **Mar 14, 2009, 4:59 PM**

Quote:

Originally Posted by 333fun555

5 things to know about occupancy fees: #2 applies to you Tor

1. Occupancy fees will have to be paid to the developer every time you purchase a new condo. It is normal and there is no way around it.
2. The occupancy period is normally 3-6 months, but the higher up you are in the building, the shorter the occupancy period will be. So if you buy a unit on the ground floor, you can expect a long occupancy period. If you buy the penthouse, you will likely have a very short occupancy period.
3. There is no way to say absolutely how long the occupancy period will be.
4. There is often a relationship between the length of the occupancy period and the experience level of the developer. The more experienced the developer, the shorter the occupancy period. Experienced developers who are familiar with process and who have diligent lawyers working behind the scenes for them know how to build and how to register a building as quickly as possible.
5. It is in the developer’s best interest to register the building as quickly as possible and to have the occupancy period as short as possible. This is because they don’t get their money from the banks until the building is registered and all the unit owners have their mortgages commence.

Thanks Fun. I heard that the building can be registered once a certain percentage of people move in. If that's the case, there's a chance that people move in after the building's registered, so no need to pay "rent", correct?