iblastoff
New Member
First of all I pretty much know nothing about purchasing a condo and my current knowledge of mortgages/financing could be very much improved upon. I'm hoping to do that now.
I have to admit the recent fly condos deal caught my attention. It seems to have garnered some undeserved hype but it has sparked an interest in me to finally buy a place of my own. I'd like to use fly condos as an example and would appreciate any comments/enlightenment on what I currently know about the system.
Take this specific condo as an example: the baliancaga(pdf)
686sq feet - one bedroom + 1 den + balcony of 50-80 feet. The price shown here (pdf) says that 1 bedroom+1den starts at $265,900 and seeing as this particular floor plan is one of the larger ones I would assume it's going to be around $285'ish. The balcony looks like its going to be facing west so i assume i would be staring at 'the element' whenever that pops up.
anyway some financing / mortgage questions..the above price list shows the deposit structure as follows:
Ok so to break that down, I'm assuming that means upon signed agreement, I'd have to give a deposit of $2000, and from that starting date (lets say today), I have till june 15, 2010 to pay off 15% of the total amount of the condo correct? Of course those would be split into 3-4 month installments I assume.
I'm unclear as to what "Due on Occupancy" means though. I'm assuming by occupancy they mean when the condo is livable BUT not registered yet correct? During this "occupancy" stage you have to pay the whole "phantom rent" debacle right?
The financing is as follows (at least if you do it through their sales dept):
First of all for pre-construction condos are they generally ok with you finding your own mortgage broker or are they set on you using one of their major bank systems? And when do you actually have to start paying your mortgage payments? I would assume *after* the first year where you pay the 15% of the balance?
And finally this "Premium per floor" and ceiling height system:
This seems pretty straightforward but just in case...if I wanted to live on the 6th floor that means I'd have to pay an extra $6,000 correct? But if I wanted to live on the 10th floor or above, I'd have to pay 10 x $1000 per floor PLUS $10,000 ceiling height premium? Is that how it works?
Lastly, this is in regards to exclusive buyer's agents. Assuming I've already chosen the place i want to purchase, do I still need an exclusive buyers agent? I know there's pros and cons of having one...with my current knowledge of how things work I would definitely need one. but I want to educate myself as much as possible to the point where it wouldn't be as necessary.
I understand they get a certain amount of commission that technically comes out of my pocket despite the fact their services are "free" to you. I've read that people can often save several thousands by mentioning they weren't currently working with a buyers agent and thus save on commission cost. Is this something plausible for pre-construction condos or are they quite rigid on pricing?
I'm sorry if these are extremely naive questions but any comments/tips/corrections would be greatly appreciated.
I have to admit the recent fly condos deal caught my attention. It seems to have garnered some undeserved hype but it has sparked an interest in me to finally buy a place of my own. I'd like to use fly condos as an example and would appreciate any comments/enlightenment on what I currently know about the system.
Take this specific condo as an example: the baliancaga(pdf)
686sq feet - one bedroom + 1 den + balcony of 50-80 feet. The price shown here (pdf) says that 1 bedroom+1den starts at $265,900 and seeing as this particular floor plan is one of the larger ones I would assume it's going to be around $285'ish. The balcony looks like its going to be facing west so i assume i would be staring at 'the element' whenever that pops up.
anyway some financing / mortgage questions..the above price list shows the deposit structure as follows:
Ok so to break that down, I'm assuming that means upon signed agreement, I'd have to give a deposit of $2000, and from that starting date (lets say today), I have till june 15, 2010 to pay off 15% of the total amount of the condo correct? Of course those would be split into 3-4 month installments I assume.
I'm unclear as to what "Due on Occupancy" means though. I'm assuming by occupancy they mean when the condo is livable BUT not registered yet correct? During this "occupancy" stage you have to pay the whole "phantom rent" debacle right?
The financing is as follows (at least if you do it through their sales dept):
First of all for pre-construction condos are they generally ok with you finding your own mortgage broker or are they set on you using one of their major bank systems? And when do you actually have to start paying your mortgage payments? I would assume *after* the first year where you pay the 15% of the balance?
And finally this "Premium per floor" and ceiling height system:
This seems pretty straightforward but just in case...if I wanted to live on the 6th floor that means I'd have to pay an extra $6,000 correct? But if I wanted to live on the 10th floor or above, I'd have to pay 10 x $1000 per floor PLUS $10,000 ceiling height premium? Is that how it works?
Lastly, this is in regards to exclusive buyer's agents. Assuming I've already chosen the place i want to purchase, do I still need an exclusive buyers agent? I know there's pros and cons of having one...with my current knowledge of how things work I would definitely need one. but I want to educate myself as much as possible to the point where it wouldn't be as necessary.
I understand they get a certain amount of commission that technically comes out of my pocket despite the fact their services are "free" to you. I've read that people can often save several thousands by mentioning they weren't currently working with a buyers agent and thus save on commission cost. Is this something plausible for pre-construction condos or are they quite rigid on pricing?
I'm sorry if these are extremely naive questions but any comments/tips/corrections would be greatly appreciated.
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