Beyond Location Location Location: The Hidden Keys to Smart Real Estate Buying

The catch phrase in Real Estate buying is no longer Location Location Location. In the ever-evolving world of real estate, the main trifecta of key terms depends on the type of home (single family or multi family) and the type of purchase (resale or new build/pre-construction).

Ciao! Welcome to a new episode of Building Wealth Through Real Estate...Brick by Brick with me, Nico James-Bock, Founder of The CondoWiz™ Group and Broker at Royal LePage Signature Realty in Downtown Toronto. 

The top 3 Key Words:

1) Financing
2) Location

3) Depends:

Single Family Resale -> Home Inspection
Multi-Family Resale -> Status Certificate + Meeting Minutes (if available)

Single Family New Build -> Builder
Multi-Family New Build -> Builder

Nico - Get in Contact

Transcript

Nico James-Bock (00:01.847)
When it comes to real estate, the purchase of real estate, the operative words are no longer location, location, location. There are three other terms depending on the type of home you are buying, as well as the different stages of the home's completion. So the two stages are you either buy from a previous owner, a resale, or you buy from a builder. So that would mean a pre-construction or a brand new build.

So let's take a look at what the three components are that replace location, location, location, and form a new paradigm when it comes to buying real estate. My name is Nico James-Bock. I am a Broker at Royal LePage Signature in downtown Toronto. The two types of homes that you can buy are single family home, which is typically a detached or semi-detached freehold, a completely freehold property. Or there is also a multi-family community, which means a condominium, a co-op or co-ownership. leasehold or as well as a common elements condo property. So let's take a look at each component as it applies to these types of ownership.

We'll start with the single-family home and the stages of purchase. So what stage the home is in. So we're looking at a resale home or we're looking at a new build or pre-construction. The three operative terms are financing, location, and...

Nico James-Bock (02:15.568)
in terms of a resale inspection, in terms of a new build or pre-construction, the third term is builder. So who the builder is? So when we're talking about financing, this applies to all home purchases. It is the most important term that is, or most important component that is involved in the purchase.

So for all purchases, this is the most important consideration and your financial position and capability will determine your readiness to purchase the location and type of home you are buying. Pre-approval is necessary in most cases for resale and new pre-construction. And a mortgage Broker and or financial advisor should be a part of the conversation with your bank representative.

So those are two separate parts of the financing equation. Location still plays obviously an important part. So which city and where in a particular city the home is located. Once again, we were talking about either a single-family home or a multi-family...

community. So location is still very, very important because it determines style of life, quality of life, location of amenities, and also proximity to work if you still go into work. Even if you're working remotely, the location is still important in terms of the value of the property. When it comes to resale,

only resale and a single family home. The third component is the inspection. A home inspection is a, in my opinion, a non-negotiable part of the process. So with financing, location and inspection, that is the...

Nico James-Bock (04:40.497)
combination that we're looking for when it comes to a resale property. The home inspector will reveal any and all, well, most issues pertaining to the property. Agreements of purchase and sale should also be conditional upon a home inspection of a resale home. If we are looking instead at a resale

of a multifamily community. Then the third component would be the status report and minutes. The status document is the most important document when it comes to purchasing a resale multifamily community, so a condominium or a co-op.

That would be ordered as part of the conditional period in the agreement of purchase and sale. The next component or a third component when it comes to a new build or pre-construction would be the builder, the builder itself. And this applies to both

resale. This applies to both a single-family home as well as a multi-family community. So the builder is important, is of fundamental importance because you need to know a little bit more about the builder. The builder's history, what projects they have successfully completed, what are their policies and their documentation. So the seller in terms of a

new construction or new build is the builder. So they are the ones that are selling this product, this community to you. The cooling off period, which is now mandatory, is an opportunity for you and your legal representative to go through the builder documentation.

Nico James-Bock (07:05.726)
and to get a full understanding of who the builder is, what they represent, and what are their terms of sale. So that rounds out the three, we'll call them keywords when it comes to purchasing real estate. So as I mentioned before, as a recap, it's the...

It is the in terms of a single-family home resale, it would be financing, location and inspection. In terms of a single-family home new build, it is financing, location and builder. For multi-family communities, the resale trifecta of terms is financing, location, status reports and minutes.

And when it comes to a new build of a multifamily community, it is financing, location and builder. That concludes this episode. Full information would be in the notes as well as my contact information. That's it for this episode of building wealth through real estate brick by brick. My name is Nico James-Bach and I will see you soon.

Ciao ciao.

Nico James-Bock, M.A.Broker
#BuildingWeatlthThroughRealEstate

Nico - Get in Touch