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Buying a pre-construction home in Hamilton?
Here are a few things to consider when buying a pre-construction home:
Research the developer: Make sure you research the developer and their track record of delivering high quality properties on time and on budget. Look for reviews and talk to people who have purchased properties from them in the past.
Understand the terms of the purchase agreement: Carefully review the terms of the purchase agreement, including the deposit structure, closing date, and any warranties or guarantees being offered by the developer. Consider hiring a real estate lawyer to review the agreement.
Consider the location: Think about the location of the development and whether it is a desirable area to live in. Consider factors such as proximity to amenities, public transportation, and schools.
Check the price: Make sure the price of the unit is reasonable compared to similar properties in the area.
Understand the completion date: Make sure you understand the estimated completion date and whether it is realistic given the stage of construction.
Consider the amenities: Think about the amenities being offered and whether they are worth the price of the unit.
Check the size and layout of the unit: Make sure the unit meets your needs in terms of size and layout.
Visit the site: If possible, visit the site of the development to get a sense of the quality of the construction.
Consider future development in the area: Think about any potential future development in the area and how it may affect the value of your property.
Seek professional advice: Consider seeking the advice of a real estate lawyer or financial advisor to help you make an informed decision.
About the city
Hamilton is a mid-sized port city located in Southern Ontario, Canada. It is also widely referred to as Hammer town or Steeltown. It is also a part of the golden horseshoe, a densely populated and industrialized region. It covers an area of 1118 sq. Km with a population density of 465 people per sq km. Residents of the city are popularly known as ‘Hamiltonians’.
Hamilton is the third-largest metropolitan in Ontario and ninth-largest in Canada.
The city of Hamilton is admired for its beauty, green space, waterfalls, and festivals. The festival of friends, the latest music event in Canada, and the food and drink fest are the major festivals celebrated here. It is also home to a wide range of colleges and universities, providing a top-notch education. The city is diverse and vibrant so are its neighborhoods.
Leading Neighbourhoods in Hamilton
Ancaster is the oldest neighborhood in Ontario. It is charming and quaint with easy access to all amenities. It is especially popular among families looking to settle.
Corktown is the heart of hamilton’s history and character. It is a perfect choice for both families and young professionals. It provides easy access to malls, transit, parks, recreational amenities, and restaurants.
Gibson is an up-and-coming neighborhood, especially popular among investors from Toronto. It is close to downtown and the waterfront making it ideal for new developments.
Dundas has gained popularity among out-of-towners in these recent years for its boom in city life. Housing prices are also rising due to the desirability and quality of life in this neighborhood.
Stoney Creek is nestled on the lakeshore east of Hamilton, with proximity to Toronto and Burlington. This neighborhood was previously an independent town and carries a strong identity. It has a small community feel and a safe environment to lead a quiet family life.
Hamilton is home to more than 222,805 households. The city is close to the Greater Toronto Area so, people working in GTA seeking a lower cost of living also prefer Hamilton. The average rent price for a 1 bedroom apartment is $760 in the city center and $645 outside the city center. It is a great place to live alone or with your family. It holds a large percentage of immigrants adding to its cultural diversity. Major attractions:
Low Crime Rate
Lower Cost of Living
Green Spaces and Recreational Facilities
Mortgage rates in Hamilton can differ depending on your lender, down payment, tenure, mortgage type, and insurance. A standard mortgage rate on a 5-year fixed insured mortgage is 4.19%.
As for the minimum down payment,
If purchase price is less than $500,000- 5% min down payment
If purchase price is between $500,000 to $999,999- 5% min down payment on the first $500,000 and 10% on the remaining amount.
If purchase price is over$1,00,000- 20% min down payment
The property tax is subjected to the assessed value of your house/land. The assessed value is not equivalent to the market value of the property. The property tax rate is 1.208667% in Hamilton, which is significantly higher than in other Canadian cities. The tax amount is ultimately calculated by multiplying the tax rate by the assessed value of the property. And the property assessments are updated every four years in Hamilton.
How much does it cost to live in Hamilton?
Hamilton is a sought-after destination for its urban feel and its proximity to Greater Toronto Area. The overall cost of living in Hamilton is about 25% lower than the cost of living in Toronto while the quality of life is top-notch. Rent and other household costs also vary across different areas within the city.
The average monthly expense of a family in Hamilton is C$4590-C$5400 on different sorts:
Phone and Internet
Lifestyle you lead significantly alters the cost of living. Shopping and other recreational activities expenses vary from person to person. Hamilton is a paradise for shoppers. The prices of clothing items are very affordable for everyone. Dining in restaurants from time to time is not a big difficulty although food prices are a little on the costly side.
Hamilton has a humid continental climate. Summers are warm and breezy whereas winters are freezing cold, dry, and windy. July is the warmest, January is the coldest month, and there is significant rainfall throughout the year. Overall the weather in Hamilton is moderate as compared to most of Canada.
Hamilton residents usually prefer their own vehicle to work and around the city. However, owning a vehicle is not just about gasoline, it requires regular maintenance and insurance, which is pricy and can be a bit of a hassle. Hamilton has good bus connections with cities in southern Ontario. You can use a taxi, bus, or train at your convenience.
PRESTO is used for cashless transactions while traveling within and between transit systems across GTHA. PRESTO fares include
$34 for adults
$22 for child
$128 for adults
$84 for child
$3.10 for adults
$2 for child
Located between Lake Ontario and Niagara Escarpment, Hamilton offers access to amazing nature trails, waterfalls, parks, art galleries, museums, and restaurants. Weekends in Hamilton can be anything but dull. Here are some of the weekend destination recommendations to ease your trip plans:
The Art Gallery of Hamilton
The art gallery of hamilton is the oldest and the largest public art museum in Southwestern Ontario. It is home to over 10,000 artworks from artists all over the world. It is an amazing weekend destination for both art lovers and non-artists alike. A trip to the art gallery of hamilton will surely lift your spirits.
Royal Botanical Gardens
Royal Botanical Gardens (RBG) is the largest botanical garden in Canada and a major attraction during weekends. It is less than an hour's drive away from Hamilton. You can explore all gardens in your vehicle, or you can just enjoy your time walking alongside the gardens and reserve the rest for another trip.
Dundurn Castle is a neoclassical Italian-style villa on York Boulevard, Hamilton. The tour guides there will ensure you have an excellent learning experience while enjoying its beauty. It is a complete historical and architectural experience. It is a great place to spend the weekend with your family and friends.
Bronte Creek Provincial Park
Bronte Creek Provincial Park sits right between Oakville and Burlington. It is less than an hour’s drive away from Hamilton. The park is extremely popular for its off-leash trails. It is an amazing weekend destination for birdwatching, hiking, and family picnics away from the city.
Hamilton Waterfront Trail
Hamilton Waterfront Trail is a 7.5km long paved trail and a forming part of the great lakes waterfront trail. It is a popular destination for road biking, trail running, walking, roller-skating, cycling, and skateboarding. It is perfect for enjoying the solitude with your dog or spending a fun day out with your friends and family.
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