Real Advice with Rita: Cash Offers, Electric Cars, and Shared Snow Removal Responsibilities
Brian Kondo
Thursday, January 16, 2025
By Renee Sylvestre-Williams for REALTOR.ca
Dear Rita,
I’m a first-time home buyer and would like to purchase a condo. My intent is to pay for it fully in cash. What should I know regarding cash sales, and are there any benefits to first-time home buyers when not paying a mortgage or down payment?
– Cash On Hand
Hi Cash,
The obvious benefit is you don’t need to save for a down payment or worry about making future mortgage payments. However, if you’re using all, or most, of your savings upfront now, it means you won’t have access to it in the future—like if you need to do any emergency repairs, complete a renovation project, or make any further investments.
Before you opt to submit a cash offer, speak to your REALTOR®, real estate lawyer and financial advisor about the pros and cons.
If you’d still like to move forward, here’s what you should know:
For sellers, a cash offer can be enticing. It shows them you’re a serious buyer and you won’t need to wait for financing to be approved. This can ensure a quick transaction.
While most offers carry clauses or conditions like financing or an inspection, your offer will likely include a clause noting the offer is conditional on providing proof of funds. This could be a signed letter from your bank or investment advisor.
It’s best to have your proof of funds on hand before you submit your offer.
Your REALTOR® and real estate lawyer can walk you through all the steps and advise on what should be included in your proof of funds.
Some buyers may think they can come in with a lower bid, using the cash offer as an incentive they can leverage. However, a quick transaction may not be the top priority for all sellers.
Dear Rita,
I’m about to start looking for a new home. I have an electric car and would like to charge it at home. What do I need to know?
– EV Ready
Hey EV,
When searching for a home on REALTOR.ca, try using the keyword search function to look for “electric car,” “EV charger,” “car charger,” or some other variation. This will help you sort through listing descriptions that specifically state a home already has EV charging capabilities.
If you’ve looked through all those listings and need to expand your horizons, remember, a REALTOR® can find out the information you may not be able to find on your own.
Here are some things to remember:
The cost of installing an electric car charger in a home can vary depending on the type of charge the vehicle needs, the age of the home, the current electrical panel capacity and where the home is located.
If you’re looking at a house, townhome or semi-detached home, you’ll also need to consider where your car will be parked. It should be obvious that on-street parking is a no-go. Your new home will need a garage or parking space close to your home’s electric panel.
You may need to upgrade your electrical panel or install a second panel, depending on what level charger you want to install. Check with a local licensed electrician to confirm what specifications you’ll need. You may also need a permit before you start the installation process. Installing an EV charger in a single-detached home is more straightforward than if you were hoping to install an EV charger at a condo or other multi-unit building. The condo building might not be set up to accommodate EV charging. Furthermore, the condo board may not allow it. Your REALTOR® can help you get your hands on the condo’s rules, regulations and bylaws so you can make an informed decision.
You may need your lawyer to navigate a special amendment that can be packaged with your condo agreement to make accommodations for the charger, which would likely include an agreement to pay additional hydro or other fees.
While there may be upfront costs to installing an EV charger, some provinces offer rebates.
Make sure you discuss with your REALTOR® what requirements are most important so they can help you find a home that meets your needs.
Dear Rita,
I have a shared driveway with my neighbour. Does that mean shared snow removal responsibilities?
– Sick of Shoveling
Ah, yes, the classic Canadian conundrum. I seem to recall a similar question from a reader, so it no better time to revisit what I’ve written about shared driveways before.
It doesn’t have to be as complicated as you may think, so long as both parties are agreeable.
Sometimes use of a shared driveway is specified in an easement listed on the title of your home. Your REALTOR® and real estate lawyer should have notified you of any easements on your title when you purchased your property. If not, you could opt to set out a shared driveway maintenance agreement with your neighbour.
Often, neighbours can come to terms with an informal maintenance agreement (but it’s always best to get it in writing). This could mean splitting on the cost of a snow removal company or just taking turns shoveling.
If your neighbour isn’t interested in splitting, then you’re only required to clear the snow to your property line (unless otherwise stated in an easement). If you’re not sure where your property line is, get a survey done. Just, be courteous about how you stack up the snow piles.
Different provinces may have different rules or regulations regarding shared driveways, so make sure your lawyer explains any legal implications to you.
If you are thinking about selling in the next little while, I would be more than happy to provide you with a free, comprehensive and up-to-date home evaluation. I will also give you tips on what to do and just as importantly, what not to do to sell your home for the most amount of money.
If you are thinking about buying, I can go over the homebuying process and explain how The Brian Kondo Home Buying System can help you find your dream home in this ever-changing and challenging market.
Finally, if you already own a home and are looking to both sell and buy, in addition to the aboe, I can go over the various closing closts you will incur so you will know exactly what you’ll have left in your pocket after all expenses.
You can contact me by calling 905-683-7800. Please ask for me, Brian Kondo.
Thanks for reading today’s BLOG!!!
Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-426-7484 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com
Renee Sylvestre-Williams' article was initially published on Realtor.ca. You can find it by clicking here.
| REALTOR.ca is the most popular and most trusted real estate website in Canada. Owned and operated by the Canadian Real Estate Association (CREA), REALTOR.ca provides up-to-date and reliable information that makes finding your dream property easy and enjoyable. REALTOR.ca is popular with sellers, buyers, and renters and is accessible online and on mobile devices. |
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Renee Sylvestre-Williams |
About the Author Renee is a Toronto-based writer and content strategist covering finance, real estate and lifestyle. She's been published in the Globe and Mail, Forbes and Canadian Living. |
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