Mon, 08 Mar 2021 08:07:16 -0800WeeblySun, 26 May 2019 18:56:01 GMThttp://patliving.com/valuable-information/may-26th-2019Mistakes Home Buyers Make
Mistake #1.  Not Getting Pre-Qualified for a Mortgage
Before looking for your next home take the time to get pre-qualified by the bank or mortgage broker you choose.  This can save you hours of searching for homes in the wrong price range or worse, purchasing a home and then finding out you don’t qualify for financing.  Pre-qualifying gives you peace of mind, helps narrow your search criteria and most importantly, gives your agent a negotiating edge by being able to alleviate the sellers concern over financing. The latter is especially important should a competing offer surface.


Mistake #2.  Not Shopping For Mortgage Terms
Rates are negotiable! Banks will sharpen their pencils to get your business especially if you have a good credit rating and bring other business to them e.g. RRSP’s, general account, savings etc. Posted rates should viewed as a starting point. You need to know what the best rate is and this is usually done by get competitive quotes. Also, ask whether the bank will cover appraisal fees, and about buy-out fees, penalties, payment options, portability etc.  The time spent can save you thousands of dollars over the life of the mortgage.


Mistake #3.  Not Getting Professional Inspections
Nobody wants to purchase a home only to find out later there are defects, latent or otherwise.  Ensure you obtain inspections where needed e.g. home inspection, structural engineer, insect, radon etc.  If the inspection identifies deficiencies you may be able to negotiate the purchase price to cover required repairs or make your satisfaction of the inspection subject to the homeowner remedying the problem. Your agent can advise you on inspections you should consider.


Mistake #4.  Not Using A Professional Real Estate Agent.
Your agent can help you make a purchase with the least amount of problems.  He or she can ensure the price you pay is market value.  They can offer expert advice on what to look for, conditions to include, negotiation strategy etc. After all, they work for you.


Mistake #5.  Buying First Before Selling
If price is important you should always sell your present home before buying another.  It has the advantage in letting you know exactly how much money you will have available for your next purchase.  Selling your home first allows you to place fewer conditions on your purchase which makes your offer more attractive to a seller.  They often will demand more money to take a “subject to” offer which takes their home off the market.  The other advantage is if you find a terrific house, chances are others will also find it attractive and you stand to lose it if you can’t make an unconditional offer.


Mistake #6. Not Knowing The Full Cost Of Home Buying
Know all the costs associated with your purchase.  Consider the following costs:   legal fees, transfer tax, property taxes, new home landscaping, fencing, appliances, window coverings.
]]>Sun, 26 May 2019 18:54:19 GMThttp://patliving.com/valuable-information/selling-your-home​Ready To Sell Your Home And Move On? Realtors Can Help!
Real estate agents have the expertise and resources you need to help you sell your home quickly and successfully. It all begins long before you open your home to showings. You need to see your home like a prospective buyer. To do that, you need to look at both the inside and outside with a fresh perspective. If you follow these simple steps, you will be helping to set the stage for a property that shows great to potential buyers.


Letting Go Of Clutter
When prospective buyers walk through your home, they tend to imagine it as if it were their own. You can help them envision their dream space by presenting a clean, clutter-free environment.
Here's How...


New Perspective
Bring a friend, a professional agent or home stager to help point out overlooked problem areas of clutter. When you live in a space, you get used to a space. You don’t see what others see. Trust their advice.


Remove Personal Items
Put away family photos, souvenirs, knick-knacks and personal items. These items are special to you, but the prospective buyer wants to envision their own personal items in your space. So, help them out.


Clean, Clear Surfaces
Clear off counters, especially in kitchens and bathrooms, storing away small appliances and miscellaneous personal items. Scrub down the surfaces and perhaps even put out a bouquet of flowers.


Create Ease of Movement
Remove and store extra furniture to create open areas that promote easy foot traffic through your home.


Show Off Storage Space
Clear out closets, basements and garages as prospective buyers are always on the lookout for ample storage space. Now is a good time to box up unworn clothes, toys and personal items for storage or charity.


Quick Fixes And TLC
Potential buyers will be looking for visual clues that your home is well cared for. How much work a house seems to require will impact the offering prices you receive, so it’s worthwhile to ensure that everything is in good working order.


Here's A Quick Checklist...
Bathrooms
Ensure all plumbing fixtures are clean and in good working order. Outfit leaky faucets with new washers and clean any visible stains on porcelain fixtures. Replace old, worn shower curtains and bath mats.


Doors and Windows
Spray WD40 on all hinges so everything operates smoothly. Have windows cleaned inside and out. Potential buyers will be estimating their energy costs, so fix drafts by re-caulking windows and replace exterior doors if necessary.


Walls and Floors
A fresh coat of paint instantly transforms a space, helping it to look neat, clean, and up-to-date. Always fix obvious wall imperfections like cracks and nail holes, before painting. Steam clean carpets and runners, and repair any chipped or loose floor tiles.


Atmosphere
Be mindful of the odours left behind by pets and smokers and consider using an environmentally friendly room fragrance to neutralize unpleasant scents. Replace light bulbs and add light fixtures in dark hallways, including basements, garages and closets.


Curb Appeal – Drive By Success!
First impressions can be everything. Many people simply drive by a listing and make a decision based on your home’s curb appeal. So, don’t forget the importance of creating a well-manicured entryway – to entice potential buyers. Maintaining a neat and attractive exterior to your home will show buyers that you take pride on your property.


Here Are A Few Tips...
Landscaping
Consider planting a few bushes and colourful mature flowers to create an eye catching display. Ensure that your lawn is well manicured: mowed, watered and void of brown spots.


Front Door
Look critically at your front entrance: does the door or the porch railing cry out for a fresh coat of paint? Polish the door handle and invest in a new welcome mat.


Front Porch
If it’s spring or summer, plant colourful containers to flank your entrance. If it’s autumn, rake leaves. During winter, clear the snow and ice from your walkway. Whatever the season, look closely to determine if any repairs are needed. All loose cement or rotting wood should be replaced.


Shine On
Many serious buyers will want to drive by your home after the sun goes down. Remember to ensure that all outdoor light bulbs are turned on in order to show your home in its best light.]]>Sun, 26 May 2019 18:49:08 GMThttp://patliving.com/valuable-information/first-time-home-buyers​Benefits of Home Ownership?
Pride of Home Ownership
Pride of home ownership is the number one reason why Canadians desire their own home. There is no landlord looking over your shoulder. You are able to make home improvements knowing that any appreciation that results, will be to your benefit. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future.


Appreciation
In Canada, especially in the last few years, homes have appreciated considerably and in doing so have added substantially to owners net worth. Unlike stocks and bonds, you get to live in your real estate investment. Also, in Canada your principal residence is exempt from capital gains taxes.


Mortgage Reduction Builds Equity
Each month, part of your monthly payment is applied to the principal balance of your home loan, which builds your equity. You can borrow against a home's equity for a variety of reasons such as home improvement, sending your kids to university or college, or starting a new business. Why pay-off your landlord’s property when you can own your own?
Homeowners accumulate wealth for the future while enjoying the benefits of a shelter that they have can use, improve and sell. Their home is a safe haven for investment.


Are You Ready to Buy a Home?
First – do you have the financial resources? You should have five percent of the purchase price of a home for the down payment, but ideally even more. Are there other priorities in your life e.g. starting a new business, which require your savings? If not, buying a home should be on your radar.
Second – do you expect to stay in your new home for some time? Moving can be expensive and you will want to build some equity before having to relocate. Your job and home life should be stable.


What Can You Afford?
If you haven't already gone through the mortgage pre-qualification process, you will need to meet with a lender or mortgage broker. They will establish how much of a mortgage you will qualify for. Mortgage rates vary considerably and it is paramount that you shop around for the best rate, terms and options.
Our Mortgage Calculator will help you determine what monthly mortgage payment and the maximum mortgage you can manage. Note: if you are buying a condo, the amount of your monthly assessment has a direct impact on how much you can afford to spend on your mortgage.
First time homebuyers may want to take advantage of the federal government’s Home Buyers’ Plan. Under this plan, you may use up to $25,000 of your RRSP towards the purchase of a home. The money is tax-free as long as you pay it back in the next 15 years. Ask your RE/MAX Sales Associate for details.


Questions To Ask When Assessing Home Features

• Do you need several bedrooms, more than one bathroom, space for a home office, a two-car garage?
• Do you want air conditioning, storage or hobby space, a fireplace, a swimming pool? Do you have family members with special needs?
• Do you plan to have children? Downtown or suburbs? Proximity to recreation or work.
• Do you need a substantial backyard? Pets?
• Is there adequate storage space?
• Will any remodeling be required to make the home move-in ready for you?
• What service providers (cable, Internet, telephone, Satelite) are available in the area, and is the house completely wired for each? Can you hear me now – how good is the cell phone reception?
• How much are the yearly property taxes?
• How much do utilities run each month? Does the house use gas or electric for the furnace, water heater, and appliances?
• How old are the major appliances, and which are included with the house?
• Have there been any major repairs to the house, and if so, when were they completed? For example, how old is the roof? Has water ever damaged the basement or foundation?
• Ever had problems with insects, such as termites and spiders, or rodents?
• Older homes need to be carefully examined - Windows may need caulking or new sashes, bathroom tiles may need grouting, home may need rewiring (planning on a hot tub or sauna?), a new hot water heater, or a new furnace.

Location, Location, Location

• How far will you be commuting and what is the traffic like? Factor in cost of fuel.
• Where will your children attend school and how will they commute?
• Are there recreational facilities and parks close by?
• Are you close to family and friends?
• Is safety or high crime an issue?
• Is the property close to an obstacle or negative influence? (i.e. an apartment building, shopping centre, school, radio tower, power lines, LRT or railroad track, highway, airport or commercial project).
• Access to schools, work, recreation, shopping centres, public transportation, cultural attractions, libraries, churches and hospitals
• Adjacent undeveloped land - what is proposed for this or other green space?
• Heavy traffic can be noise nuisance and hazard for children
• Distance from the unit to amenities, parking, walkways, roads, public transit
• Does the neighborhood reflect positively on the value of the condo and your lifestyle choice?
• Does this neighborhood, for any reason, have a poor reputation?
• Is the future economic climate for the area good? Are businesses moving in? Is there government investment?
• Are people moving in or out of the neighborhood? What is their age, income level, family size?
• Are there plans for this neighborhood that you may be unaware of (i.e. a future highway, a commercial development or a new housing development) that will provide competition on resale?

Noise and Privacy

• Proximity to highways, driveways, parking lots, playgrounds, trains.
• Proximity to elevators, garbage disposal, fire exits, heating and air conditioners.
• How well is the building soundproofed.
• Visit at different times/weekends to check noise levels and activity.

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