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The kitchen has always been considered the gathering space in our homes. Today, our modern lifestyle may mean we spend less time in this room with family and friends. Yet when we do find time we enjoy being in a space filled with the fragrances of fresh baked bread or the savoury spices of dinner slow-roasting in the oven. Before renovating your kitchen, consider your likes and dislikes of course, but don’t forget to study trends in today’s modern kitchens. You may find something you like even more and at the same time up your chances of increasing your property value.

 

   

It wasn’t all that long ago that granite countertops were considered a luxury reserved for high-end properties. The same goes for the sleek, stylish stainless steel appliances, now considered standard equipment in many properties. Gourmet chefs today, even the self-appointed home variety, consider high-end kitchens must haves in any dream home. Too qualify in the ultra-luxury category today, it means upgrading to brushed copper for those appliances, sometimes sporting colored glass accents. Open floor plans are the rage, but if that kitchen is kept far away from the front door, that’s an even bigger plus.

Designs that incorporate a pantry that separates the kitchen from the garage are preferred. Imagine getting out of your car and not have to lug those groceries past that pantry door. Gas stoves are preferred over electric, despite the extra cost for the initial installation. Decorative hood fans not only rid the kitchen of cooking odors, but add a bit of class.

   

Kitchen islands are highly sought after, especially if they are conveniently wired and are large enough to double as an impromptu buffet table. Forget the old kitchen lamp in the ceiling, ambient and accent lighting features are in. Colored lights are even better, as are dimmer switches. There’s nothing wrong with a bit of mellow ambiance in your cooking space. Oversize cabinets and lots of drawer space are the rule, not the exception.

All of the improvements listed above will increase your home’s value and your enjoyment of that home. If you are a wine lover, a wine rack might be up your alley, but it won’t do much for property value. Appliances that can’t open without hitting something or someone won’t help either. Some people prefer their kitchen islands to have sinks, perhaps to make it into a wet bar. If this is not the primary sink in the kitchen it might work. But sinks invariably attract dishes. Set up some ground rules so both sinks don’t end up as dirty dish graveyards.

   
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Spring is the optimum time to sell a home. Regardless of whether it's a buyer's market or a seller's market, inventory almost always rises in the spring. Why? Because the largest number of buyers are actively searching for a new home during the months of April, May and June.

 

Tip: If your home has been languishing on the market since the holidays, take it off the market. Give it a chance to "cool down" for a few weeks before putting it back on the market. Nobody is going to look at your home in the spring if the days on the market show it's been on the market for several months. Buyers gravitate toward fresh, new listings!

 

Here are 15 things you can do to improve the odds that your home will stand out among the sea of new listings flooding the spring-time real estate market:

1) Clean All Your Windows and Mirrors

Shining things up with a sparkle is free, and it sells houses. Potential  buyers may not realize why your home seems so inviting but they will feel more drawn to it if the windows and mirrors are clean and reflect sunlight. Cleaning is the least costly and should be the first step for putting  your home on the market.

2) Trim Bushes, Rake Leaves and Clean Spring Debris

Clean out dead leaves and debris in your lawn gives the outside of your home a cared for feeling. Trim any overgrown vegetation so it doesn’t  block the windows or path to the entrance. Cutting  and removing wayward tree limbs lets the sun inside and showcases the exterior of your home.

3) Edge The Lawn Along Sidewalks and Driveways and Mow Diagonally

Diagonal mowing makes your yard appear larger. Clean edged driveways and sidewalks five the artful appearance and tells buyers you pay attention to even the smallest details. Diagonally mowed lawns make your yard appear larger.

4) Plant Daffodils and Tulips or Buy Potted Plants

Yellow, as well as being a bright sunny spring color, stimulates buying urges. Everyone is anxious to see the frist signs of spring after enduring a long winter.  Daffodils and tulips in bright vibrant yellows give the feeling of happiness and contentment. If you prefer, purchase potted plants and place them in groups of three by the front door.

5) Throw The Windows Open, Clean The Drapes and All Window Coverings

Wash, dry and press your window coverings and drapes, or send them to the dry cleaners. Wash your blinds with warm soapy water. An easy way is to toss them into a soapy bathtub for a quick wash. Dust away any accumulated spider webs and dust from the corners and ceilings. A spring time breeze coming through an open window invites the fresh spring season indoors. Add clean, bright linens for an added spring touch.

6) Have Fresh Cut Flowers, Peonies or Lilacs in Vases or Pots Around The House

If your yard isn’t overflowing with flowers, ask your neighbors if you can borrow flowers from their yards. Lilacs provide a beautiful aroma as well as color. The natural scents of flowers is far more appealing than artificial scents and triggers fewer allergie. Peony vases are designed to hold peonies upright, but be sure to wash the flowers first to avoid carrying any ants inside. wash the flowers first to avoid carrying ants inside. It’s the clever home staging expert that brings color and scents indoors, simply copy their methods.

7) Put a High Gloss Shine on Your Floors

If your  hardwood is dull, refinish it to a high gloss gleam if necessary. Ceramic tile may need the grout cleaned, or even painted. Kits for this are available at most hardware and home supply stores. Make your ceramic tile and linoleum shine as much as possible. Don’t forget to wash all area rugs and air them if necessary.

8) Use Pillows, Throws and Towels in Light Colors, Like Pinks, Blues, Lavenders and Yellows

It it means replacing towels and linens, throws and sofa pillows, it’s an inexpensive accent you can buy. They will light up any room, so choose soft spring colors. Layer towels in the bathroom racks and roll place rolled wash clothes in a basket on the bathroom counter or in fashionable pyramid.

9) Place a Clean Mat Outside For Cleaning Shoes and Place an Umbrella Stand at The Entrance

Spring weather can often surprise you, o matter where you live. It can be warm in the cool in the morning, warm in the afternoon and raining (or even snowing) later in the day.  An umbrella stand gives buyers a place to stash their umbrella and the mat will allow them to wipe their feet before coming into your home. It might be a good idea to lay down plastic runners across the  floor to protect the, but remember that might ruin the effect of the glittering polish job you just applied.

10) Put a Few Bright Helium Balloons On Your Open House Sign

You can buy helium balloons for about a dollar each at most party supply and dollar stores. They are so inexpensive there’s no reason to not tie a few to your open house sign. Balloons attract attention and build excitement. This will help get your home noticed by home shoppers.

11) Put Out Some Four Color Flyers and Financing Options

Never skimp on marketing materials. You want your buyers to select your flyers from among the dozens they pick up. Color and quality printing sets them apart from the bland  black and white and it sells much better.  Showing home buyers how easily they can afford  your home with financing options. The first thing buyers consider when buying a home are options for purchasing and monthly mortgage payments. It’s best to not make themd guess.

12) Always Use a Color Photo For Display Advertising

If you’re advertising in the newspaper or using online advertising, use color photographs in your ad. Remember, a picture is work 1,000 words, and online more pictures is better. Look for seasonal pictures of your home so buyers can see what it looks like in different seasons.

13) Send Out Four-Color Postcards With UV Coating

Obtain a free direct-mail list of your surrounding neighborhood. You can usually get these from local title companies. Pring oversized, four color postcards and add UV coating to add more oomph. And, of course, always mail it first class.

14) Chill a Sink Full of Bottled Water in the Sink on Ice For Guests

Having a dozen or two  chilled bottles of water in a sink full of ice for buyers. If you have room in your fridge for them, remove the label and print off some color labels of your house and address and attach  them to the bottles instead.  

15) Have Some Treats Wrapped in Plastic Wrap and Tied With Ribbons

Being thoughtful of your guests will make your home more memorable and help it stand out. Buyers get hungry and thirsty on a day of touring homes. Give them a bit of a snack.  It gives them a reason to linger in your kitchen, where families tend to gather, and marvel at  it’s elegance, ask you more questions and  develop a keener interest in your home

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For most people, buying a home is one of the most important investment decisions of their lives. The experience can be both exciting and stressful. In order to make the purchase as stress-free as possible, it is important to consider several factors during a final walkthrough or inspection before you decide whether or not to purchase the home. While your inspector will check many aspects of the home, there are lots of things you can check out for yourself, especially if you're going to be there for the inspection, which we highly recommend. When all of the ABCs are covered, you’ll feel considerably less stress, and this can provide most people with the confidence they need to remove their inspection condition.

Check for Plumbing Problems and Leaks

Make sure all of the plumbing and potential leaks are checked to see if there are any problems prior to moving into the residence. Make sure to flush all of the toilets, and then wait to see if they run; you should also check to see whether there is an empty tank or leak. Fill all of the sinks and see if they are draining properly. This includes the tubs. Make sure that the overflows in the tubs are working properly and the tub jets are operating in spas.

Inspect All of the Items That Were Purchased With the Home

It is important to check that the drapes and curtains are functioning properly. Also, you should test all appliances that come with the purchase. It is helpful to turn on things like the dishwasher and oven to make sure they are operating effectively. It is also helpful to make sure that the manuals for each of the appliances is handy just in case something goes wrong in the future. The lighting should be checked in all rooms to make sure that it’s working properly. Additionally, it is important that all of the remote control devices are working, such as the ceiling fans, garage doors, and alarms.

Test the Windows and Doors

Don't forget to ensure that the windows and doors are operating effectively. This includes checking a variety of functions to ensure full operability. First, check to see if the doors are opening and closing properly. Furthermore, there are latches that need to be checked to make sure the windows can be closed. The screens on the windows should also be checked to make sure there is nothing missing. All broken or cracked windows should be replaced before you move in. Finally, condensation in double-paned windows could indicate that the windows are not sealed properly.

 

Taking a checklist will do a lot to ensure that the home is fully functioning before you move in. A checklist can help provide the stress relief that will ensure confidence while signing the final documents. Otherwise, it can be frustrating moving into a place only to find that there are a slew of problems that need to be addressed. Taking a little bit of time now can protect you from grief in the future. Are you looking to learn more about your first home purchase? Contact us today to schedule a one on one buyer consultation.

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Making the leap from renting a home to actually buying your own property is a big step. If you think you are ready to take the plunge, it’s best to look at both sides of the rental/homeowner equation.

 

Renters most often sign a lease to live in a certain property for a fixed amount of time, typically a year. That lease may have some restrictions as far as having pets or altering that property in anyway. A monthly rent goes to your landlord, which is fixed for the length of your lease and may be increased upon renewal. That rent might include some utilities, like water and heat, but you may be responsible for others such as gas, electricity or cable TV.

 

It is more complicated to buy a home, and if you go that route you will have more responsibilities. But there are many additional benefits, both financially and in your every day life. First, you must have enough money for a down payment and be able to qualify for a mortgage. You’ll need a reliable real estate agent to help you in your search and a lender that is willing to give you the best mortgage deal possible.

 

As a homeowner, you are responsible for the utility bills, maintenance costs and property taxes. At the same time, your monthly mortgage payments build up equity into your home. Eventually, if you stay in that home long enough, your mortgage will be paid off and you won’t have a monthly “rent’ to worry about. Since property values usually increase over time, you might be able to sell your home at a profit, even if it isn’t paid off. You also may qualify for various tax deductions. There is a certain sense of freedom in owning your own home and a sense of financial accomplishment.

 

Talk to a real estate agent or lender to find out whether renting or owning is the best answer for you. If you aren’t quite ready, either professional can help you figure out a plan that will prepare you for homeownership in the future while taking care of your present needs.

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Bring in the New Year with a remodel in your home. Make a few simple changes to make your home seem anew. You can create a new look and a new year. Every year home design trends can change, but you can do something unique that you can start. Update or make fresh your décor, and make a statement.

Colour of the Year from Pantone

Pantone has the sass to spread beautiful colour for you. In 2014, Radiant Orchid was the colour of choice; it has a sassy pink purple-hue that was delightful. It could go in a number of rooms of your choice throughout your home—spread the lovely colour around with delight.

Florals are Always Great

Who doesn't love florals?—especially on sheets or throw pillows. Besides bringing in some real florals with plants or even roses to give your home a pleasant smell, adding florals to your decor always makes sense. People will admire your new floral designs and love the smell.

Blue & Blue

Blue is the new black. Blue is a great colour for bringing life to your home. If you're not using it to paint with, then just liven up your space with blue coloured objects such as: shades, dishes, towels and even your pillow cases. With different tones of blue to choose from, you can have fun with it.

Vintage

Vintage furniture or anything else in your home brings style. You may have an old trunk, coffee table, art work to hang on your walls or your grandmother's old chair she gave you. Spice up your home with vintage all around. You can also add it with your modern furniture for a smart-style look and you will love it.

Warm Metals

Warmer gold, bronzes and black are today's warm metals that make a great effect in your home. You can add bronze sconces in your kitchen for a big bang. Spice it up by adding new things and colours for a good change.

White Colour Paint

Painting with white colour gives a clean bright look. If you paint the exterior of your home white or a room in that colour, it will always be nice. White may be plain, basic or simple, but the simplest things can bring-out so much to achieve a nice crisp look. You can add some colour to the white by using wall art décor, or adding pictures with nice frames that will bring out the beauty of your wall. You have many variations you can use and many ideas to try.

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As a first time home buyer, it can be an overwhelming experience to begin looking at homes in any given city. This can especially be the case in Edmonton, with so many great neighbourhoods to choose from that are within a short commute to downtown. If you're a first time home buyer unsure of which area best suits you, here are three reasons why Sherwood Park might be the perfect destination for your first home.

Practicality: A Variety of Affordable Housing

In Sherwood Park, you can find virtually every kind of housing you're interested in purchasing, whether it's a condominium, a townhouse, or a detached home. Though the specific property prices vary depending on the particular locations within Sherwood Park, you might be surprised at the level of affordability this sought- after neighbourhood offers in its housing. With condominiums available for under $200,000 and detached homes for under $400,000, Sherwood Park might just be the most ideal first time homeowner's area of choice.

Convenience: Close Commute and Nearby Amenities

With just a twenty minute drive west to reach downtown Edmonton, residents of Sherwood Park are perfectly situated away from the hustle and bustle while still being within arm's reach whenever they choose to enjoy the downtown atmosphere. For those who work in downtown Edmonton, Sherwood Park is an ideal location to cut back on the daily commute. Eastgate Shopping Centre in the central area of Sherwood Park provides all the daily necessities, while grocery stores like Sobeys and Happy Mart make collecting fresh ingredients for dinner a convenient task.

Lifestyle: Recreational Activities for Everyone to Enjoy

Sherwood Park is an independent area that stands on its own - and offers many recreational amenities to enjoy on a daily basis. For golf lovers, Broadmoor Public Golf Course makes a perfect at-home green for some weekend putting, while other outdoor areas like Ball Lake Park, Strathcona Athletic Park, Sherwood Heights Park, and Greengrove Park offer ideal settings for nature, sports, and fitness lovers alike.

Future: A Great Community For Kids

With many safe and family-oriented neighbourhoods within its boundaries, Sherwood Park is a great place to raise kids, which is something that might be on your mind as a first time home buyer. Though this milestone may be set far off in your future, you still want to be sure to account for it in your home purchase. Sherwood Park, with its many well-acclaimed schools like Bev Facey Community High School and Salisbury Composite High, as well as many elementary schools, is a great place for your future children's education. Sherwood Park, with Glen Allan Recreation Complex, Millennium Place, and Sherwood Park Arena and Sports Centre will certainly keep them busy, too.

 

Whichever area you decide to purchase your first home in, you want to ensure that it offers the means of practicality and convenience while also catering to any changes in your family or lifestyle that may occur in the near future, like the addition of children. Plenty of areas in Edmonton will offer just that, and Sherwood Park is certainly one that should be considered.

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Once you have made the decision to sell, it is time to take a serious look at your property and find out exactly what it needs to make it more desirable. And this process need not start with a major and costly renovation. Start out by taking care of some of the smaller problems. That just may be all you need to do in order to get your home listed for a sale.  On the exterior, just make certain that your property looks good from all vantage points. Here are some other tips:

 

  • Look over the paint job and do touch ups if needed
  • Trim shrubs that have grown to cover the walkways or that block windows
  • Mow the lawn and pick weeds
  • Plant flowers
  • Scrub the driveway
  • Clean all rooms and consider renting a storage space for clutter
  • Replace old and outdated light fixtures
  • Have your drapes and carpets cleaned by a professional
  • De-clutter kitchen counters
  • Take all of the magnets off your refrigerator and clean out the inside
  • Empty out closets so they will look larger
  • Put away any family photos as a buyer will want to envision it as their own
  • Fix leaky faucets and toilets
  • Change out furnace filters so it will run more efficiently
  • Wash the outsides and insides of all windows
  • Clean all countertops, sinks, toilets and showers

Watch your house move with speed after following the decorating tips mentioned above. These normally come from professional interior decorators or home stagers— in addition, to prepare properly for an open house, you should do the following:

 

  • Turn on all lights
  • open curtains to let light in
  • Place fresh flowers in the entryway and throughout your home
  • Be sure no foul odors are present
  • Confine pets if you have them to one room or leave them outside

All of these tips are good for putting on your home's best face for an open house or to show a prospective buyer. You may just enjoy the new look yourself.

Showing Your Home To Potential Buyers

Most buyers will have an idea what it is your home has to offer before they ever visit in person.  A real estate agent will have already provided them with information about your neighborhood including what type and quality of schools are nearby, and if there are nice parks and retail stores available in the area.  So if you feel your home is in the right price range, is the correct size most buyers are seeking, and looks ideal on paper, how do you go about adding that extra appeal that seals a deal?

Make the Exterior Very Eye Catching

If the assumption is made that the curbs appeal, start with your entryway.  Take some freshly cut flowers and place them in view in your entryway.  You may also want to bake some cookies and make a pot of coffee so you can offer them to potential buyers.  Have some soft music playing in the background and stay with classical selections.  Keep any kids that you have busy outside playing so they will not be a distraction.

 

Before an appointment with a potential buyer, be sure that you clean up and remove anything that resembles clutter.  If your house is loaded in the furniture department, you may want to consider removing some of it to create a more open look and feel.  Do not display too many works of art and limit family photos.  You also do not want to have your fireplace mantle, tables, and walls looking like they are covered with photos and art.  Make sure to allow as much sunlight in as you possibly can by opening drapes and opening windows if the weather is fair.  If the time of year is right, light up the fireplace and use indoor lighting to create a friendly look and feel.  If you can honestly look around your home and say that is clearly says “welcome”— you're ready to show your home.

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Home values are determined by five main things. First is the location, is it desirable? Next is the home itself, the design and condition. After that it is the market conditions, whether homes are selling at the moment or not. Your pricing strategy will play a big part in the salability of your home, as will the marketing methods. But of all these, it is location that is the major factor, not only as far as the neighborhood, city and province, but in the shape and orientation of the lot itself.

 

The shape of a lot can determine the price. Pie lots, particularly those with the big end of the pie being the backyard, can command more cash. The lots are usually larger, there is more space between your home and your neighbors, and if you are in a snow-belt, there is less sidewalk to be shoveled during the winter. Reverse pie lots are not as desirable, since most of your acreage will be in the front of your home.

 

How your lot is oriented could affect price. The most desirable lots have backyards that face west, south or in between. The sun will be shining on your back yard longer. Lots that are adjacent to open green space are often more expensive. They offer more privacy and the illusion of being more secluded. But be sure you check out covenant laws before you make your choice. If the laws state you have to put up a chain link fence, and that open green space sees a lot of traffic, there goes your privacy.

 

Corner lots could be a plus or a minus. If that lot is on a busy street, that’s a minus. There is also more sidewalk to shovel and maintain. But if your city takes care of the sidewalk, and the street is quiet, that corner lot could be a big plus. Other items that can affect the value of your home are overly restrictive covenants, lots on shallow or deep slopes and the nearness of large power lines.

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Buying real estate requires a certain amount of effort. By following a tried and true method of home shopping you can reduce that effort and at the same time make a dent in the anxiety that normally goes along with the process. The difference is as glaring as fixing a near microscopic crack in a sidewalk compared to repaving an entire slab.

Find a Real Estate Agent That Listens

It’s a given that you’d want a real estate agent that is familiar with the neighborhood you’re interested in and all the legalities that go along with a real estate deal. But, consider this; you’ll be working with this person for several weeks at least. You may get lucky and find a home quickly but it still takes a while to close. Sometimes the search goes on for months in a tight market, especially if you have a limited budget. Finding a real estate agent that really listens to your wants and needs can make the process easier. A sharp agent won’t show you a three bedroom, one bathroom home when you have a family of six, unless you ask them to or it’s a deal that is just too good to be true.  It’s not always possible to cover everything in your wish list but some things are just a matter of logistics.

Get Finances in Order

Before you even think about looking at properties get preapproved for a mortgage. This will show your agent and potential sellers that you are serious and at the same time establish a budget. It’s no fun to look at a property, fall in love with it and then discover it’s out of your price range. With a bottom line figure in hand you can tell your agent you don’t want to look at anything higher. There are sometimes exceptions to this rule, such as a property that’s been on the market for a while and the listed price is negotiable. Having that preapproval helps here as well; you stand a better change of getting the home for less if you have a firm offer.

Wants vs. Needs

One of the best ways of getting the most for your money in a home is to make a list of wants and needs. You may not get everything on those lists but having them in front of you gives a better idea of what you can sacrifice without too much pain. For example, going back to that three-bedroom home scenario, you and your family need at least four bedrooms and two bathrooms to make living in that house even reasonably comfortable. Those two items are not negotiable. But that pool in the backyard is not a necessity. It’s wiser to give up the cement pond for your family’s comfort. This goes back to your agent really listening. Even if that agent doesn’t have four or more kids, the thought of six people sharing one bathroom in the mornings should lead him or her to the same conclusion. If not, well, you might have the wrong agent.

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Buying and holding real estate is the easiest way to build your wealth. What could be more simple then buying a well priced property and renting it for 20 years and then selling it? Or even better keeping it and cash flowing monthly. Edmonton/Sherwood Park is no different then any other city for buying homes. You want a good buy in a good neighborhood. Or even better in an up and coming neighborhood. A great agent with experience in investing like myself will go a long way. Negotiating, statistics and legalities all come up. This is the easiest way to invest but it can be tricky and complicated if your not 100% sure of what to do.

What Should I Look For?

That is not an easy question to answer. What you want is something that at least cash flows about $100.00 dollars a month. Why? You want to put that aside for repairs and maintenance. You want to buy a home in an up and coming community or the best community you can for the least amount of money.

 

Finding a listing that has a legal suite is also ideal. Add a garage to this and you now can rent 3 separate pieces of the same residence. This can make it easier to cash flow positive. When doing the long hold strategy you want to think into the future. The Capital Region, for instance, has oil, beef, manufacturing and many other sectors of industry. Make sure wherever you're buying that you look at what the city/town will look like in 20 years. Same goes for the community.

What is Debt Servicing?

This means that you are taking a loss monthly, maybe a couple hundred dollars. You do this for a short while until you can raise your rents high enough to cover costs. This is not ideal but to get into your first or second home, you might have to consider it. But if you weigh out the year or 2 of debt servicing your doing to the amount of money you will get when you sell. It makes sense. People do this all the time.

What Next?

Next thing to do is find an agent. Some of you might hesitate. Some might have had a bad experience. You do not pay an agent to find you real estate, just to sell. Since you're only buying it is priceless to have someone that knows the market, communities and process. This saves you a lot of time and makes sure you do not make any costly mistakes. The only warning is that you should find someone that is great at their profession and has experience in investing. That one person should have lenders/brokers/inspectors and what not at his disposal. This will save you a lot of headache and time. Make sure you find an agent that you trust and have a similar outlook.

What if the Economy is Bad?

It does not matter. Here is a chart to show you how much property has increased over the past 20 years or so. The yearly percentage in Edmonton over 20 years is actually 7% but we will leave it at 5% for simplicity. And remember, leverage. The reason your return on your investment is so large is because you can loan 500,000 by just putting down 50,000 or even less. Ask your stock broker if he will borrow you 500,000 if you give him 50,000. Without major risk to you. In real estate you can use very little of your money to get a loan for a lot of money. This is leverage.

 

**Note: Inflation was not added due to simplicity and to show straight numbers. With inflation these numbers would be in the millions.

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One thing that most first time buyers are not aware of is that there are costs incurred in any real estate transaction. Sometimes it can be negotiated so the seller pays for some of these costs to speed up a transaction, but more than often these are costs that are mostly incurred by the buyer.

Here's a few costs you should budget to pay when closing the sale:

1. A credit report is usually a good idea, although this will often come before the sale is finalized during the mortgage pre-approval process. Many times a mortgage broker will include this cost during the application, but there are certain times when it can be added to the rest of the costs of closing the transaction.

2. To make certain a property is valued at the agreed cost, the CMHC will often require an appraisal of the home for the mortgage insurance process. Paid at the expense of the buyer, it is often around $300. It can be paid at a variety of times during the process, and we will explain to you what your options are.

3. You'll want to pay the $15 it cost to search the title of the property. This will make sure you can buy title insurance, which protects you against claims on the home that you are buying. A good budget range for title insurance is around 1% of the property.

4. Documentation and Recording Fees. These charges are for the Land Titles. Certain jurisdictions have different fees based on local procedures.

5. Property taxes are often pro-rated between the buyer and the seller depending on when they are due and the possession date of the transaction. Condo fee's and other recurring costs of owning the property are split depending on how long during the course of the fee schedule that you own the condo. Insurance is often paid up front for the year as well, which is something most buyers don't account for.

6. The easiest way to budget for the amount required to close a transaction is to keep 1.5% of the price put aside for these fees.

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Owning a home may be your dream, but in order for the purchase to be the happy and satisfying experience it was meant to be, you need to ensure that you are financially and mentally prepared for the responsibilities that come with it.

 

Some people have a notion that home ownership is like renting, but with the power to have pets and paint the walls whatever color you like. However, while these privileges are available to homeowners in most municipalities, they come with the responsibilities of a mortgage, taxes and home maintenance. Preparing for home ownership requires you to take critical stock of your finances and your expectations.

Questions for Prospective Homeowners

Are you ready to buy?

 

Owning your own home is about more than just being able to decorate any way you like; it's about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It's about being willing to take the risks of home ownership with a realistic expectation of the rewards.

 

How much can you afford?

 

It can be discouraging to find that your salary won't stretch as far as the home you want to own. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make home ownership a burden rather than a point of pride. It's better to buy a modest home now and look at purchasing your "dream home" in a few years.

 

What is your debt-to-income ratio?

 

This is something that lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. What 32% of your income will buy depends on where you want to live. In rural or downtrodden areas for example, it can buy a very comfortable residence and ample acreage. In highly sought-after urban areas however, it may not even buy a 400 square foot bachelor suite.

 

What do you want?

 

Do you like the idea of cleaning your own gutters? Do you shudder at the thought of lawn care? Would you rather just pay a fee every month and have everything done for you? Would obeying rules about when you can have your garbage cans out bother you, or do you want to live in a neighborhood where everything is 'just so'? The answers to these questions can help you narrow down the search for the right type of property for you.

We Can Help

You need a good agent who will work hard for you. Our real estate team is dedicated to helping you find the right home, at the best price. We want you to find the home that will make you happy and successful in real estate ownership.

 

When you hire us to help you buy your first home, we want to know what you want and how much you can afford. Then we'll find a way to merge these two priorities and find a residence that you'll enjoy owning.

 

Keep your objectives in mind when visiting a home. Sometimes the idea of owning a home can overwhelm your practical sense, so keep your feelings in check. Keep a list handy of the features that you need and want in a home, and judge each home by the list instead of by details that could distract you from your goal. When you're alone with your agent, you can go over the pros and cons of each home. We can help you stay on track while still keeping our eyes out for a great property.

 

Engage the services of a good real estate lawyer. We can recommend several lawyers in the area who might be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be dodgy, and a lawyer can be your best defense against future legal troubles. A good lawyer can charge several hundred to over a thousand dollars for their services, but the thousands of dollars saved in legal fees later on makes this a good expense.

 

Make the offer. This can be a maze of "buyer", "seller", "chattels", "deposit", and "completion". We'll be happy to prepare the paperwork and go through it with you before submitting it. Remember, the seller may reject or counter your offer, so even at this late date, avoid setting your heart on the home you hope to own. You'll probably have to write a deposit check to the seller's broker that proves the seriousness of your offer.

 

Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint and mold. They'll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase. Not getting an inspection done means that you could be stuck in a home with a bad case of black mold and no recourse other than to pay for its removal. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we'd be happy to recommend.

Do a final walkthrough before closing the deal. We'd be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing.

From the first interview that determines your requirements to the moment that you receive the keys, we can help you with the complicated process of buying a home. Don't hesitate to contact us to find out more about how we can make the home buying process easier!

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