Real estate markets are always fluctuating!
If you buy a home that suits your needs today that will work for you and your family for a few years then your investment will have time to grow while in the meantime you enjoyed owning the roof over your head and market changes shouldn`t affect you.
Is it the right time to buy?
As your realtor I will look out for your best interests by giving you the facts so that you can make informed choices. Only you will know when you`re ready for the financial responsibility which could involve making some sacrifices. Owning a home is also about constant maintenance to protect and preserve your investment.
What do you want to buy?
Where do you want to live? Is the first question? Location can be a huge determining factor in what you`re comfortable in buying. For example living urban as opposed to suburban. Urban living can provide shops & services within walking distance and an easy commute to work but quite often you will ay more for this lifestyle. Living suburban may dictate a different style of home with the convenience of newer recreation centres, schools and a larger variety of shops. Having you choose the right location is the first step to your home buying experience. If you`re not sure we will explore all of your options by viewing homes in different areas. Rural living may be your long term plan but for now moving in to one of the smaller cities or towns in the area could be a good start and a way of buying more property for less money.
What type of home do you want to buy?
The market area or location you choose can greatly influence what type and style of home is available in your price range. You can find single family detached homes in all areas but generally in an urban setting choices are limited and prices are higher. When buying a home in the re-sale market know the quality of workmanship. Did the previous owner pull permits and use qualified trades people using quality products? Knowing what you are buying! There is no such thing as perfect! Getting what you paid for is why we depend on professionals like myself, home inspectors and lawyers. You will find most areas of the city have semi-detached homes where they share at least one common wall. This type of home may appeal to you if you want to be in a mature neighborhood but want live in a newer home. Townhouses can provide the living space of a detached home without the worry of maintenance and usually for much less money. Great for families who require more bedrooms and room for the children to run and play. Condominium can refer to apartment style living but beware that it can also apply to rural living. Any scenario where you`re not responsible for the full maintenance of your property usually means that you can expect there to be a fee associated with the services provided. In all cases there is documentation that explains the fees and how they are being used and what reserve fund is being set up for future maintenance. Reviewing and approving these condo documents becomes one of the conditions of your purchase. These documents contain the bylaws which are the rules for how you will live in the complex. Anything from where your guests will park to what kind of pet is allowed. You own 100% of your unit from finished flooring to painted ceiling and painted wall to painted wall but you will share all common areas. Know how condo fees will be managed! Purchasing a new home? Builders do have a commission structure that allows your realtor to represent you in your purchase. The offer is written on the builders standard offer to purchase form and sometimes you can save money on legal fees by using their lawyer. The lawyer you choose to use must be someone you trust entirely to represent your best interests. If purchasing brand new home whether it be a single family detached home or any other make sure you carefully examine the property, review the blueprints and look at other homes the same builder has previously built. Make sure you get the expert advice that you need to answer all of your questions from me your realtor or your lawyer before you sign.
Knowing the difference between your needs & your wants
With your direction I will work hard to find a home that meets most of your needs and as many of your wants that your budget will allow.
Needs may be:
- Location or preferred community
- proximately to schools
- the type of home, detached, attached, condo or rural
- the style bungalow, 2 storey, 3 storey, 4 level split, etc.
- # of bedrooms above ground if your children are small or total #
- how many bathrooms
- an ensuite bathroom off the master bedroom
- separate dining room
- a fenced backyard
- a family room separate from the main living room
- a garage to park 2 vehicles
- space for a home-based business
Wants may be:
- a fireplace
- a shop or work space for your hobbies
- low maintenance landscaping
- mature trees
- in-law or basement suite
- hot tub
- swimming pool
- granite counter-tops
- high ceilings
- walk-in closet in the master bedroom
- separate entrance to the basement
- the triple garage you always wanted
- island in the kitchen
- stone exterior on home
I take great pride in the services I can offer my buyers. So whether you`re a first time home buyer or someone who can finally afford your dream home I can take the guess work out of buying.
Timing is everything when selling property
The real estate market is always fluctuating with ups and downs so it can be a seller`s market or a buyer`s market at times. Together we will review the market in your area to see what`s currently listed that we may be competing with but to also know what has sold recently. I will offer my best advice based on what we see but you may also consider having a certified appraisal done on your property. This is highly recommended if you are dividing assets with a partner. Other things that we`ll discuss and take into consideration are:
- the urgency of selling your home?
- re-locating or buying again
- if buying again which do you do first?
Buying again in the same market
Some people will choose the same closing date for both the sale of their existing home and the closing date on their new home. This way money is transferred from the buyer of your home the same morning that your money transfers to the sellers of the property you are buying. In cases where the closing date for your sale is later than the closing date on your purchase you made need to talk to your lender to discuss bridge financing” Cautious sellers may choose to sell first and live in temporary residence while searching for the perfect property. This is the best plan when it`s a seller`s market and you have time to wait it out until the market reverses and becomes a buyer`s market again or you want the funds from your existing home to start construction on a new home.
More questions to ask your present mortgage lender
- will there be a pay out penalty if you sell
- can your mortgage be ported to your new home
- is your mortgage assumable?
- would it be advantageous to become a lender yourself? By offer the buyer of your home a vendor take back mortgage. This works to sell your home faster in a slower market but it is very complicated.
Consult your financial advisor or tax accountant
If it`s not your primary property that you`re selling what are the tax implications? Perhaps it was your principal residence but you used part of the home for renters or home based business. There may be capital gains tax on a portion of the proceeds on your sale.
Please be aware that there is GST charged on professional services so that would include the commissions payable on the sale of the property and the services provided by your lawyer.
I have the expertise to help maximize the value of your home!
We`ll discuss ways to increase the saleability of your home. Prior to getting into real estate I worked as a design consultant. I have a natural ability for best use of space to create the illusion that you and your potential buyer desire. My experience in decorating and many years of showing homes has taught me what the buyer will be looking for and it doesn`t take throwing out the old stuff and purchasing new stuff. Things to consider when preparing your home for sale:
- as you know yourself a clean home will sell faster and for more money
- finish up the minor repairs that you were putting off for someday
- check linen closets for sheet sets that belonged to a bed you no longer own
- in other words don`t throw what you still use but de-clutter where needed
I can recommend service people and professionals to assist you where necessary. Like the survey company as we will need to provide to the buyer an up to date RPR (real property report) upon closing with a stamp of compliance from the appropriate jurisdiction. After carefully reviewing homes listed for sale on MLS (our multiple listing service) as well as looking at what has recently sold. We will discuss an asking price that is reasonable in the present market place. Where we price your home may depend on your circumstances and urgency in getting your home sold. For a faster sale if perhaps you have an offer pending or a house in mind that you don`t want to miss out on then we may not want to price it too high and disinterest the few buyers that are looking. And on the other hand if you have time, I have time and we can try selling your home for top dollar because of it`s outstanding features but know that we will be reviewing the market weekly to stay current and on top of price reductions if necessary. I will take several photos of your home so that the buyer`s feel like they are walking through the home themselves. We`ll have a total of 20 photos available on www.mls.ca and www.remax.net with additional photos available on my website. We can increase exposure by holding open houses to the public. Showing My cell# will be listed on our MLS listing as the number to call to book all showings. This gives me the opportunity to talk to other realtor who show your property and get some feedback so we know what we need to improve on. It also lets me screen potential buyers so I know that they are qualified to purchase a home like yours.