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Top 5 Benefits of Owning a Home
Posted on Fri, 30 Nov 2018, 02:30:00 PM  in Home buying tips,  My services, etc.
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Owning a home is everyone’s dream, there are many noticeable benefits of owning a home. If you are planning to purchase a home the first step you should take is to determine whether having a house is the right fit for you and your family. It is essential when making your decisions to strongly consider both the advantages and disadvantages of what you are deciding on.Top 5 Benefits of Owning a Home

 

Here are some of the benefits of having a place to call your home. Knowing some of the benefits of owning a home can help you make informed decisions and save some of your money in the long run.

 

Freedom to Own

The most obvious plus benefit of having your own home is being in the position to customize it to fit your lifestyle. The dream home you always think about will become a reality with the newly found freedom to design, renovate, decorate and add anything that your heart desires.

 

If you have your own home, you can add permanent fixtures or paint your walls with any color you wish without worrying about breaking or leasing restrictions or regulations.

 

Opportunity to Build Equity

When you hear individuals talking about homeownership and real estate, one of the most obvious words you will likely hear is equity. Equity in real estate or homeownership is the probable market value of a property without or minus the liens against it such as a mortgage. One of the excellent benefits of having a home is an opportunity to create or build equity.

 

The longer you own your home, the more you will have to pay towards the balance of any liens. As the principal balance of any liens gets lower and lower and hopefully the value of the home increases, the larger the equity.

 

Enhances Your Savings

Purchasing a home is a reliable and stable way of investing your cash. To make it even simpler, property or homeownership is a forced way of saving your money. For most individuals, paying for your monthly mortgage is not a cost; it is a payment to yourself, which allows for higher credit, overall profit and equity down the road. You should view your mortgage payments as maintaining an excellent financial discipline where you are investing in something that is bound to improve and grow over time.

 

You Enjoy Significant Tax Deductions

Homeownership can minimize the amount of money you pay in income tax every year. Your property tax and mortgage interest payments can be deduced from the federal taxes and other state taxes.

 

Certain closing expenses and mortgage discount points may also be tax deductible. During the early years of your loan, when the interests represent the bulk of your mortgage payment, the respective tax deductions can help you save a significant amount of money.

 

Build Your Credit

There are many factors that affect your credit score, and one of the most important is the length of your credit history. The best tip of boosting your credit score is to improve the average length of your credit accounts, and homeownership can help you accomplish this.

 

Since the current length of a mortgage is approximately 15 to 30 years, having a mortgage on your respective credit history is an excellent way to expand or lengthen the average of your current credit accounts.

 

You should understand that each month that you pay a mortgage on time; it indicates that you are a responsible borrower which not only improves your credit score but also increases the chances of approval of your future credit accounts.


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Tips For Keeping Your Home Neat & Tidy
Posted on Thu, 15 Nov 2018, 02:30:00 PM  in My services
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Store Your Holiday Decorations and Throw Away the Christmas TreeTips For Keeping Your Home Neat & Tidy

After the holidays are over, you should put away your holiday decorations such as ornaments and strands of lights, but you should also throw away your live Christmas tree before it begins to drop its needles. A decaying Christmas tree is a potential fire hazard in your home, and it can also create a mess on the carpets or floors. When you store your holiday decorations, do it in an organized way by wrapping the light strands around rectangular pieces of cardboard, and also, wrapping the delicate glass ornaments in cushioning paper. Store the boxes of decorations in a safe place that isn't too hot or cold so that your holiday items will remain in good condition until the things are needed.

 

Wash the Refrigerator and Oven

If you have prepared a lot of meals during the holiday season, then you may have a messy kitchen that requires organizing and cleaning. Cleaning your kitchen's appliances after Christmas Day and New Year's Day is an excellent idea because a refrigerator and an oven can become covered with food debris. Prepare an ice chest for storing the food in your freezer and refrigerator so that the things won't spoil. Fill a sink with warm soapy water before removing the items from the refrigerator. Wash the exterior of the condiment bottles or other containers, but check the expiration dates on the items to throw out anything that is spoiled. Dump any leftovers into the trash, and begin to scrub the shelves, walls and back of the refrigerator with a wet cloth. Place the food back into the proper areas of the refrigerator as fast as possible.

 

Sanitize the Oven and the Stovetop

Cleaning an oven or a stovetop is more challenging, and it is a dirty job. Cover your clothing with an apron, and wear protective gloves during the process. Remove the metal grills from the stove to place the items in hot soapy water. Let these items soak while you complete the rest of the stove-cleaning task. The top of the stove may open so that you can wash away any spilled food, or alternatively, your stove may have removable drip pans. You can soak the drip pans in the sink with the grills. To clean the interior of the stove, you should use paper towels to wipe away the burnt food and sticky grease. If you use store-bought oven cleaner, then make sure that the room is ventilated, and you must keep the substance away from your skin. You can make a safer homemade oven cleaner with baking soda and vinegar, but it may take longer to sanitize the oven. Dry the pan holders and drip pans to place the items back on the stove for the next time that you must prepare a meal.

 

Organizing Your Kitchen Cupboards and Drawers

You may have kitchen cupboards that are disorganized and dirty after the holidays. Begin with the cupboard that contains stored food items such as cans of vegetables and boxes of pasta. Remove the containers so that you can wash the shelves underneath, but make sure to place the food back into the cupboard so that you can find things easily. Washing the interior surfaces of the other cupboards is a good idea to eliminate food crumbs that might attract pests such as cockroaches or mice. The utensil drawers in your kitchen probably require cleaning because food often spills into these items while you are preparing meals, so you can remove all of the cooking and eating utensils to wash the items along with the drawers.


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Don't Forget About These Things When You Budget for Your First Home!
Posted on Wed, 31 Oct 2018, 11:50:00 AM  in Home buying tips,  My services, etc.
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If you are getting ready to purchase your first home, there are many things that may not make it into your budget. While you may be focused on the excitement of the home itself, certain items added to your budget may make your overall experience after you move in more comfortable.

 

FurnitureDont Forget About These Things When You Budget for Your First Home

Although the furniture isn't a requirement when purchasing a home, many homeowners wish they had the funds to furnish the living spaces with new items right away. Saving for this makes homeownership much sweeter in the end. If you don't wish to save for the whole home, the living spaces should get some attention or even a new sofa!

 

Updates

Appliances, paint, fixtures, and lighting can make a new home purchase feel like it is indeed your ideal home. It is a little bit of work up front to get something that feels like you live there. These items have an upfront cost but the payoff is great. These are great things to think about when negotiating a price as well. If the home needs some updates, don't be afraid to give an offer that is below the asking price.

 

Home Maintenance

There may be things in the home that need to be fixed when you move in, or they may break right after you move in. Being prepared with savings for home maintenance or emergencies is a good way to keep your new home in steady working condition. Repairs can be very high if something is missed during the inspection of a home. If you plan on doing home maintenance yourself, there should still be a bit of emergency money set away for those things that you may not be able to do alone!

 

Final Costs

Make sure you ask about all of the costs of the home purchasing process. Your REALTOR® should be able to discuss this with you and let you know exactly what you will be responsible for when purchasing the home you decide on. This will help you stick to a more accurate budget.

 

Your Perfect Space

If you can't make your whole home perfectly the way you want it, an agreed upon space can be decorated and furnished to be a sanctuary for you. Feeling like you are at home can come from one space that reflects how you love to entertain, relax, enjoy your family, or work. A room that reflects your personality will show your guests just how well much the home compliments your style.

 

When purchasing a home it can be an emotional journey. Considering how you will feel once you've lived in the home will help you budget for the little things that will make the end of your home buying journey peaceful. Money is never the only consideration in homebuying but if you want your home to reflect your style it is an investment that is easier done with savings prior to the purchase of the home.


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Three Tips for Organizing Your New Home's Kitchen
Posted on Mon, 15 Oct 2018, 11:50:00 AM  in Home buying tips
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After buying a new house, you will want to budget your money carefully by cooking nutritious meals at home rather than visiting restaurants several times a week. If you had a tiny kitchen in an apartment, then you will enjoy having a spacious kitchen in a home, but you will need to organize it to make meal preparation an easier process. Here are some tips for having a clean and organized kitchen.

 

Kitchen Tip 1: Sanitize a Kitchen's AppliancesThree Tips for Organizing Your New Homes Kitchen

Before using the kitchen's appliances, you should sanitize everything. This is easy to do with basic cleansers such as dish detergent and bleach. If the interior of the oven is a greasy mess, then you will want to use specialized oven cleaner. Cleaning the kitchen can take a few hours, so you should prepare ahead of time by ventilating the area and having bright lighting. Fill the sink with hot water and detergent so that you can remove the refrigerator's shelves to wash its interior. Don’t forget to wash the freezer section along with the ice cube trays. Make sure that the refrigerator is at the proper temperature setting before you shop for food. Next, you should remove the pan holders from the stove to wash these, and you may also need to remove drip or broiling pans from the oven. Spray the cleaner inside the oven so that it can lift the debris, and wipe away the grease or food particles with paper towels. If you have a dishwasher, then fill the soap dispenser and run it on the hottest setting to eliminate bacteria or mold inside the appliance.

 

Kitchen Tip 2: Preparing Cupboards for Food Storage

You will need a ladder to reach the highest kitchen cupboards to wash the items completely. Make sure to wash the tops and sides of the cabinets in addition to the shelves. If you notice any signs of insects or rodents, then you should look for entranceways where the pests are entering to fill the openings with liquid caulking. Don’t forget to clean the exterior of the cabinets, including the handles and drawer pulls. After the interior of the cabinets are dry, you can place paper or plastic shelf paper on the shelving or inside the drawers to protect the wood from damage. This is also a good time to measure the interior of the cabinets to add organizing devices for storing glassware, dishes and utensils along with containers of spices and cans of food. You can find devices such as movable wire shelves, turntables and hanging systems for the inside of the cabinet doors. These organizational items can make preparing meals easier, but the devices also make it easier to keep a kitchen clean.

 

Kitchen Tip 3: Store Things Properly In the Kitchen

When you are storing things in your kitchen, think about how you use the items each day. An item such as a punch bowl that you use only a few times a year can remain on a top shelf while items such as mixing bowls that you use weekly should be stored on a lower shelf. You will want to have glassware near the kitchen’s sink where you can access the items quickly, but if you have a larger kitchen, then having additional glassware near the refrigerator is helpful. Storing your cans of food near to the stove makes sense, and it is also essential to have a can opener near this area. For faster meal preparation and daily cleaning, experts recommend having clutter-free countertops throughout the kitchen.


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Why Should I Use a REALTOR®?
Posted on Sun, 30 Sep 2018, 12:35:00 PM  in Home buying tips,  Home selling tips, etc.
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Selling or buying a home is a huge undertaking that involves the biggest lifestyle and financial choices you will ever make. For you to choose wisely and ensure you secure a great deal in today's real estate market, you have to involve many specialists. A REALTOR® is one of these specialists who will make the transaction easier for you.

 

The Difference of a REALTOR®Why Should I Use a REALTOR

Not all registered or licensed salespersons or brokers are REALTORS®. The agent has to be a member of the CREA (Canadian Real Estate Association) to become a REALTOR®. To be a CREA member, the agent is supposed to be:

 

  • Actively updating education - Through workshops, courses, and other professional development, REALTORS® maintain a very high level of current real estate knowledge.
  • Have Knowledge regarding developments in real estate - Your REALTOR® can get you any information that's needed for you to make an informed decision. This includes housing market conditions, neighbourhood trends, and comparable prices, and more.

 

  • Access - A REALTOR® has access to the Board MLS® Systems, which is known to facilitate the cooperate properties sale to benefit consumers.

 

  • Committed to the CREA's REALTOR® Code - This code is the affirmed standard of conduct for REALTOR® real estate practitioners. It is your guarantee of quality service and professional conduct.

 

Why Should I Use a REALTOR®?

Whether you are selling or buying a home, your REALTOR® will make sure the transaction is completed professionally and competently. You do not have to worry about any details, your REALTOR® will take care of them on your behalf. REALTORS® pledge to put buyers and sellers interests ahead of theirs an to always treat all parties honestly.

 

They Have Connections

REALTORS® always make it their mission knowing almost everyone who can help in the buying or selling process of a home. This includes interior designer, home stagers, home inspectors, real estate attorneys and mortgage brokers.

 

They've Bullish Negotiating Chops

When buying or selling a home, you will encounter negotiation, and since today's Canada real estate market heats up, these negotiations will get a little more heated.

Generally, you should expect a lot of competition, bidding wars, all-cash offers, and cutthroat tactics. A professional and savvy negotiator can help you seal the best deal. It is not about how much you'll spend or net. A REALTOR® will help in drawing up a purchase agreement that will allow enough time for contingencies, inspections and anything else that is essential to your needs.

 

They Have a Turbocharged Searching Power

You can find almost anything on the internet. You can even find the latest home listing. However, REALTORS® have access to more listings than you can ever find on your own on the internet. Sometimes properties can be available, but they aren't actively advertised. REALTORS® can help you find these hidden gems.

Additionally, a good REALTOR® will know the search area better than you. If you have interested in a particular neighbourhood but it is out of your expected price range, a REALTOR® is equipped to know all the ins and outs of all the neighbourhoods, hence they can direct you towards a particular home that's in your price range, which you may have missed.

 

REALTORS® Have Lots of Expertise

Real estate has a different language that full of semi-arcane jargon and acronyms. REALTORS® are trained to speak this language fluently. Furthermore, selling or buying a home often requires numerous forms, disclosures, reports, and other technical documents. A REALTORS® has the expertise of helping you prepare a good deal while avoiding costly mistakes and delays that can end up messing you up.


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Top 4 Benefits of Working with a REALTOR®
Posted on Sat, 15 Sep 2018, 12:30:00 PM  in Home buying tips,  Home selling tips, etc.
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Buying a new home is an exciting experience as you are creating a novel and new future for you and your household. Regardless if you are looking for something smaller or more significant, more modern, or with a concept design, you will require help getting started. That is why working with a REALTOR® can be beneficial to you.

The REALTOR® will help you determine the exact value of the home you are buying or selling. They will also help you determine the price range of the home you are looking to buy or sell. When purchasing a home, a REALTOR® will help you get something you are looking for and truly provide you with a home you were dreaming of. Here are the benefits of working with a REALTOR®.

 

They Know How to NegotiateTop 4 Benefits of Working with a REALTOR

Since a REALTOR® knows how to negotiate, they can detect any problems with the potential home you are looking to buy that otherwise could have gone unnoticed. They will help you review your potential home evaluation in-depth details while considering the home for themselves as well. In instances where some sections require repair or some improvements, they will help you to negotiate.

The negotiation process will involve having the homeowner to carry out the repair process as part of the selling agreement or lower the price to cover future renovations. Without the help of a REALTOR ®, these issues may go undetected, or your negotiation results may not help you get the right outcome you were looking for. It does not matter how level-headed you are, the process of purchasing a home is overwhelming and exciting. Allowing an unbiased REALTOR® with no emotional attachments to the home you are looking to buy, negotiate for you can be your saving grace.

 

Have Knowledge of the Area

The REALTOR® has more information about the area you are planning to purchase or sell a home. You will not have to wait for them to look up everything about the area. They know their area inside out making every process easy and quick. The REALTOR® knows the best neighbourhood, amenities, schools, marketplaces that are close to your potential home. They also understand the average market price of the home and the trends of the area in case you are selling. They will always have essential information at their fingertips for their customers.

 

They Understand the Paperwork Process

If you have ever purchased a home before, it means you have probably dedicated to a shelf full of documents that were involved in the purchase process. These papers include the written and signed counter offer, written offer, and other details. The paperwork process can prove to be tiresome for you. That is when a REALTOR® can come in and save the day. Most of the time, these counter offers are limited by a time frame making it difficult for you to work on them alone. They have machines that help in good economies and never stop the process of churning out papers.

 

Have Great Network

The REALTOR® know great contractors that could help you in the renovation process during and after the process. Selling or purchasing a home has much more than just a real estate transaction process. Prior to selecting a REALTOR® to work with, you should make sure that you are able to consider all the available options.


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A Series of Renovation Projects Will Raise Your Resale Value
Posted on Fri, 31 Aug 2018, 02:50:00 PM  in Marketing strategies
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A Series of Renovation Projects Will Raise Your Resale Value

A Series of Renovation Projects Will Raise Your Resale Value

How much did you pay for your home? And how much do you hope to sell it for? The gap between these two amounts represents either profit or loss. If your home is currently worth less than you paid for it, it's time to take action to improve your situation. Luckily, there is a way to make things right. If you've been searching for a way to raise the resale value of your property, the solution should be obvious. It's time for you to embark on a series of timely home renovation projects.

 

Renovating Your Home Doesn't Need to Cost You a Fortune

The first thing you need to realize is that paying for a series of renovation projects doesn't have to cost you an arm and a leg. There is no reason why a few simple repairs should cost more than $100 total. You can begin by turning your attention to one of the first areas that a potential home buyer will want to see: Your kitchen. Have a look at your sinks and faucets. If they're rusty, leaky, or out of date, replace them with new ones.

 

A Timely Kitchen Renovation Should Be Your First Activity

What kind of shape is the wallpaper in? Maybe it's a better idea to simply rip it out and put something new in. If the paint job on your kitchen walls is fading or doesn't match the rest of your home décor, paint over it. These are simple and cost effective fixes that won't put a major dent in your budget. The main thing is to make your kitchen as attractive as possible to a potential home buyer. Since the kitchen is one of the most used areas in any home, it makes sense that you should begin here.

 

Your Bathroom Should Be Your Next Area of Concern

The next area that could use a timely - and ultimate profitable - renovation is your bathroom. This is another area that a prospective home buyer will want to investigate as soon as they enter your home. How long has it been since you painted in here? And replaced the shower curtains? What kind of condition are the floor tiles in? If any of these areas shows signs of wear or decay, you will need to root them up and replace them without delay.

 

Pay Full Attention to the Other Areas of Your Home

Of course, a successful home renovation project is one that doesn't begin in the kitchen and end in the bathroom. There are plenty of other areas all around your home that may require your urgent attention. It may be something as simple as wiping off a few dusty chandeliers and replacing the bulbs in them. Even patching up a few holes in the walls with plaster and painting over them will make a positive difference in the end.

 

Renovating Your Home Can Add Real Value to Your Property

When it comes time to sell your home, you should be considering every possible idea on how to add to its resale value. Giving your home a series of renovations, no matter how small they may be, is a great way to accomplish this goal. These are repairs that will be noted in the listing for your home, thus furnishing you with proof as to why you are selling your home for its present price. And these are also repairs that will show a prospective buyer that you have taken the time to get your property up to the best possible standards.


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10 Things You Should Know About Selling Your House
Posted on Wed, 15 Aug 2018, 02:50:00 PM  in Home selling tips
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10 Things You Should Know About Selling Your House

10 Things You Should Know About Selling Your House

If you are looking to sell your house soon for one reason or another, there are some things to consider before jumping right in. Selling a house is a big deal and you may need to take extra steps in getting the job done. Here are 10 things to consider when selling your house:

 

  1. Do You Feel Pressured to Sell?

If you're not really ready to sell but feel that you have to based on life changes, like the loss of a job or other hardship, stop and consider first. If money is the main issue there are other solutions besides selling and moving away, like renting out a room to a tenant.

 

  1. Consider the Time of Year

The housing market tends to be the busiest around spring because the weather is nice and families want to take the summer time to settle into a new house before the new school year begins. Christmas is when the market is at its slowest due to most sellers and buyers focusing on family and the holidays. However if you want to list in the winter anyway, you may have some good luck because there's less competition.

 

  1. Find Out What Your House is Worth

If you overcharge for your house or neighborhood, you are likely to get very few offers, if any. You can avoid this and get an idea of what your house may be worth by hiring an agent. Agents will look at other houses in the area and what they sold for to get an idea of what yours may be worth. This will help you later when you know about how equity you will have to work with when looking for a new home.

 

  1. Sweat Equity

Agents do a lot of hard work to help sell houses and they usually take around 2.5 percent of the profits as their salary. That tiny number adds up in a big sale like a house. So if you want to hold onto that extra few thousand, consider selling the house yourself. But be prepared to put in a lot of hours and resources to market your home.

 

  1. Find an Agent

If the DIY method is not for you, shop around for a real estate agent. Not all agents are created equal so be sure to choose a reputable one that suits your needs and your style. After all it is your money at stake and you want a reliable agent who knows how to sell a house.

 

  1. Clean and Declutter

When you put your house on the market, you don't want buyers having to look past piles of mail and miscellaneous junk to see the sparkling gem that your house truly is. Deep cleaning and getting rid of excess clutter will help prospective buyers see more potential in the house. De-cluttering will also help tremendously when it comes time to move.

 

  1. Fix Up the Exterior

The difference between a walk-through and a drive-by can be in how the house looks on the outside. Peeling paint and old junk in the yard turns buyers off, so roll up those sleeves and rent a dumpster, because it's time to make the exterior sparkle like new.

 

  1. Appeal to the Mainstream

When taking photos for flyers or preparing for walk-throughs, it is important to keep your house as clean and de-personalized as possible. While your friends love your quirky wall art, buyers usually want to see a blank slate so they can personalize the house for themselves later.

 

  1. Consider a Stager

Stagers are professionals who bring rented furniture and decorations into a home to make it more appealing during the selling process. A great stager can make a home look irresistible to potential buyers.

 

  1. Market and Advertise

No one will buy your house if they don't know it's for sale. Solve that problem by putting the sign out on the front lawn, advertising in the newspaper and online. There is always the option to have an open house as well.


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4 Tips for Choosing Commercial Property
Posted on Tue, 31 Jul 2018, 11:10:00 AM  in My services
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4 Tips for Choosing Commercial Property

4 Tips for Choosing Commercial Property

Owning property is an exciting proposition, and purchasing commercial property is just as exciting. While the property purchase philosophy is the same, there are a few differences when taking the plunge into the commercial property market, as well as a few different considerations.

 

Let’s discuss four tips to consider when purchasing commercial property.

 

  1. Type of Property

It is important to think about and decide the type of commercial property desired. Will the property be used for your own use or will it be rental or lease property. Will you be the primary caretaker of the property or will a property manager be involved. Other concerns and questions to ask yourself are are you ready to take on such a risk and does such a purchase fall within your risk level. If your skill and expertise level falls short, would you be willing to perhaps establish a partnership with someone who will bring the necessary skills and expertise to the table. Is your foray into commercial property subject to a team of investors who will help carry the financial burden?

 

  1. Financing your Commercial Dream

Purchasing commercial property is, in a lot of cases, more costly than purchasing a home. It is essential to have the necessary financing in place rather than taking a fly by the seat of your pants approach. It is important to know what financing institutions will mortgage commercial properties. It is necessary to know what your credit rating needs to be, as well as the amount of down payment that is required for such a purchase.

 

  1. Hiring the Experts

There will usually be a few experts that you will be required to hire on during the transaction and after the deal is complete. You will most likely need to hire a commercial real estate attorney, an accountant, a mortgage broker and commercial real estate broker. After the deal is complete, you may need a property manager and a leasing or rental agent. Hiring experts to help you out will help you to protect your interest in the venture and keep you from getting in over your head. Having everyone on board as soon as possible will make sure everyone is on the same page and everyone has sufficient time to undertake any prep work that may be required. It will also be important to have a maintenance chief on board as early as possible. An important part of the team will be an appraiser who will determine the current market value of the property of interest.

 

4 Making an Offer

Unless you are a real estate and financial wizard, it is important to have someone on your team, such as a real estate attorney, who is. Before signing a Letter of Intent (LOI) make sure your legal eagle reviews the contract first. The LOI will outline the terms of the transaction. It is essential there is a clause or two in the agreement that lets you opt-out of the deal in the event if something goes wrong with the deal. It is essential to understand all aspects of the contract, especially all your rights and obligations of the agreement. When it comes time to make an offer, you will have an appraisal that defines the value of the property. The appraisal will take into account the economic climate, as well as the value of similar properties in the area. It is not necessary to offer what value of the evaluation, nor is necessary to meet the seller’s price. The attorney, when performing their due diligence on the property may be able to determine what the seller may accept for a price.


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4 Things to Consider When Buying a Home in Canada
Posted on Sun, 15 Jul 2018, 11:05:00 AM  in Home buying tips
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4 Things to Consider When Buying a Home in Canada

4 Things to Consider When Buying a Home in Canada

Buying a home can be a scary process, especially if it's your first time. There are many things to consider and it can be a very stressful process. Thankfully, there are a number of things you can do to ensure everything goes smoothly. Here are four things you should consider when buying your first home.

 

  1. Be Sure to Get Pre-Approved for A Mortgage

It can be hard to find a Real Estate Agent who is willing to sell you a home if you're not pre-approved for a mortgage first. Plus, you don't want to risk finding the perfect home only to discover you can't really afford it. No matter what your yearly salary is, if you have dings in your credit, it could affect the mortgage approval process. When you're being approved for a mortgage, your credit is one of the main things considered, along with your income and the amount you will be putting down. Most first-time homebuyers aren't able to put down the typical 20 percent when purchasing their first home, but the bigger the down payment, the smaller the loan you need to take out. Many young homebuyers may be able to pull money out of their Registered Retirement Savings Plan as a way to increase the amount of their down payment.

 

  1. Find a Good Agent

Once you've been pre-approved for a mortgage and are aware of how much you can afford to spend, it's time to look for a REALTOR®. This isn't something you need to do when buying a home, but it's certainly recommended. A real estate agent will be able to guide you through the process and use their knowledge and contacts to get you the best deal on your perfect home. Not to mention, you can't go wrong by having someone in your corner to be your advocate during the home buying process.

 

  1. Be Willing to Compromise

You may be going into the home buying process thinking that you'll get your dream home right off the bat. But in reality, you may need to make sacrifices. Remember, you can always renovate, and a first-time homebuyer, this likely won't be your forever home, so everything doesn't have to be perfect. Make sure you're not focusing on cosmetic things, but instead considering the location, layout, size of the lot, and the condition of the home.

 

  1. Closing Costs Shouldn't be Forgotten

The Canada Mortgage Housing Corporation (CMHC) suggests putting aside an extra 1.5 to four percent of the purchase price of your home just to cover the closing costs. These extra costs at the end of the buying process can really add up. You should also be sure to put aside a little extra dough in case you need to make a major repair later on. It's never a bad idea to think ahead.

 

Buying a home for the first time can be an exciting and terrifying process, so it's important to consider all of these things before you dive right in. Be sure to do as much research as possible and consult with a professional throughout the process. Having as much information as possible will help you ensure you get the home of your dreams at the right price.


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ZOI OUZAS Sales Representative
RE/MAX Garden City Realty Inc., Brokerage
64 Main Street West, Grimsby ON L3M 1R6
Office: (905)-945-0660 Office: (905)-563-8527
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