Tag Archives: Realtor

Do You Know What a Property Disclosure Statement Is?

It’s standard practice for home sellers to freshen up their property prior to listing it on the market. A fresh coat of paint, new floors, or new light fixtures increase the value and marketability of a home. But sometimes these seemingly honest updates are done with the intentions of covering something up.

That’s why it’s crucial for homebuyers to always request a property disclosure statement. Seller’s are obligated to disclose any known defects to a potential buyer by way of this two page document. From zoning and water rights to plumbing, roofing, and structural damage, a property disclosure statement is designed to protect the buyer against a future of regret. Continue reading →

How to Become an Open House Expert

Feeling a little wet behind the ears while shopping for your first home? Well, instead of looking listings up online, why not spend the day out and about visiting open houses in your target neighbourhoods? Even if you’re still in the window shopping phase, open houses are a great place to learn the ins and outs of your local market, refine your first time home buyer wish list, and get realistic about what you can afford based on a mortgage pre-approval. Continue reading →

Should You Sell Your House By Yourself?

Do you really need a listing agent to help sell your home? More and more home sellers are opting to go it alone when listing their property, but is the risk really worth the reward? For many, the answer is yes. Listing your home on your own can cut out on average about 6% in commission costs. That’s about $18,000 on a $300,000 home. Is a selling agent’s experience worth the cost? The mortgage brokers at FamilyLending.ca have investigated both sides of the coin, and offer up the following pros and cons to consider: Continue reading →

Housing Types

From townhouses to triplexes, there are numerous types of properties available to Canadian consumers. Not sure what layout works best for your family? Then check out our explanation of typical housing types below. Your mortgage payments and regular monthly bills may change depending on the kind of house you acquire, therefore it is vital that you carefully weigh the pros and cons related to each design before you make your final decision.

Condominiums

Condominiums, or condominiums as they’re commonly referred to, are a popular form of housing in larger cities. Inside a condominium contract, you own the unit, but do not own the land the unit is situated on, or any of the common space (lobby, gardens, and so on) outside of your unit. In order to ensure the suitable maintenance of these areas, condo proprietors are generally charged a monthly “condo fee.” Fee’s additionally help take care of things like elevator maintenance tasks, snow removal, and the use of any onsite recreational establishments (swimming pools, work-out devices, etc.). Don’t forget, these types of monthly fees are in addition to your residence mortgage payments. Continue reading →

Steps For Home Buyers to Consider …

 

 

Step 1: Get Preapproved!

The first step in the home buying process is to take a moment to get the preapproval from a lender of your choice. This can save you hours of searching for properties that do not suit your budget, or what are even more painful, purchasing a home then discovering you are not eligible for financing.  Getting preapproved provides you with peace of mind, aids in limiting the search criteria and most importantly, gives your lender a fighting advantage by being able to alleviate a merchants worry about funding.  Latter is especially important should a competing deal surface.

Step 2: Seek Out Loan Conditions!

Prices will be flexible. Banks will gladly open their doors to get your business especially if you have a good credit rating and are interested in any other services they provide. 
Released rates would be the best starting point.  It is wise to know what the best rate is and this is completed by obtaining quotes of lenders posted rates from competitive companies. As well, asking if the financial institution covers evaluation charges, buy-out fees, penalties, payment options, portability etc.  can save you a great deal of money over the life of the mortgage.

Step 3: Make Sure You Receive Professional Inspection!

Nobody wants to purchase a home only to come to the realization that there are defects, concealed or not. Be sure to obtain assessments of the places necessary. If you get the results back and there are in fact inadequacies, the purchase cost may be discussed to deal with the crucial maintenance. The agent you’re working with can advise which assessments to consider.

Step 4: Utilize An Expert Broker!

The broker of your choice can help you make a purchase with the smallest number of difficulties. Your broker is able to ensure the cost will be marketplace cost. The lender can offer expert guidance regarding everything from incorporated factors, settlement techniques and so on. All things considered, it is their job to do what you want.

Step 5: Sell 1st Then Buy

In the event pricing will be significant, you should always sell your current house previous to purchasing another.  The best thing about this is it lets you know exactly what cash you’ll have available for your next investment. Getting rid of your home first allows one to put less restriction towards the investment, making the proposal very appealing. Sometimes, additional funds can be required by the home vendor which goes towards removing the property from the listings. An additional benefit will be when you find a property that you really love, chances are others will also find it attractive therefore; one could be put into a position that their proposal may be overlooked, but if you have sold your house already, this is not a problem.

Step 6: Understand Your Purchasing Expenses as a Whole

Know all the costs linked to the purchase. Consider the following fees: lawful charges, exchange taxes, building fees, remodelling and any other housing costs that are applicable. 
Contact FamilyLending.ca for more information.