FINANCIAL PLANNING BEFORE HOME OWNERSHIP

Before you start your home search; browsing the internet and visiting open houses you need to be financially prepared. The last thing you want is disappointment; identifying your dream home and then realizing that you can’t afford it, this happens way too often. To prevent this from happening to you, read on to find out how to develop a budget and save up so that you can buy that perfect home.

The first thing you need to do is set up an appointment with a lender in order to get an idea if you can be approved for a loan. This will depend upon your job, income, assets, credit profile, and debt-to-income ratio. The debt-to-income ratio (based on the minimum monthly payment that you are paying for your credit cards, student loans, car loans, and personal loans) is critical but ironically the lender will always allow you to borrow more than you may be comfortable borrowing. After all you will have to pay this loan off, and prior to accepting the lender’s offer think about other financial goals in life such as vacations, child education fund, and retirement. The lender will not consider your future plans prior to offering you a loan. If your debt-to-income ratio is higher than 43% and in some cases even higher than 41% then you will not qualify for a loan, if you do end up scoring a lower debt-to-income ratio then you will qualify and will be required to put down a maximum of 31% of your monthly pay towards your housing payment.

In your mortgage payment, aside from the principal and interest, property taxes will also be included and possibly even homeowner’s insurance. You will be obligated to pay for homeowner insurance if you make a down payment of less than 20%. In addition to these payments you should set aside at least 1% of the home value for maintenance and repairs. To be able to pay for all of the above expenses you should create a budget as you will have to be extremely disciplined when saving up for a home. This is especially true when looking at the Mississauga Real Estate market, it is hot and properties can get quite pricey. Ways that you can save include:

●You will feel more determined to save up, if every month you are saving the same amount, try saving the difference between the rent you pay and the anticipated housing payment. If this too much then start with as little as $100 and then gradually increase it.
●Consider getting a second job to help you accumulate your savings quicker.
●Make it a rule that any bonuses you get, cash gifts, or tax refunds deposit them back into the home buying account.

At first it will be a though start but soon enough you will have a long-term plan that is working well in paying off the monthly mortgage and keeping your house in the end.

How to Buy a House Fast

If you are asking the right method to buy a Real Estate, you should know that there are many of them available. However, the problem can be simplified to two alternatives: you have the money or you don’t. In the first scenario, you can think about giving the money and buying the house of your dreams. On the other hand, if you are in the second category, you must think about calling the real estate company to help you. Why?

 

Because we are talking about a mortgage, and you can be sure there are so many papers and legal matters involved. So, you can deal with them by yourself, but you could end up buying a small Real Estate for a huge amount of money. The company could help you in finding the best solution, the biggest house for sale in Oshawa, and it could also help you with the required paperwork. However, the agency could also help you in some more delicate problems, such as a foreclosure. In this case, there are more aspects involved, and if you don’t want to get thrown out of your house, you will need the advices of professionals.

 

Don’t believe the bank telling you that there is no other alternative and they have to foreclose your mortgage. Ask the company about the real statute of your real estate, and they will require the paperwork of your house. Don’t worry, as the specialists there could easily find a solution for you. If there is a chance for you to save your home, the lawyers will surely find it.

 

Don’t worry about the prices. If you have problems with your mortgage, The bank knows that you can’t afford to pay for some expensive services. Therefore, you will only have to pay if the company can solve your problem.

Learn Investing In the Real Estate Industry

Some people that are looking to buy an apartment are sometimes charmed by the beauty of a certain apartment, so they would want to buy it in any case. However, several other aspects must be considered before you would buy the propriety, and those aspects can only be clarified by the property management.

 

Make sure you have a pre-contract approved with the bank for the condo you are about to buy. The papers and the files of a condo are not secret, but no condominium management company would allow you to see them if you are not a future buyer of a MCST propriety. If on the other hand you are looking for houses for sale in Whitby then you need to ask your real estate agent of what exactly you need before moving on with the investment.

 

Calculate the total cost of obtaining the strata title contract, not only the cost of the real estate itself. Some other costs are associated with any transaction, such as the paperwork needed, the authorities involved, the notary and the commissions to the bank. The property management advices you to increase the cost of the condo with 10 % to assess the real price of the propriety. Be careful with this aspect! The bank will be unmerciful with you if you can’t pay all those taxes, and they are entitled to cancel your contract and to keep the advance money if you are not able to bring all the necessary paperwork within the required time. However, you must not worry. Just ask the condominium management property if there are no legal issues over the MCST propriety, and ask them about an estimation of time needed to provide you with all the acts.

 

Choose the property management carefully, as the majority of companies now have a few clients, therefore the time allocated for you will be enough. Think at your condo as a necessity not like an investment. In times like these, it is not good to make plans considering the four children you will have in 10 years. The budget is important for the moment, and the condominium management company will be able to find you a place to live for a decent price and with some great living conditions.

Efforts Required To Sell a House

It is important for everybody implied in a transaction to understand that efforts are absolutely necessary if they want a good result.

 

If clients think that the work of the agent is resumed to meetings and signing the contract, they are wrong. The agent has an important role today, which is important in all the details of a transaction.

 

The sellers would want as much money as possible for their properties. They will not be able to sell if they will only ask for some money on an obscure site, waiting for tens of visitors to come.

 

When the potential buyers know what they want, they will look around for months before closing a deal, and this is why owners need to make a difference. It all starts with the right price. First thing you need to do is compare your house to another homes for sale in Ajax in your neighbourhood.

 

Setting some high expectancy for the price would not increase the chances to sell for good money. It is even possible to “remove” your property from the market, as the attention of potential buyers would go for other properties, which are more accessible. The listing value of a house must be established considering other resembling real estates. The price must include a negotiation margin of 5-10%, but no more.

 

Don’t choose too many agents

 

It is professional to work with a single agent, but in some cases, when you don’t agree with exclusivity, you can choose two or even three agents to represent your property. An agent has more credibility in front of the client, as the client will be emotional about it. Moreover, a professional will be able to highlight the advantages of the house, minimizing the bad aspects without hiding those. A true professional would never come with a client before actually visiting the property and the owner should not allow it. How could anybody have a good contribution to selling something that he or she does not know?

BUYING A HOME: CONSIDER MARKHAM

The municipality of Markham is part of the greater Toronto area and is a fast growing community. In the past few years Markham has had a really hot home market. According to the TREB, prices of homes in Markham are going up; in March 2013 the benchmark selling price for a residential property was $564, 900 which is a 1.4% increase when compared to the price in March 2012. If you are still not convinced other great reasons to consider Markham are its rich cultural heritage, location and ease of transportation, amenities, and entertainment and attractions.

The first Lieutenant-Governor of Upper Canada, John Graves Simcoe gave Markham its name after his friend the Archbishop of York, William Markham. Since the early 1790s Markham has been a home to many different communities from New York’s German settlers to Mennonites from Pennsylvania. However, the real population boom occurred once Irish, Scottish, and English immigrants began to arrive to escape famine and overpopulation in Europe. In 1850 Markham was incorporated into a town and just two years ago, in 2012 into a city. Now Markham is the fourth largest community in the GTA, placing right behind Toronto, Mississauga, and Brampton. As it is still not overpopulated the Markham Real Estate offers larger properties at a lower price when compared to other GTA hot spots and Toronto itself. Moreover, Markham is literally right next door to Toronto, it is about a half an hour to an hour in terms of commute time, depending more on the weather and traffic conditions than the actual distance. If you need to rely on public transportation, Markham is well connected.

Markham shares York’s transit system which connects to the TTC. GO Transit provides train and bus service to four stations within Markham. Moreover, recently York Region Transit launched the VIVA bus line; these are modern busses which use special lanes to avoid traffic. Markham has a lot to offer in terms of outdoor and indoor activities.

Markham has many trails and parks along the Oshawa river. Premiere golf clubs such as the Angus Glen and York Downs can be found in this city. Furthermore, there is a triple gymnasium, aquatics center, and health and fitness centers. Aside from these facilities we cannot forget to mention about some of the great schools in the Markham area; aside from the number of elementary and secondary schools, post-secondary institutions such as University of Toronto (Scarborough campus), York University and Seneca College are nearby. There is always something entertaining to do in Markham.

The main street Unionville offers a European experience, filled with pubs, parks, and restaurants. Also, throughout the year Markham hosts several festivals such as the Taste of Asia Festival, the Unionville Festival, the Ribfest & Music Festival, and the Markham Fair.

NEW HOME TRENDS ACCROSS THE GTA

If you have been searching for a new home within the GTA area you may have noticed the stacked townhomes popping up all over. This is the new trend in condominium construction that is appealing to many, so why not consider it yourself?

Contractors believe that stacked townhomes are the best option for areas of the city that have height and density restrictions. Furthermore, they are inexpensive to construct as they are typically built out of wood. You can easily envision how these properties look by imagining a high-rise building set on its side. The most popular form is a two-story unit fixed upon another two story unit. It is extremely spacious, and you get the feeling that you actually live in a home that is twice as big when compared to the average sized family house. There are also many other benefits. The cost per square foot and maintenance fees are much lower than that of a high-rise because they do not have amenities and the lobby that high-rises have. Aside from the shared underground parking garage everything else is private; there is no common area or corridor that you see in high-rise condos. Residents have more privacy but get the apartment-neighbor protection. Stacked townhomes like the high-rise condominiums, have a condo board and shared services.

Just to get a sense of the popularity for this type of property; Park Town project which consists of 50 townhome units in Bayview, North York sold out in one day. These townhomes consist of a: balcony, courtyard, or terrace, and kitchens have full-sized stainless steel appliances with granite or caesarstone countertops. The historic Longbranch Village where once upon a time the elite vacationed in their cottages is another popular townhome project. Today this is new urban Toronto’s west end waterfront. The Minto Longbranch stackedhome condos were a first choice for many, selling at $382-$400 per foot with about $120 in maintenance monthly fees. Many figured that this is a much better choice than the high-rise condos across, selling at $480-$500 a foot with $500 in monthly maintenance fees.

If you are looking to purchase something new then the townhome would be a good investment, to help you with your selection call this experienced Toronto realtor. They are high in demand so you will not have a re-selling problem, location should not be an issue since you can find them all over the GTA, furthermore the dollar amount per square footage and maintenance fees are much cheaper than that of a regular high-rice condo.

THE BEST TIME TO BUY A HOME

If you are thinking about buying a home then you may have already done some research about certain locations that interest you, and you have probably considered your mortgage options. However, you should also know when the best time to buy is.

Spring is the busy season for real estate, this also applies to the Mississauga real estate market. Everyone has had enough of winter and the minute tulips start to poke through you will also notice For Sale signs popping up. Although inventory is highest during this period, spring time is the worst time to buy a home after all it is during this time that buyer competition is the most fierce. However, there is one day in spring that marks the second best day in the entire year for home purchasing and that is Easter Sunday. Easter falls between March 22 and April 25. If you can secure a closing date in the last week of April you will just in time avoid the demanding period in May. The first best day in the entire year to buy a home is on Christmas day. Of course you should already have a selection of homes that you would like to make an offer on a few days to a few weeks prior to Christmas. You may ask yourself but what is so attractive about Christmas. Well there are more than a few reasons why:

-Usually during Christmas people are in a festive mood which effects their decision making as well, people will be more generous and may actually just sign the agreement for a lower price than they originally were asking for.
-Buyer competition is the weakest during Christmas week.
-Home prices are at the lowest point during December.
-Sellers who have their homes up for sale during this period are serious about selling their home and as a result are more open to negotiation. It is best to immediately write an offer to show them that you mean business.

The only difficulty that you will face is maybe finding a real estate agent who will work during this time of the year. If you do succeed in finding an agent who is willing to work on Christmas day, and one who knows how to negotiate then you will definitely come out on top; securing the home that is just right for you at a discount.

Indicators The Housing Market Is Improving

Before buying or selling your house you should study the market in order to make the best decision at the best time. To get a really good idea you should be comparing monthly and yearly data since real estate markets move in cycles. A good starting point is to consider the following indicators; employment rate, for sale signs, prices, starter homes, business start-ups, real estate companies, interest rates, and lastly consider who is dominating the market.

The employment rate is a key indicator for the real estate market. If people are massively losing jobs in your area this indicates that the real estate market will soon start to decline. People will resort to selling off their homes as a means to survive and consequently there will be an oversupply of houses for sale without any interested buyers, causing the prices to spiral downwards due to excess inventory. Trying to sell your house during this period will only result in a loss, instead the best thing would be to wait it out until the employment rate increases, and the housing market recovers. Aside from keeping an eye out for too many ‘for-sale’ signs, look at the yearly data for median prices of houses for sale in Georgetown Ontario, regardless of how you track them. You can look at the per-square-foot price, average or median prices, it will not matter which you choose but what matters is that the median prices this year are higher than the year before. If you notice a steady increasing trend then it is an indicator that the market is improving.  When the housing market is improving then demand for houses is on the rise.  If there is an increased demand, then homes will sell quicker and the ‘days on market’ are reduced to 30-60 days if the home is attractively priced, is in a good condition and a desirable location. Do not forget to consider other indirect signs such as business start-ups.

When you notice that many new businesses are springing up then be sure that a recovery is underway, and during the recovery phase, real estate companies are starting to hire more agents.  Also notice the actions of banks. During booming times banks will lower interest rates, since there is plenty of money to lend.  Lower interest rates will increase the purchasing power of buyers and in turn stimulate the housing market. Another thing to keep in mind is the percentage of buyers who can afford to buy a home; the higher the percentage the lower the income required to qualify for a mortgage.

You will know what move to make or if you should make any at all after studying the market and considering all of these factors.

Market update for Caledon, Ontario

One of the hardest things to do when you want to sell a house in Caledon is to establish its price. Caledon is a mix of old houses, which have a patrimony value for the community, and the newer ones built by younger families. The authorities always tried to maintain the charming aspect of the town, so they never allowed random building like it was possible in other cities of Ontario. This is why this area has a nice aspect, which is important for people living here, and this is why every house for sale in Caledon doesn’t stay on the market for too long.

 

How is it possible to establish the price of a patrimonial house? you will need a technical evaluator that can determine the state of the house: what needs to be replaced, painted or changed the state of electrical and gas installations, and also possible modifications that can be brought. Once you have this evaluation, you will have to establish the patrimonial value of the house. for this, you must compare yours with other real estates put for sale. Once you have this evaluation, you will have to determine the value of the land. Some of those houses come with tens of acres of land, and we are talking about good land that can be sued for bio agriculture.

 

As you can see, many aspects must be considered while establishing the selling price of a real estate. This is why the differences from one property to the other can be enormous, although we are talking about houses that apparently have about the same profile.

 

Once you have established the selling price, make sure that it is decent for the potential buyers also. Just because you have lived for a lifetime in a house and it has sentimental value for you, it is important to establish a fair price if you want to sell it fast.

Selling Real Estates in Brampton

Selling Real Estates in Brampton

 

Brampton is one of the fastest growing neighborhoods of Toronto, and one of the most wanted places to live, because of the numerous facilities such as parks, schools and shopping options available in the area. on the other hand, the increasing demand took the prices over the roof, and today, some buyers prefer to wait instead of buying an expensive house. if you want to sell a house in Brampton, you will probably get a good price for it, but you will have to wait a while until you are able to find a buyer willing to offer you the price that you expect.

 

The location is important, and it makes the difference. Even if the traditional homes for sale in Brampton are usually situated in the center of the city, far from the new office buildings where people usually work, they are still the most popular, because of the statute given by those houses. On the other hand, young families prefer new neighborhoods and new houses, especially with a yard and situated in areas with easy access to highways.

 

Find an agent before selling. Some owners are tempted to sell their houses directly, by putting ads on the internet, knowing that they will find a buyer. It is not a wrong method, but the help of a real estate agent could be beneficial. An agent can give you a large array of options; he can find many buyers that would eventually offer a bigger price. the best agencies can take care of all the aspects of a transaction, from putting the house for sale on the internet to signing the contracts and the legal matters involved. At the end, even if you need to pay a commission to the agent, you will get a better price for your home, and all your financial efforts will be rewarded.