Buyer's Tip Courtesy of Teambeckett
teambeckett Tip of the Week: Found your home, Now What?
So you’ve been out looking at houses with your Real Estate Professional, using your Home Shopping Comparison Guide. You’ve found a property of particular interest that meets many of your needs and wants and have decided that you would like to move forward - so - What happens now? Well it’s time to sit down with your Real Estate Professional to prepare an Offer or what is known as an Agreement of Purchase and Sale. This is the time that the homework you did in finding a real estate professional pays off - with their help you know the value of the house and relying on their expertise an offer is drafted and you’re feeling confident knowing your interests are protected. There are really only two parts to any offer – price and terms. The Buyer typically needs to negotiate terms before a final purchase can be established and the Seller typically wants to negotiate Price prior to terms. Terms include such things as Date of Completion, Chattels included, Deposit, conditions of purchase and so on…Your Real Estate Professional should guide you through the terms of the offer, to meet your specific requirements. Remember, typically, a Seller will not negotiate with you if they don’t like your Real Estate Professional or if they think you’re trying to cheat them. Once the offer is signed your Real Estate Professional will make arrangements for presentation which is best if done in person.
teambeckett Tip of the week: Start searching for your Home
Armed with your mortgage pre-approval it’s time to find a home. Many Real Estate Professionals can set you up on an automatic system- via email- to receive properties of potential interest and parameters based on your wants and needs. Your search will likely begin broadly and narrows as you gain knowledge and experience about the current market as well as available options in your price range and what you can or can’t live without. You may also find homes of interest from other sources and should pass these on to your Real Estate Professional. Once you see one or more properties of interest, your Real Estate Professional will set up viewings. Don’t miss out on your dream home – if you’re interested- you need to go and see it – this is especially important during fast paced markets like the current one. Some tips for viewing houses:– wear comfortable shoes, slip on’s work best ; do not take food or drinks in the houses ; check out the neighbourhoods you’re interested in -people, schools, Property Trends. It’s a good idea to take notes about the homes you’re seeing to be able to recall what features you liked or didn’t and which homes had what??? remember typically after you’ve seen a few houses it becomes difficult to …differentiate –better yet…ask your Real Estate Professional to provide -the easy to use “Home Shopping Comparison Guide”.
teambeckett Tip of the Week: Getting a Mortgage Pre-Approval
So you’ve taken that MOST important first step to home ownership , you’ve interviewed several Real Estate Professionals...selected that one you feel is most qualified...and a great fit for you. Together you’ve developed a Real Estate Success Plan. The Very First Step in your plan should be to seek a Written Mortgage Pre-Approval. Obtaining a mortgage pre-approval prior to starting your home search provides you with some valuable information including the maximum amount you’ll be qualified to borrow, the maximum interest rate you will be charged (typically with a rate guarantee)– ensuring you are protected at this lower rate as interest rates rise and conversely as rates fall benefiting from a -New lower rate. Armed with this information enables you –to home shop with confidence; pre-plan your monthly budget determine a comfortable purchase price range for you and more. A mortgage pre-approval can give you the competitive edge to beat out other buyers and get YOU the Home of your dreams in today’s highly active real-estate market. So is it wise to get a mortgage pre-approval? Definitely!
teambeckett Tip of the Week: First Steps in Getting Ready to Purchase
This week’s tip is for Buyers wondering - What are the first steps in getting ready to purchase my first home? Well, a great first step would be to interview –several- meaning more than 1.. Real Estate Professionals…this could begin as simply as a phone conversation to help you get a “Feel” for this person while remaining somewhat anonymous Or possibly visit some “OpenHouses” to view some RealEstate Professionals in action. Find someone knowledgeable, you are comfortable working with and with whom you are comfortable asking questions. Remember –You- will be working closely with this individual to meet your goals. Not all RealEstate Professionals are created equal… Be wary of any Real Estate Professional whom suggests they are a Specialist or Specialize in any particular aspect of Real Estate Any Real Estate Professional in the Province of Ontario is bound by a strict code of ethics from suggesting they are a Specialist or Specialize in…without an Official Designation or Accreditation. Ask for References and check them out! Next …make an appointment with the Real Estate Professional you’ve selected as most qualified...and a great fit for you …have a face-to- face and If you still feel you’ve made the right choice ask for help… put together your RealEstate Action Plan for Success To-day.
teambeckett Tip of the Week: Is Now a Good time to Purchase?
This week’s tip is for Buyers trying to decide - When is a good time to enter into Home ownership? Can I afford to buy a house? Well this one is easy. If you have steady employment, have a minimum 5% downpayment saved or gifted, the mortgage payment is within your budget, you can cover the costs of heat, hydro and taxes and have some reserves for things like your cell phone internet, date night and so on...well then it’s a good time to buy. Real Estate is cyclical in that there are highs and lows - we need to keep in mind that on the whole Real Estate has not lost value since the 2nd world war...it’s one of the smartest investments you can make for your financial future and typically the earlier you can enter homeownership the healthier your financial future. Many first time homebuyers have saved the 5% minimum down payment but feel they could save more on their purchase saving for another year or two...problem is house prices in a typical year increase more than most of us could possibly save even if we make saving a priority. Now our dreams of home ownership keep moving to the future... So when is it a good time to buy? – Now is a good time to make home ownership a reality and start to build your nest egg
teambeckett Tip of the Week: Home Safety Issues
Last Buyer’s tip found you moved into your new home taking care of a few simple but important exterior items to prevent water from finding its way into your basement. This week, let’s look at keeping you, your family and your pets - safe and secure - in your new home with a few basic safety items. One - If you haven’t done so already be sure to arrange for the door locks to be changed including the garage if you have one – there is no way of knowing how many keys might be out there. Two - Check smoke detectors and C02 detectors to make sure they are located properly and that they actually work. Three - If you have small children or pets you may have some child or pet proofing to do to cabinets and doors, baby gates to install by stairs and covers to install in outlets to keep fingers or objects from being poked into them. Four - Are you Counting on your fenced backyard to contain pets or kids? - make sure that there are no gaps or holes that they can slip through.
teambeckett Tip of the Week: 3 Common Home Water Issues
Now that you’ve moved into your new home there are a few items that commonly require attention and are usually simple fixes before they become actual troubles or challenges??? These 3 common fixes all relate to the possibility of water finding its way into the basement. One - Eavestroughs should be checked to make sure that all debris is cleaned out especially if moving in during spring or fall. When excess debris builds up water has nowhere to go and instead of flowing through to the downspout it overflows from the eavestrough creating a water stream right down by the foundation. Two- Often downspouts are running right down into the foundation rather than extending away from the house a recommended 5 feet. And 3 grading around the house is commonly incorrect – if soil slopes toward the house be sure to add top soil to change the grade so it slopes away from the house. Remember…keeping water away from the foundation is key to a dry-basement.
teambeckett Tip of the Week: Completion Day
Last Buyer’s tip you were moving in to your new home. Even though you’ve done your pre-closing inspection a day or two ago it’s important to do one more walk through today. Typically any representations or warranties made by the Seller will be written in so that they survive completion so the Buyer has a chance to view the property following title changing hands but that apply only to the state of the property at completion of the transaction so while these matters survive the exact time of completion - time is of the essence for the Buyer to do their walk through. You want to verify again that everything is as was agreed upon. Ensure no major damage has been caused during the Seller’s move, check to make sure all appliances are present if included and in good working order. Check the furnace and a/c to make sure they are also working. Everything should be as you saw it when you purchased - reasonable wear and tear excepted. If anything is wrong call your lawyer immediately to notify them.
teambeckett Tip of the Week: Closing Process
Last Buyer’s tip we finished our pre-closing inspection a day or two before completion day. So Completion Day arrives…what happens now? Let’s go through the Closing Process. Well, the closing documents are prepared by the lawyer and signed by the parties and then the signed documents go to the lender for final review - assuming everything is in order - funds are deposited. The seller’s lawyer prepares a Statement of Adjustments to apportion payment items such as property taxes to the party responsible. The Seller is responsible for payments up until the day of Completion and you the Buyer are responsible for the Day of completion on. Once the deed is recorded, and the funds dispersed to the Seller you will get the keys and the moving van can unload – you’re ready to move in to your new home!
