As you may know, it’s common to include a home inspection as a condition of an offer you make. It protects you from issues that you might not otherwise see during a viewing.
What do you do if the home inspector finds something wrong? The inspector might find a leak in the foundation, or windows that are old, drafty and need replacing.
Must you pass on a property that you otherwise like?
Not necessarily. Just because the home inspector discovered a deficiency doesn’t necessarily mean you shouldn’t purchase the home. You should, however, bring the issue up with the seller.
Your REALTOR® will do that on your behalf, and look after your interests.
In many circumstances, your REALTOR® will be able to negotiate an agreement that is satisfactory to everyone involved. This will usually be in the form of a reduction in the sale price to cover some or all of the costs of the repair, or a requirement to have the seller get the repairs done before you move in.
So don’t worry if the inspector finds something wrong. Chances are you can still get the home and have any issues dealt with to your satisfaction.
You turn on the television and watch a news story about housing prices going down. Then you receive a flyer in the mail about a property around the corner that sold for a decent price. Next you read a newspaper article about the housing market on the upswing again.
It’s a little like being on a roller-coaster ride!
Unfortunately the ride isn’t much fun if you’re thinking of buying or selling a home. In fact, it can be very confusing and frustrating. You just don’t know if “now” is the right time to make a move.
In reality, the housing market has been fluctuating for decades. Yet, people sell their homes every day for good prices, and just as many people get into their next dream homes affordably.
When you hear news of market fluctuations, there are two important things to consider.
First of all, a lot of media information about the housing market is national, or at least regional. If the housing market is trending up or down nationally, remember that it doesn’t necessarily mean that your LOCAL market is doing the same.
In fact, it’s entirely possible for housing prices to be rising in your neighbourhood while they are falling nationally, and vice versa.
Secondly, if you’re selling a current property while buying another home, then the net effect of market fluctuations may cancel out.
Say, for example, that the local market is on the upswing. You’ll probably be able to sell your current home for a good price. However, the home you purchase will likely also be priced to reflect the upswing.
The same holds true when the market is down.
All that being said, there are some circumstances in which you need to consider market fluctuations when deciding whether or not to make a move. A good REALTOR® will help.
Before shopping for a new home, people often create a “wish list” of the features they desire most. That's a good way to ensure you choose a home that best fits your needs and desires. For example, you might want an extra bedroom for guests, ample space for a home office, a local playground for the kids, and so forth.
However, many buyers don’t make their lists complete enough. You might find a home with the extra bedroom and nearby playground you want, only to realize, too late, that your commute to work becomes twice as long. You missed the importance of the commute because it wasn’t on your list. Ouch!
When you make your wish list, don’t be afraid to dream big. You might not be able to find a home that includes everything you desire, but you may be surprised by just how close you can get.
Here are some wish list items to consider:
- Distances to places you visit regularly – work, schools, running trails, recreation centres, restaurants, entertainment venues, shopping centres.
- Specific home features – a backyard tree, large closets, a fireplace, a two-car garage, a beautiful view.
- Neighbourhood characteristics –safety, sidewalks, nearby public transit, playgrounds, the neighbours.
A complete list helps you make a better decision about which homes to consider. It helps you balance the positives — “I love the large kitchen with the marble countertops” — with the negatives — “The bathroom off the master bedroom is small” — to ultimately make the best buying decision.
Also remember to take your list with you when shopping for a new home. Use it as a checklist or as a way to organize notes. Ultimately it will make it easier to shortlist homes, compare them, and determine when you’re ready to submit an offer.
Want to find out which homes on the market fit your wish list?
It often surprises me how lightly some of the home owners and also some of my colleges treat rentals.
I might be wrong, but I treat rentals just as seriously as I treat sales. I will not offer to do open houses or print super expensive brochures, but the rest bells and whistles Landlords are entitled to just like home Sellers.
Our job as Realtors is to bring the world to the property (since we cant bring the property to the world) and how could we possibly do this without fabulous photographs, appealing descriptions, floor plans and all the possible advertising media.
As to the Landlords, yes, I know, you are not selling your home, but it still needs to be cleaned, maintained and repaired to attract the Tenants you will be comfortable with.
Got an investment property sitting empty? This is not the way to go!
Day after day we receive reports that average home price in GTA climbed over 600K/625K/650K. While prices are growing with no trend to slow down, there are still options for first time home buyers and investors.
1. Ajax - Salem and Mandrake intersection, 3 bedroom, 3 bathroom - beautifully updated with modern kitchen, granite countertops, hardwood throughout main floor - asking price $369900. 6 days on the market
2. Brampton - Williams Parkway and Jordan Boulevard - lovely 3 bedroom, 2 bathroom home with finished basement and additional bedroom in the basement, listed for $284900, first day on the market
3. Clarington - Boswell and King - 3 bedroom, 3 bathroom corner unit, bright and spacious, 9' ceilings on the main floor - asking price $355000, just listed today
4. Georgina - brand new home from the builder, possession summer/fall 2016, Tarion New Home Warranty, 3 bedroom, 3 washroom, $389000
5. Milton - Harrison community - 2 bedroom, 2 washroom, attached garage, over 1000 sq feet, asking price $399900 first day on the market
6. Oshawa - Simcoe and Olive - 2 bedroom, 1 washroom, one of the largest units in the complex, completely renovated, $199000, 8 days on the market
7. Pickering - Kingston and Valley farm, 3 bedroom, 2 washroom, attached garage, finished basement, asking price $369900, 22 days on the market
8. Whitby - Country Lane and Taunton - lovely 3 bedroom, 3 bathroom home with finished basement, walk out to private yard, eat-in kitchen, only $399000
And there are many more for interested buyer. Unfortunately, they come and go fast....often before they appear on Realtor.ca.
Have questions? Want to book your private VIP showings? Call Marina 416-843-1515 today.
You’ve heard the story. Someone finds a home on the market that seems underpriced, grabs it, and subsequently discovers it’s worth tens of thousands of dollars more than the selling price.
What a bargain!
The truth is, bargains like that rarely happen.
Most properties sell for somewhere close to their market value. That’s why you need to find the perfect home for you, in the right neighbourhood, with a list price that is within your affordability range, and then buy that property for the lowest price your REALTOR® can negotiate.
When you shop for the right property at the right price, you have a good chance of finding and buying your dream home.
But if you go into the market with a plan to find a bargain, you risk overlooking those homes that might otherwise be great opportunities for you. Why? Because your price expectations will probably be a lot lower than the actual market prices.
The good news is that an experienced REALTOR® can help you find a home that’s perfect for you in every way: type, features, neighbourhood — and price.
There’s an old expression: Don’t make a mountain out of a molehill. It refers, of course, to putting a problem or issue in the right perspective. Some things just aren’t worth worrying that much about – the molehills. However, there are other things that you do need to be concerned about – the mountains.
What does all this have to do with buying a home?
It’s difficult to find a property on the market that is absolutely perfect and has no issues what-so-ever. Even if you find a home that you fall in love with and that meets all your requirements, there are bound to be one or two areas of concern. That’s normal.
The trick is to determine whether a particular concern is a mountain or a molehill. For example, say you want a home with four bedrooms, but find one with three. That may seem like a big problem. But if you look closer, you may find that one of the rooms in the finished basement can easily be converted into a comfortable spare bedroom.
That particular issue is really a molehill, and shouldn’t prevent you from putting that home on your shortlist.
On the other hand, say you want a home in a nice neighbourhood with local parks for your kids and a sidewalk out front. If a property you’re considering doesn’t have those features, you might not think it’s a serious issue. But consider how difficult it will be to take young kids for a walk and decide where you think they’ll play. You may actually have a mountain in front of you.
So, when shopping for a home, you need to understand which are minor issues that can be easily dealt with, and which are major issues that will seriously impact your enjoyment of the home.
That’s where a good Realtor® can help. Call Marina 416-843-1515 today!
When you’re shopping for a new home, you may come across properties that require repairs or renovations. Are these houses worth the added expense? Will you get your money back if you decide to sell the house in the future?
According to market studies, certain renovations and repairs do add more value to a home than the repairs typically cost. These include kitchen and bathroom renovations, new or improved landscaping, and electrical and plumbing repairs.