Working with a Realtor
Buying or selling a home in today’s market requires a lot of work and a lot of knowledge about sales and real estate. It’s one of the largest purchases or biggest business transactions many of us will ever make. It doesn’t pay to depend on blind luck.
Whether you are a buyer or a seller, there are distinct advantages to using a Realtor. A Realtor, is a licensed real estate professional who is a member of a local real estate board, as well as the Canadian Real Estate Association (CREA).
This individual has the experience and qualifications needed to successfully conduct a purchase or sale. In Ontario, you can expect strict adherence to provincial law and a code of ethics. This ensures you receive the highest level of service, honesty and integrity.
If you are a buyer
In today’s busy, complex world, purchasing a home can be a lot more time-consuming and complicated than other business transactions. First-time buyers, especially, quickly discover that there’s a lot more to buying real estate, than deciding what vacation to take or what car or suit to buy.
Using a Realtor from the start can provide you with the sound , effective advice and professional services you need to get the best deal possible. Once a Realtor has a clear understanding of what you want and what you can afford, their knowledge can save you a lot of time looking at homes that aren’t right for you.
A Realtor can pre-screen properties so that you should only have to visit a handful of homes to make an informed and wise selection.
Much of the early search with a Realtor can be done through the Multiple Listing Service (MLS) and preliminary discussions. As you visit and react to each home you see, the realtor will have an increasingly better idea of what you want and don’t want.
A Realtor will also be able to advise you on the various options available for financing a home and tell you when to bring in other experts such as a lender, home inspector, lawyer and insurance agent.
If you are a seller
Sometimes a seller will be tempted to sell their home on their own, believing it will save them the cost of the real estate commission. But, selling a home is a very complex procedures, involving large sums of money, stringent legal requirements and the real potential for very costly mistakes.
Just as most of us lack the knowledge to do a major repair on the family car, most sellers lack the depth of knowledge, experience and amount of time needed to sell a home on our own. A Realtor not only has the qualifications and expertise, but is committed to spending the time it takes to get the best deal possible.
Source: Ontario Real Estate Association
First-time buyers: finding the home
This year, consumers are can count themselves lucky in one important aspect: they are living in time that offers unequalled opportunities to realize the dream of home ownership.
Interest rates are among the lowest in decades and the availability of housing of all varieties is at the highest level in years.
In fact, in many situations, renting a family dwelling can actually be more expensive than buying. If you consider a $150,000 mortgage at 8 per cent for a 5-year term, the monthly payments would be less than $1,200 per month. Compare this to renting a suitable three bedroom apartment or townhouse in many urban centres, and it's easy to see that buying a home has become an attractive alternative.
If you take a $100,000 mortgage at the same rate and term, the payments shrink to less than $800 per month. Even better, if you're willing to accept a one-year term, the interest rate drops at least two percentage points. This would peg a $100,000 mortgage at only $650 per month and a $150,000 mortgage at around $975.
There is another important benefit to home ownership that often gets overlooked. Over the course of 25 years (the usual amortization period for mortgages), the total amount of money paid by many renters can actually exceed the amount paid by a home owner. This is due not only to the fact that mortgage payments can be cheaper than rent, but because rental fees generally increase over the long term. Of course, interest rates may also rise, but so probably will the value of the property. Therefore, additional equity will be gained.
Add to this the reality that after a mortgage is paid off, homeowners will no longer make monthly payments while renters will continue to bear the burden for the rest of their lives. This savings can greatly impact your quality of life upon retirement.
These figures are only intended as broad examples. The fact remains that money spent on rent is still money down the drain.
Regardless of the number crunching, the bottom line is that owning a house is the best way to assure the happiness and well-being of you and your family. A home gives a family room to grow, and room to prosper.
The best childhood memories many of us hold include Sunday dinners in the family dining room, retreating to the rec room when friends visit, or skating on the backyard rink throughout the cold winter months.
If you've made the decision to buy, the first person you should talk to is a Realtor. These real estate professionals will help you with virtually every aspect of your home ownership needs. From putting together a 'buying blueprint' that details your specific housing requirements, to giving advice on what you can afford, a Realtor can cut through the complexities.
Constructing a 'buying blueprint' is a critical step for first time buyers. In it, you will list items such as: how many bedrooms do you really need; is a finished basement a necessity or can you afford to wait; how big a yard do you need; and most importantly, where do you want to live? All these considerations will affect your ability to buy.
For example, many first-time buyers will forego a property close to the downtown core in favour of a suburban or even a rural home. This can lead to huge savings which can be used to either lower the mortgage and monthly payments, or to acquire a bigger home for the same cost.
Opting for a townhouse or resale home are other alternatives that can help first-time buyers escape the 'rent trap' and channel their funds into a solid investment.
When you've narrowed your requirements, a Realtor will scout properties for you and make recommendations on homes that suit your needs. Once you begin viewing, your Realtor will accompany you, offering advice on matters such as the amenities of the neighbourhood, repairs or upgrades that could be necessary, building inspections, carrying costs and so forth.
So, if you're one of the thousands of Ontario families caught in the cycle of paying rent and seeing nothing in return, now is the time to make a move. Buying a home can pay off in so many ways--you simply can't afford to pass up the opportunity.
Source: Ontario Real Estate Association
What is home Staging?
Home staging is the design process of de-personalizing a private residence prior to putting it up for sale in the real estate marketplace. This is often achieved by re-arranging, de-cluttering and improving on certain items.
The goal of staging a home is to help it sell quickly and for the most amount of money by appealing to the largest amount of prospective buyers. Staging focuses on improving a home’s potential by transforming it into a ‘neutral’ property because the way we live in our home is completely different than the way we should sell our home. Staging creates a living space buyers can "see" themselves in, similar to how model home displays are presented.
Staging also helps create an environment that will lead a buyer’s eye to the home’s attractive features, while minimizing its flaws.
Many home-sellers agree that staging is a practical first step prior to selling any home, especially since the cost of staging a home is usually much less than the increased selling price often achieved from a professionally staged home.
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