MISTAKES YOU MAKE WHEN LOOKING FOR A NEW HOME

Buying a new home can be pretty nerve racking. It is easy to make a huge financial mistake if you make a decision based on your emotions. It is also easy to get overwhelmed in the real estate market however, it is very important to have a clear mind and think rationally when making a decision.

Before buying a new house, it is very important to be realistic about your financial situation. Make sure to tailor your search accordingly. Do not downplay flaws in a house before making a purchase. This can be a very costly mistake. Do not overestimate your abilities as a handyman. 

When making decisions in regards to buying a new house, taking too long to make a decision can be risky. This is also the same case as jumping into a deal too early without making enough research. Do not overbid on a house as a result of the fear of missing out (FOMO). Take a house off your list if you know you can’t afford it.

THE CITY OF BRAMPTON

Brampton is a well divers city in Ontario, Canada. Brampton is the 9th most populous municipalities in Canada. The city of Brampton has a booming real estate market. A Brampton real estate lawyer is always ready to assist you with anything regarding real estate law. 

KNOWING WHAT YOU CAN AFFORD

It’s quite difficult to go back once you find a property you love. You start to picture every single detail of your new life and get attached. However, you’d be doing yourself a huge disservice if you know you can’t afford this particular property. Therefore it it important to search for houses only in neighbourhoods within your price range. Niro law lawyers can help you with any legal council as well as guide you through the process of acquiring a house without any roadblocks. 

When you focus your attention on only places outside your financial budget, you end up lusting over what you can’t afford. This is the wrong mindset to cultivate when in the market for a property. It is always a good idea to start looking for properties at the low end of your price range. 

SHOP AROUND: DO NOT SETTLE 

While it is very important to be realistic about what you’re in the market for, it is okay to not cave in on the essential things. For example do not settle for a 2 bed room house knowing you have plans of having more kids and will need a 3 bedroom home. If you hate sharing the same walls with others, do not buy a condo over a house just because it’s the cheaper option. 

HOW TO INVEST IN REAL ESTATE WITHOUT BUYING PROPERTY

Real estate investment without a doubt can be very lucrative. However, investing in real estate can be quite expensive since the investor would require large amount of money. 

With that being said, there’s a high chance you don’t have hundreds of thousands of dollars ready to invest right away. There are however, other options that allow you invest in real estate without buying a physical property.

• You can Invest in a real estate focused company
• Investing in a REIT
• Investing in home construction 
• Investing in a real estate mutual fund

HOW CAN YOU REALLY GET TO KNOW YOUR LOCAL REAL ESTATE MARKET?

Your local Brampton real estate lawyers and real agents have one thing in common: they know their real estate market very well. They can give you detailed responses to any questions you ask and sound legal advice in regards to real estate in the city.

To improve your chance of having success in the current real estate market, you will have to put in some time and effort in understanding your local real estate market.

 

THE CITY OF BRAMPTON 

Brampton is a city located in the Ontario province. The city is has a population of 656,480 residents. The city has a good real estate market as well as the best legal council always ready to assist new or old home buyers. Hundreds of people move to Brampton each year in the hopes of integrating into the social life of this great city. Aside from the large number of real estate the city has to offer, there are also great facilities like schools, theme parks as well as good infrastructure. 

 

LOOKING AT THE BROADER PICTURE

The real estate market is without a doubt influenced by many external factors which include, political factors, socio economic factors, as well as broader economic factors that affect pricing as well as the movement of the real estate market. 

 

FACTORS THAT SHAPE THE REAL ESTATE MARKET

Demand: this includes the quantity of homes the buyer wants to buy, the requested prices, and the specific time as well as how motivated a buyer is and they’re purchasing power.

Rarity: this simply refers to the limited supply of a property in a giving location. In such instances, the buyer of the property might be ready financially to purchase the property however, the property might be off the market.

Utility: This is to determine if the commodity is suitable for use. In cases the buyer is ready and the property is up for sale, however if the house is riddled with some kind of infestation, the sale of the house will not take place until the problem is solved.

Transferability: this is the ability to swap the old home owner for a new home owner.

COMMERCIAL REAL ESTATE (CRE): WHAT IS COMMERCIAL REAL ESTATE?

Commercial real estate properties are usually used for commercial purposes. Commonly, commercial real estate properties are leased out to tenants to conduct business. Examples of commercial real estate includes, hospitals and other health care facilities, malls, hotels, office spaces as well as restaurants. Unlike residential real estates, commercial real estate requires large amount of capital from investors. 

 

COMMERCIAL LEASES

Commercial properties are usually listed between one to ten years. There are four types of commercial property lease. These include;

1. A single net lease. This type of lease requires for the tenant to pay property tax.
2. The double net lease. The tenants of this property type are usually required to pay for property taxes and insurance.
3. The triple net lease. The triple net lease requires the tenant to pay for the property taxes, insurance as well as property maintenance.
4. Gross lease. This type of lease requires the tenant to only pay rent and the pays for the maintenance of the property, taxes and also insurance.

 

MARKHAM CITY: A MELTING POT OF CULTURES

Markham city is know for its divers cultures, technological hubs which include a lot of innovative start ups, and also its appreciation for ancient history. The city has many cultural sites, theme parks and recreational facilities. Buying a home in Markham is going to be a great move. A Markham real estate lawyer is always ready to assist you with any legal hurdles you might face when trying to acquire any type of property.

 

HOW TO GET A GREAT PRICE WHEN BUYING A HOME: MARKHAM CITY

The one common thing every home owner has in common is the need to not get ripped of during any form of transaction. It doesn’t matter what the state of the real estate market is, it is important for one to pay a fair price. However, it is a tricky situation especially in a tight market to know if getting a good deal on a home.

It is important to note that when looking a home in Markham, you do a little bit of research by comparing prices of homes to have a feel of the market. You should be also able to identify whether the price of homes in whatever area in Markham is appreciating or depreciating. You can employ the services of a real estate agent and visit homes and compare prices. Be sure to also take advice from your real estate agent on the current prices in the market.

Below are 10 tips on how to get a fair deal for a home according to investopedia.com. Be sure to take notes when considering buying a home in Markham.

 

1. Consider Recently Sold Properties

A comparable property is one that is similar in size, condition, neighbourhood, and amenities to the one you’re buying. One 1,200-square-foot, recently remodelled, one-story home with an attached garage should be listed at roughly the same price as a similar 1,200-square-foot home in the same neighbourhood. That said, you can also gain valuable information by looking at how the property you’re interested in compares in price with different houses. Is it considerably less expensive than larger or nicer properties? Is it more expensive than smaller or less attractive houses? 

Your real estate agent is the best source of accurate, up-to-date information on comparable properties (also known as “comps” or “comparables”). You can also look at comparables that are currently in escrow, meaning that the property has a buyer, but the sale has not yet been completed.

 

2. Check Out Comparable Properties on the Market

In this case you can actually visit other homes and get a tactile sense of how their size, condition, and amenities compare with the property you’re considering. You can then compare prices and see what seems fair. Reasonable sellers know that they must price their properties similarly to market comparables if they want to be competitive.

 

3. Look at Unsold Comparables

If the house you’re considering is priced similarly to homes taken off the market because they didn’t sell, the house in question may be overpriced. Also, if there are many similar properties on the market, prices should be lower, especially if those properties are vacant.

Check out the unsold inventory index for information about current supply and demand in the housing market. This index attempts to measure how long it will take for all the homes currently on the market to be sold, given the rate at which homes are currently selling.

 

4. Learn About Market Conditions, Appreciation

Have prices been going up or down recently? In a market seller’s properties will likely be somewhat overpriced, and in a buyer’s market properties are apt to be underpriced. It all depends on where the  market currently sits on the real estate boom-and-bust curve.

Even in a seller’s market, properties may not be overpriced if the market is on the upswing and not near its peak. Conversely, properties can be overpriced even in a buyer’s market if prices have only recently begun to decline. Of course, it can be difficult to see the peaks and valleys until they’re history. Also, consider the impact of mortgage interests rates and the job market on the economy. 

 

5. Be Wary of for-Sale-by-Owner Properties 

A for sale by owner (FSBO) property should be discounted to reflect the fact that there is no 2.5% to 3% (on average) seller’s agent’s commission, something that many sellers don’t take into consideration when deciding how to set a price for a house. Another potential problem with FSBO is that the seller may not have had an agent’s guidance in setting a reasonable price in the first place, or they may have been so unhappy with an agent’s suggestion as to decide to go it alone. In any of these situations, the property may be overpriced.

 

6. Explore the Expected Appreciation

The future prospects for your chosen neighbourhood can have an impact on price. If positive development is planned, such as a major mall being built, the extension of light rail to the neighbourhood, or a large new company moving to the area, the prospects of future home appreciation look good. Even small developments, such as plans to add more roads or build a new school, can be a good sign.

On the other hand, if grocery stores and gas stations are closing down, the home price should be lower, so as to reflect that, and you should probably reconsider moving to the area. The development of new housing can go either way. It can mean that the area is hot and likely to be in high demand in the future, thus increasing your home’s value, or it can result in a surplus of housing, which will lower the value of all the homes in the area.

 

7. Ask Your Real Estate Agent

Without even analysing the data, your real estate agent is likely to have a good gut sense (thanks to experience) of whether the property is priced appropriately or not and what a fair offering price might be.

 

8. Ask Yourself: Does the Price Feel Fair?

If you’re not happy with the property, the price will never seem fair, even if you get a bargain. Even if you pay a little over market value for a home you love, you won’t really care in the end.  

 

9. Test the Waters

Even in a seller’s market, you can always make an offer below list price, just to see how the seller reacts. Some sellers list properties for the lowest price they’re willing to take, because they don’t want to negotiate. Others list their homes for higher than they expect to earn, because they either expect to negotiate downward or want to see if someone will make an offer at the higher price. If such a seller accepts your price or counteroffer , you’ll get an indication that the property probably wasn’t worth what it was listed for, and you have a good chance at getting a fair deal.  

On the other hand, some sellers may underprice their properties in the hope of generating lots of interest and sparking a bidding war. Unlike on eBay, however, the seller doesn’t have to simply sell to the highest bidder; sellers can reject any and all offers that don’t meet their expectations.   

If you have your heart set on the property, be warned that some sellers could be offended by lowball  offers and may refuse to work with you should you choose to employ such a tactic. Also, when you offer less than the list price, you may increase your risk of being outbid by another buyer.    

 

10. Get an Appraisal and an Inspection

Once you’re under contract, the lender will have an appraisal of the property done (typically at your expense) to protect its financial interests. The lender wants to make sure that if you stop making your mortgage payments, it’ll be able to get a reasonable amount of its money back when it forecloses on your home. If the appraisal comes in at considerably less than your offering price, you may not be getting a fair deal. In fact, the lender may not even let you purchase the home unless the seller is willing to lower the price.

A home inspection, also completed after you’re under contract, will give you another way to gauge your offering price. If the home needs many expensive repairs, you’ll want to ask the seller to either make the repairs for you or discount the purchase price so you can make them yourself. 

To summarise, when looking to buy a new home in Markham, you need to understand how the housing is priced in order to make informed decisions. By following the steps listed and explained in this article you should have a fair idea on what to expected when you decide to look for homes to buy.

BUYING A NEW HOME IN SCARBOROUGH

Buying a house is without a doubt a very complex task. However, there are steps involved in this process that makes this hectic process bearable for everyone. We are going to take a look at these guidelines and by the time you’re done, you will know exactly what to expect in the market. Scarborough is a very unique town with great homes. There are also several law firms that can provide you with the necessary legal council. Real estate lawyers in Scarborough put the needs of their clients first and ensure they also get what they paid for.

THE PROCESS OF BUYING A NEW HOME

According to investopedia.com, there are detailed steps you can follow when you finally decide to make a home purchase and this process usually cuts across for different types of home owners. Whether its your first time buying a home or your third time, there are several steps involved in this process you will have to follow and take into consideration. 

Below is what to expect when you decide to embark on the task of purchasing a new home according to Investopedia.

FIND A HOME

Make sure to take advantage of all the available options for finding homes on the market, including using your real estate agent, searching for listings online, and driving around the neighbourhoods that interest you in search of for-sale signs. Put out some feelers with your friends, family, and business contacts. You never know where a good reference or lead on a home might come from.

Once you’re seriously shopping for a home, don’t walk into an open house without having a real estate agent (or at least being prepared to throw out the name of someone with whom you’re supposedly working). You can see how it might not work in your best interest to start dealing with a seller’s agent before contacting one of your own. 

If you’re on a budget, look for homes whose Full potential has yet to be realised. Even if you can’t afford to replace the hideous wallpaper in the bathroom now, you may be willing to live with it for a while in exchange for getting into a place that you can afford. If the home meets your needs in terms of the big things that are difficult to change, such as location and size, then don’t let physical imperfections turn you away. First-time homebuyers should look for a house that they can add value to, as this ensures a bump in equity to help them up the property ladder. 

CONSIDER YOUR FINANCING OPTIONS, THEN SECURE FINANCING

homebuyers have a wide variety of options to help them get into a home—both those available to any purchaser, includingFederal Housing Authority (FHA)-backed mortgages and those geared especially to novices. Many first-time homebuyer programs offer minimum down payments as low as 3% to 5% (vs. the standard 20%), and a few require no down payment at all. Be sure to look into or consider: 

• HUD’s resource list. Although the government agency itself does not make grants directly to individuals, it does grant funds earmarked for first-time homebuyers to organisations with Internal Revenue Service (IRS) tax-exempt status. The HUD website has details.The FHA (and its loan program) is part of HUD.
• Your IRA. Every first-time homebuyer can withdraw up to $10,000 out of their traditional individual retirement account (IRA) or Roth IRA without paying the 10% penalty for early withdrawal (but you’ll still pay taxes if you use a traditional IRA). That means a couple could withdraw a maximum of $20,000 ($10,000 from each account) to use toward a first-home purchase. Just know that if you don’t repay the money within 120 days—and you’re under age 59½—then it becomes subject to the 10% penalty. Also, you will owe income taxes on the withdrawal(s).

• Your state’s programs. Many states, including Illinois, Ohio, and Washington, offer financial assistance with down payments and closing costs, as well as with expenses to rehab or improve a property, for first-time homebuyers who qualify. Typically, eligibility in these programs is based on income and, often, on the size of a property’s purchase price.
• Native American options. Native American homebuyers can apply for a Section 184 loan.This loan requires a 1.5% loan up-front guarantee fee and a 2.25% down payment on loans over $50,000 (for loans below that amount, it’s 1.25%). Section 184 loans can be used only for single-family homes (one to four units) and primary residences. 

PREAPPROVALS AND CHOOSING LENDERS

Don’t be bound by loyalty to your current financial institution when seeking a pre-approval or searching for a mortgage: Shop around, even if you only qualify for one type of loan. Fees can be surprisingly varied. An FHA loan, for example, may have different fees depending on whether you’re applying for the loan through a local bank, credit union, mortgage banker, large bank, or mortgage broker. Mortgage interests rates which, of course, have a major impact on the total price that you pay for your home can also vary. 

Once you’ve settled on a lender and applied, the lender will verify all of the financial information provided (checking credit scores, verifying employment information, calculating DTIs, etc.). The lender can pre-approve the borrower for a certain amount. Be aware that even if you have been pre-approved for a mortgage, your loan can fall through at the last minute if you do something to alter your  credit score, such as finance a car purchase. 

Some authorities also recommend having a backup lender. Qualifying for a loan isn’t a guarantee that your loan eventually will be funded underwriting guidelines can shift, lender risk analysis can change, and investor markets can alter. Clients may sign loan and  escrow documents, then be notified 24 to 48 hours before the closing that the lender has frozen funding on their loan program. Having a second lender that has already qualified you for a mortgage gives you an alternate way to keep the process on, or close to, schedule.  

MAKE AN OFFER

Your real estate agent will help you decide how much money you want to offer for the house, along with any conditions you want to ask for. Your agent will then present the offer to the seller’s agent; the seller will either accept your offer or issue a counteroffer. You can then accept, or continue to go back and forth until you either reach a deal or decide to call it quits.

Before submitting your offer, take another look at your budget. This time, factor in estimated closing costs (which can total anywhere from 2% to 5% of the purchase price), commuting costs, and any immediate repairs and mandatory appliances that you may need before you can move in. Think ahead—it’s easy to be ambushed by higher or unexpected utilities and other costs if you are moving from a rental to a larger home. For example, you might request energy bills from the past 12 months to get an idea of average monthly costs.   

If you reach an agreement, you’ll make a good-faith deposit, and the process then transitions into escrow. Escrow is a short period of time (often about 30 days) during which the seller takes the house off the market with the contractual expectation that you will buy it—provided you don’t find any serious problems with it when you inspect it.   

HAVE THE HOME INSPECTED

Even if the home that you plan to purchase appears to be flawless, there’s no substitute for having a trained professional do a home inspection of the property for the quality, safety, and overall condition of your potential new home. You don’t want to get stuck with a money pit or with the headache of performing a lot of unexpected repairs. If the home inspection reveals serious defects that the seller did not disclose, then you’ll generally be able to rescind your offer and get your deposit back. Alternatively, you can negotiate to have the seller make the repairs or discount the selling price. 

CLOSE OR MOVE ON

If you’re able to work out a deal with the seller or better yet, if the inspection didn’t reveal any significant problems then you should be ready to close. Closing basically involves signing a ton of paperwork in a very short time period, while praying that nothing falls through at the last minute.

Things that you’ll be dealing with and paying for in the final stages of your purchase may include having the home appraised (mortgage companies require this to protect their interest in the house), doing a title search to make sure that no one other than the seller has a claim to the property, obtaining private mortgage insurance or a piggyback loan if your down payment is less than 20%, and completing mortgage paperwork. Other closing costs can include loan origination fees, title insurance, surveys, taxes, and credit report charges.   

Congratulations your e finally a new home owner. After closing the deal of a life time, moving into your new home will feel like a great accomplishment because it is! You can always contact your local real estate agent to get the ball rolling.

GUIDE TO BUYING YOUR FIRST HOME

Buying a house might seem almost impossible for a first time buyer. This is a normal feeling to have since there are many steps and requirements during this entire process of acquiring a property. This can leave you feeling overwhelmed before you even begin. However, first time home owners are at an advantage since systems have been put in place to encourage more people to take the bold step of buying homes.

TIPS FOR A FIRST TIME HOMER BUYER

        1. There are policies put in place by the government that makes the process of buying a house easy for a first timer. These                     programs you get tax breaks, and also qualification for loans.

        2.The first step of buying a house is finding the property you would like to acquire, making sure your finances are in other,                    inspecting the property, and also closing the transaction.

        3. There are programs created on the national level that help you make a down payment on the house if you cannot afford it.

       4. After purchasing your home, it is important to maintain it well. The value of a property appreciates over the years when                    maintained properly

FINDING A HOME IN PICKERING

Pickering is recognised as a very unique place to live in Canada. Pickering is located next to Lake Ontario and has a small town atmosphere with a very peaceful community as well as low crime rates. Pickering has amazing lake side properties which makes it a great tourist destination especially during warm seasons.

The town has access to all the major free roads therefor making it convenient and ideal for commuters. Theres also a lot of great schools and homes in Pickering. Finding a real estate lawyer in pickering isn’t a difficult task. There are many qualified lawyers that’ll help make your journey of acquiring your first home very smooth.

QUESTIONS YOU SHOULD ASK YOUR SELF BEFORE BUYING A HOME

• How good are your finances? Before you even begin to look though listings to acquire your home, you have to know how much money you have saved up. You don’t only need to prepare for buying a home, you also need to have enough saved up for renovations or repairs after the home purchase has been made. realize
• Which type of home are you in the market to get? Although you need to have an amount of flexibility when looking to purchasing a home, you have to also realise that buying a house a big purchase and getting exactly what you want is extremely important. Real estate agents can help searching the searching process very easy for you.
• Do you qualify for mortgage? It’s always the best idea to determine how much money your lender will give you before you start home shopping. For example, you may think you can afford a $350,000 home. However, your lender may think due to your history of debt and your monthly income, you can only qualify to buy a house in the price range of $180,000.