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All posts for the month March, 2015

March

Tips: Here’s Why You Shouldn’t Buy A Car Right Before
You Buy A House…

When an individual’s income starts growing and they manage to set aside some savings, they commonly experience what may be considered an innate instinct of modern civilized mankind.

The desire to spend money.

Since North Americans have a special love affair with the automobile, this becomes a high-priority item on the shopping list. Later, other things will be added and one of those will probably be a house. However, by the time home ownership has become more than a distant and hopeful dream, you may have already bought the car.

It happens all the time, sometimes just before you contact a Lender to get pre-qualified for a mortgage.

As part of the interview, you may tell the loan officer your price target.

He will ask about your income, your savings and your debts, then give you his opinion. “If only you didn’t have this car payment,” he might begin, “you would certainly qualify for a home loan to buy that house.”
You see, when determining your ability to qualify for a mortgage, a Lender looks at what’s called your “debt-to-income” ratio.

What are debt-to-income ratios?

A debt-to-income ratio is the percentage of your gross monthly income (before taxes) that you spend on debt. This will include your monthly housing costs – including principal, interest, taxes, insurance, and homeowner’s association fees, if any. It will also include your monthly consumer debt, including credit cards, student loans, installment debt, and….
CAR PAYMENTS!

How a New Car Payment Reduces Your Purchase Price

Suppose you earn $5,000 a month and you have a car payment of $400. At current interest rates (approximately 8% on a 30-year fixed-rate loan), you would qualify for approximately $55,000 less than if you did not have the car payment. Even if you feel you can afford the car payment, mortgage companies approve your mortgage based on their guidelines, not yours.

If you haven’t already bought a car, remember one thing: Think ahead. Think about buying a home first. Buying a home is a much more important purchase when considering your future financial well-being.

Eight Steps To Follow When Buying A Home

1. Decide to buy a home.

That sounds reasonable, doesn’t it? Yet, so many of us are really “just looking” rather than seriously considering changing the location of our home. Why is it that you want to find a new home? Has your lifestyle changed enough to warrant this type of investment? Until you identify your NEEDS and your WANTS, you’ll find it very hard to find just the right home for you.

2. Find a great real estate consultant.

Once you’ve decided to buy a home, find a great real estate consultant. What you’re looking for is a Buyer’s Agent. This means that the consultant represents YOU as the buyer, rather than the person selling the home. They will have YOUR best interests at heart.
Really good consultants know their markets, and will help you find the best match for your needs and wants. They can also recommend mortgage brokers with whom they’ve worked in the past.

3. Secure financing.

If possible, get “pre-approved” for a loan in the amount you’re willing to borrow. With this pre-approval, you’re in a stronger position to buy a home when you’re ready – rather than finding your dream home, only to lose it to another buyer, because you were waiting on the approval.

4. Find your dream home.

Now that you have your “wish list,” your consultant, and your “pre-approval” in hand, go forth and find yourself a home.

As you go through homes, make sure to keep the listing notes of your impressions of the house, and a photo (if possible) in a notebook, so you can remember all the homes you’ve seen.

5. Make a written offer and negotiate the price.

Once you find your home, work through your consultant to make an offer. Typically your first offer is going to be lower than the listing price. Listen to your consultant; they’re representing you and know what homes have sold for in that neighborhood. Rarely will the seller accept this first offer, so they’ll counter with another price. Back and forth you’ll go until you settle on a price. (This is where the consultant is really using their expertise).

6. Prepare a certified cheque.

Once you and the seller have agreed on a price through your real estate consultant, you’ll need a certified cheque deposit to be deposited to the listing broker trust account. What this does is put a “good faith deposit” in a third party’s hands, to demonstrate that you’re serious about buying this home. Many buyers offer five to 10-25% of the selling price of the home.

7. Have an inspection.

The home inspection is to protect you from buying a home that may have serious hidden structural problems or defects.

8. Sign the final documents, get the key and move into your new home.

Finally! The home has been inspected, you’ve cleared the title to the property, and you’ve “closed” on the deal. All you have to do now is move in. Don’t forget to put out the welcome mat!

Milliken Agincourt

MLS Sold Statistical Summary for 2/28/2015

Area: Toronto

Municipality: Toronto E07

Property Type Active Sales Avg $ Med $ Min $ Max $
Att/Row/Twnhouse 0 2
2
$472,750
$472,750
$472,750
$472,750
$399,000
$399,000
$546,500
$546,500
Month
Year
Co-op Apt 0 0
0




Month
Year
Condo Apt 76 39
55
$262,192
$255,469
$258,000
$258,000
$185,000
$164,500
$353,000
$353,000
Month
Year
Condo Townhouse 1 7
12
$415,355
$404,448
$399,888
$398,944
$354,800
$354,800
$528,000
$528,000
Month
Year
Det Condo 0 0
0




Month
Year
Detached 13 12
24
$799,382
$743,332
$761,900
$725,500
$618,000
$510,000
$1,260,000
$1,260,000
Month
Year
Link 2 4
6
$655,700
$626,633
$657,500
$629,000
$613,000
$555,000
$694,800
$694,800
Month
Year
Semi-Detached 0 4
5
$587,750
$583,900
$574,000
$568,500
$515,000
$515,000
$688,000
$688,000
Month
Year
Municipality Total: 92 68
104
Month
Year

Westminster Branson

MLS Sold Statistical Summary for 2/28/2015

Area: Toronto

Municipality: Toronto C07

Property Type Active Sales Avg $ Med $ Min $ Max $
Att/Row/Twnhouse 5 1
2
$927,500
$782,750
$927,500
$782,750
$927,500
$638,000
$927,500
$927,500
Month
Year
Co-op Apt 0 0
0




Month
Year
Condo Apt 143 46
78
$389,654
$381,955
$373,500
$361,500
$234,000
$234,000
$680,000
$919,990
Month
Year
Condo Townhouse 13 3
9
$463,000
$451,767
$424,000
$424,000
$330,000
$323,000
$635,000
$635,000
Month
Year
Det Condo 0 0
0




Month
Year
Detached 53 36
58
$1,281,358
$1,222,300
$1,222,500
$1,114,000
$822,500
$752,000
$2,128,000
$2,128,000
Month
Year
Link 1 0
0




Month
Year
Semi-Detached 6 5
6
$551,400
$569,500
$567,000
$574,500
$458,000
$458,000
$665,000
$665,000
Month
Year
Municipality Total: 221 91
153
Month
Year

Last Status: *** SOLD ***

Brantwood

Welcome to 72 Brantwood Dr. in Scarborough ON. A lovely home located in the heart of Scarborough few blocks away from Scarborough Town Center. Accessible to public transportation, shopping centre, grocery, hospitals and many more. Perfect investment property easy to rent out as it was located in the main road of McCowan.  It is also a perfect single starter home.

Motivated seller looking to move out ASAP. This is a perfect contractor project looking to flip property. This house will yield a solid ROI.

Don’t miss out on this investor gem. For more information please visit….

www.view-this-listing.com

Great Real Estate Advice - April Blog

HOME SELLER TIP: Spend a Little Get a Lot

• Opt for neutral paint and carpets but add splashes of color with area rugs, napkins, flowers, pillows, curtains, drapes and towels.

• Make the fireplace a focal point – polish your fireplace tools and arrange logs in the fireplace. On cold days, light a welcoming fire.

• Selling a vacant house? Consider renting a few pieces of furniture to create a cozy atmosphere.

• Just before showing your house, turn on all the lights – including closet and oven lights, and those over the stove and kitchen counters. This makes the house look bigger and brighter.

• Place a small rug in front of doors leading outside so visitors can wipe their feet, particularly if it is raining or snowing.

• To give your house an inviting aroma, pour a small amount of vanilla extract on a cookie sheet and place in a warm, NOT HOT, oven.

How To Avoid The Most Expensive Mistakes Smart People Make When They Sell Home…

Trying to SELL their house when buyers come to see it.

One of the biggest mistakes enthusiastic home sellers make is to follow buyers around and try to SELL them on the property. This can be a negative for the buyers. The best thing is to stay out of the way, and let people look at their own pace; they’ll get a better feel for the property and whether the house is for them.

Casting Out Clutter

Love those toy trains from your childhood? Totally attached to your collection of moose stuff? Dedicated to your college fraternity memorabilia? Take a deep breath and a long gaze – then box‘em up and ship them out to a storage facility or at least to a hidden spot under your bed. For no matter how much sentiment these personal items hold for you, these little treasures are nothing but CLUTTER to prospective buyers.

Clearing clutter from your home accomplishes two things; it makes areas of the house easier to clean and it neutralizes the space so prospective buyers can picture their own treasured items there. So, if you begin cringing as you read the following suggestions, repeat this mantra after me: Space sells.

Many folks find it easier to begin with clearing out the garage, an area where unwanted items often land. Throw away worthless items you can do without and store important items in a warehouse or friend’s garage. As you collect “disposable” items from your house decluttering, organize them neatly in your garage in preparation for a garage sale.

Many home sales experts recommend removing half your furniture from the house. This is a good time to repeat, “Space sells.”

Accent tables, extra chairs, and cabinets that hold huge collections are good choices for removal. For example, a dining room table with chairs should be kept in the room while a corner china cabinet or curio shelf would be removed. Bedrooms should contain just one double or queen-size bed or two twin beds. Extra beds should be stored. Take an inventory of those items you can do without for awhile. Make a note of where you plan to put each item when it’s removed. Store it, sell it or give it away.

Depersonalize space. Remove your teenage daughter’s poster of Orlando Bloom from her bedroom, your husband’s stuffed deer head from the study, and any partisan items like bumper stickers, books or magazines from the family room. All spaces should be neutral zones so potential buyers can picture their own belongings in each room. Remind your family members that they can have these items back as soon as the house sells!

Just as it’s good to remember that space sells, it’s also important to remember The Rule of Three. Step one of the rule: Take everything off the kitchen counter, bathroom vanity, table tops and mantles and wipe them clean.

Step two: Return only THREE items to each space. Yes, ONLY three. As for the leftover items – store them, sell them or give them away.

Keep in mind that nothing is sacred when a house is on the market. Anything that can be opened in any room – closets, drawers, cabinets, shower curtains, pantry doors – will be explored by potential buyers. Clean out and organize closets, drawers and the pantry. Keep the shower spotless and remove shampoo and conditioner bottles or any other personal care items.

In the bedroom, remove half the clothes from each closet, put shoes on a rack and hang purses and belts on pegs or organizers. Don’t forget to recycle all those newspapers you have stashed in the hall closet. Leave no cabinet door unopened or unclean.

In her book, Simple Steps You Can Take to Sell Your Home Faster And for More Money in Any Market, Ilyce R. Glink suggests creating a “clutter collector” in areas where papers and writing utensils seem to collect.

Glink’s clutter collector is a large, flat storage box that’s kept where mail and schoolwork seem to end up each day. Keep all receipts, old phone messages, pens and pencils, children’s artwork, permission slips and other miscellaneous papers in the box. Just before a potential buyer is scheduled to arrive for a showing, store the cutter collector underneath a bed.

Whew! Now that you’ve decluttered your house, what do you do with the items that you no longer need but are still usable? You have several options. If you donate them to a charity, you may be able to receive an income tax deduction for the value amount. An added bonus: Often these organizations will pick up donations so you can spend your time elsewhere.

You can always sell unwanted items through consignment shops, classified ads, garage sales, tag sales or an auction. It might be nice to have a little extra cash to help pay moving expenses. But if you can’t bear to part with these unnecessary treasures, self-storage may be the right answer for you. Rented storage units are particularly convenient places to keep furniture, seasonal sports gear, holiday decorations, and patio furniture.

If clearing clutter seems like an overwhelming task, just remember two things. First, reducing clutter makes each room easier to clean. There are fewer objects to move when dusting and vacuuming. And don’t forget what’s down the road: The move. The more you clean out or box up, the easier it will be to prepare to move after your house sells. Since you’ll have more important things to do at that time, doesn’t it make sense to get it done before your buyer looks at the house?