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gtarealestatepros · 3 years

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Reverse Mortgage

Reverse Mortgage first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/reverse-mortgage/

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gtarealestatepros · 4 years

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Free Presentation

Free Presentation first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/free-presentation/

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gtarealestatepros · 4 years

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Find A Realtor

Find A Realtor first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/find-a-realtor-service/

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gtarealestatepros · 4 years

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COVID-19 And GTA Real Estate

These are extraordinary times: the coronavirus has brought the majority of the world to a standstill as we all navigate and adjust to the changes as a result. There have been many questions, worries, and confusion about what this means for real estate in the GTA. We wanted to take the time to help answer some of these questions and lessen any of uncertainty.

So, what does coronavirus mean for real estate in the GTA, and how does it impact you?

Stay Safe

The most important thing here is for you to remain safe during this outbreak. That means listening and adhering to the advice and precautions provided by the medical community and the leaders in the fight against this.

With regards to real estate, that means taking extra precautions when it comes to how real estate transactions are performed, including avoiding open houses, practicing social distancing during any viewings, avoiding contact with surfaces, and thoroughly washing your hands.

Real Estate Is Still Operational

Real estate is an essential service and will continue to operate. Obviously, changes to how things operate have been made, such as a larger shift to online interactions (no open houses, virtual tours, sharing and signing documents online).

If you are a seller who had planned on selling your home, or a buyer who had planned on buying during this time, this is entirely possible. This is a time when it is invaluable to have a Realtor to help you navigate this unusual market.

The Move Online

As said previously, there has already been a significant move online when it comes to real estate. Most buyers begin their search for homes online, and good selling Realtors make sure to use all of the online marketing tools available to get a property noticed by the right people.

Social distancing and avoiding unnecessary contact has made online tools all the more useful. Realtors have adapted to these market changes by offering virtual tours in lieu of open houses. Additionally, while home visits are obviously a requirement before an offer is made, selling Realtors are ensuring that only serious buyers are coming to view the property. If you are just curious about a home and don’t want to make an offer in seriousness, this is not the time to be window shopping.

Rates, Inventory, And Buying

If you were thinking about buying previously and are still able to do so, this is a good time if you consider the current interest rates. You can qualify and secure a mortgage at one of the lowest interest rates on record.

While the amount of homes on the market is still relatively low, there are also fewer buyers making offers. Lower competition combined with lower interest rates make for a unique time to be a buyer in the GTA.

Seller Anticipation

As a potential seller, you might be worried about what the possible downturn in the economy might mean for the value of your home. While the GTA has many factors in its favour when it comes to housing price stability, a recession in the market is typically followed by a drop in the real estate market.

While the opinions of the experts differ, it is safe to say that if you were considering selling already, this would still be a good time to do so:

Housing sales are still up year over year – there are still buyers out there

Housing prices are still up year over year

There is still low inventory, so it is a seller’s market

The key factor here is that you want to make sure that your Realtor is adjusting to this unique market and using all of the marketing tools (especially online) to get your home noticed. Which brings us to our last point:

It’s Time For Realtors To Step Up

This is a time when Realtors need to really show their value. If you are a seller, this is especially true when it comes to marketing your home and getting it noticed by as many buyers as possible.

At a time when open houses aren’t possible, and there just isn’t frequent foot traffic, putting up a ‘For Sale’ sign and getting a listing on the MLS just isn’t going to cut it.

The biggest value that your selling Realtor can be to you right now is to use all of the tools available to get buyers to notice – from getting your home on Google, Facebook, and other social media platforms, hosting virtual tours, and taking quality and informative photos.

All of this work leads to more interest from buyers, which results in the sale price and timing that you are looking for.

And if you are a buyer, you want to make sure your Realtor is doing their homework: researching property values, doing a proper comparable analysis to gauge whether the home is under or over-priced, having a clear idea of what you are looking for so they are only presenting homes that you would want to potentially make an offer on.

At a time when you should limit the number of homes you visit, you want to be sure that each home you tour in-person is going to be one that your Realtor is confident that you would like. And while they might not all be perfect (there is always some compromise with buying), you can be sure that a Realtor who knows there stuff can lead you towards the homes you want.

If you are in the market, and you are looking for a Realtor, we’re happy to say that since we work with such a limited number of Realtors across the GTA – teaming up with only those who have a consistent and solid track record, really know their stuff, and know the areas they serve thoroughly – we are well positioned to be able to help you get the Realtor you deserve and who will step up for you.

Additionally, each one of our Realtors has an award-winning marketing team by their side to make sure that, whether you are buying or selling, you get top-quality service.

As always, we don’t charge you anything to use this service of finding a Realtor – it is completely free for you.

You can apply anytime:

Click Here To Apply In Under 40 Seconds – For Free

Stay safe everyone!

COVID-19 And GTA Real Estate first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/articles/covid-19-and-gta-real-estate/

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gtarealestatepros · 4 years

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Condos vs Townhouses vs Homes – The Differences Explained

If you’re one of those who got here by typing “what is the difference between a condo, townhouse and a home” in the Google search bar because you felt uncomfortable asking, there is absolutely no need to feel ashamed, you’re not the only one. In fact, there are more people that don’t understand the difference than those who do.

Whatever the case may be, if you came in search for answers, we’ll make the best efforts to clarify things for you.

WHAT IS A CONDO, A TOWNHOUSE, AND A HOUSE?

Condo is short for condominium and it can refer to a single building or a community of building with separate, individually owned units. They can vary in style, design, and size, but regardless of these, they always share walls with adjacent units. In addition to this, the residents own only the area or unit of the condominium they’ve purchased, not the exterior or shared spaces which are under the Homeowners Association’s (HOA) care.

A townhouse is a single-family home that shares one or more walls with another unit which is also independently owned. The owners are responsible for their house, the utilities, insurance and the land lot along with all liabilities that may arise from the ownership of the townhouse.

The term house, on the other hand, is not used to refer to an ownership type, but to a wide arrange of housing types. In most cases, when someone says “a house”, they refer to single-family houses as a stand-alone structure, without shared walls with adjacent units (as the case was with townhouses). Houses can range from single-story ranch homes to multiple story houses that have basements or attic space.

THE DIFFERENCE BETWEEN A CONDO, A TOWNHOUSE, AND A HOUSE

The basic differences between the three can be observed from the following aspects:

1. Architecture

Condo – Condos are most similar to apartments and most commonly located on some of their floors of larger condo buildings. However, some condos can take up entire floors and be free-standing or significantly larger than regular floors – usually penthouses.

Townhouse – Looking at the architecture, townhouses are usually vertical structures with a minimum of 2 floors.

House – This word is actually used to refer to multiple types of structures representative of the era they were built in. Houses can come with a variety of features such as decks, pools, basements, and garages.

2. Ownership

Condo – When you buy a condo, you buy the space you’re living in, but not the building, which is why they are usually cheaper than houses. The ownership of what is on the outside of your condo is regulated differently for every building – it can be shared ownership for the whole building community or private if there is an option for someone to buy a certain part of the building (i.e. a pool or a deck).

Townhouse – Townhouse is not used to describe a form of ownership, but more to refer to a physical structure. However, you can buy the complete townhouse structure (i.e. a condominium building (along with everything inside and outside of it, as well as the land on which it sits.

House – House owners have ownership and responsibilities over the structure, the interior and the exterior of the house along with a specified land lot.

3. Maintenance

Condo – Condominium buildings all have Homeowner Associations that take care of maintaining the common area and facilities. In some cases, HOA may charge a one-time fee for periodical expenses such as roof upgrade or buying new gym equipment.

Townhouse – Although there are many townhouses communities that have Homeowner’s Associations that cover costs for common areas (sidewalks, landscaping of the are), it’s not guaranteed that that will always be the case. Sometimes the homeowners themselves are responsible for maintaining the common areas besides their unit’s interior and exterior.

House – Houses are privately owned, and as such, the responsibility of maintaining the whole fall on the homeowner’s shoulders. This includes everything from the interior of the house, to the patio, lawn and sometimes even the sidewalk in front of the house.

4. Costs

Condo – When you live in a condo, you live in a community and as such, all members of the community contribute to the costs of maintaining the facility, using the common space and shared amenities, as well as the insurance for the building/s. All costs are handled by the HOA except the individual homeowner’s insurance which is left to the residents.

Townhouse – As we just mentioned, townhouses may have HOA that covers the costs for common spaces and facilities through a budget, but when that’s not the case, individual owners are responsible to cover these costs.

House – Homeowners are responsible for all costs arising from the structure and the lot the house is on. The specific area that falls under the responsibility of the house owners is specified by the house deed

PROS AND CONS OF EACH HOUSING TYPE

Pros of condos

More affordable to buy and maintain

Less maintenance required than a townhouse and house

You live in a community

Cons of condos

Can’t be customized to your taste

Less privacy than a house

Shared amenities with other residents

There may be restrictions for renting or sharing the condo

Pros of townhouses

More affordable than a house

Some have HOA that maintains the common space and exterior

You live in a community but have a private space

Less maintenance required than a house

Most townhouses have small yards and patios

Cons of townhouses

Higher maintenance fees

You don’t have full freedom to customize it

Some regulations by HOA

Pros of houses

You can fully personalize it

More privacy than condos and townhouses

Everything belongs to you

No special regulations for residency

You can enjoy the outdoor space

Cons of houses

More costly than other housing types

Requires a lot of maintenance

Takes a lot of time to maintain

BOTTOM LINE

To make sure you’re making the right choice whenever you’re out looking for a new home, a good starting point is to explore your options, know what they offer, and what are the advantages and disadvantages of each.

If you’ve read this far into the article, you’ve covered the first step towards finding your ideal home – knowing the basic housing types and what they offer.

Condos vs Townhouses vs Homes – The Differences Explained first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/articles/condos-vs-townhouses-vs-homes-the-differences-explained/

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gtarealestatepros · 4 years

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The Truth About Property Taxes In Toronto

If your home goes up in value by 5% then – after the next assessment – you can expect to pay 5% more on your property taxes right?

In fact – what most people don’t know – is that this is actually totally wrong.

This is not how property taxes work in Toronto.

Background To How Property Taxes Actually Work

The actual system of property taxes in Toronto is a little more complicated than this, so we’ll use some examples throughout to illustrate.

How the system actually works is that it’s designed to be a little more ‘fair’ than a flat increase on everyone – just because your home price went up.

If this had happened, then the Toronto City Council would have been flooded with money during the recent property price explosion.

But – if you think about it – that means during a housing market crash their funds would be depleted.

So – to avoid this happening – the system is a little more fair – where property taxes go up in a controlled manner when prices go up but also down in a controlled manner when they decrease.

This is why Toronto actually has one of the lower property taxes in the GTA area just now. Residents of Hamilton, for example, pay a much higher proportion.

The Criteria For A Property Tax Increase Or Decrease

Property taxes can increase in Toronto – in line with house prices. But it is limited and controlled to be ‘fair’.

Essentially: if your home increased in price faster than the average house price increase in Toronto, then your property tax will go up to account for this.

Similarly, if your home increased in price slower than the average house price increase in Toronto, then your property tax will go down to account for this.

It’s a little tricky to explain in writing, so let’s look at an example using 3 different houses:

House A grew in value by 7.5%

House B grew in value by 5%

House C grew in value by 2.5%

Now let’s say the entire Toronto housing market grew in value by 5%.

What would happen under the current system is the following:

House A would see their property taxes increase – as they grew faster than the average house. They benefited a little more than everyone else in Toronto, so are asked to contribute a little more.

House B would see their property taxes stay the same. Their home grew in value line with everyone else.

House C would actually see their property taxes go down since their home actually didn’t grow in price as fast as everyone else. Since their home did not benefit as much, they are asked to contribute a little less to reflect this.

How Are Increases And Decreases Calculated

So now that we’ve shown you the criteria for an increase or decrease, the next most obvious question is: how do increases or decreases work in practice?

Property Tax Assessment Dates

Property taxes aren’t assessed every year – that is, the increase or decrease in value of your home isn’t looked at every year. Instead, they look at it every 5 years.

An assessment of the value of your home is performed by the city. It is usually quite a conservative assessment – most homes are appraised at or sell at a higher amount than the cities assessment.

Then – using the calculations and methods above – they decide if you are required to pay more, less or equal amounts of property tax above what you’re currently paying.

If you’re required to pay more or less, this is phased in over 5 years. So, rather than increasing your payment to the full amount immediately, they do it gradually – over 5 years.

So – this is actually why your property tax might be increasing or decreasing every year – your 5 year valuation is being phased in!

This is actually good for you – if you are in the situation where you need to pay more – as you get the time to adjust to it, rather than being hit with a large, brand new bill immediately.

Simple right! Any questions? Leave a comment below and we’ll answer them.

The Truth About Property Taxes In Toronto first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/articles/the-truth-about-property-taxes-in-toronto/

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gtarealestatepros · 4 years

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Beyond the Home: 5 “Other” Things to Look Out For When Buying A Home

Buying a home means making a long-term commitment. It’s a valuable investment of both time, money and sometimes nerves.

You may already have a list of must-haves that you will look for when you go out house hunting, but there are also some other things that you may be overseeing.

These “other” things can make or break a deal and are often just as important as your must-haves.

So, to avoid overlooking an important feature or forgetting to inspect it, today we will be going over some of the “other” things you need to look out for when buying a home.

THE NEIGHBOURHOOD

Although this is one of the basic criteria most people look for in a house, it’s not just the overall outlook of the neighbourhood that matters. Some of the other things you should pay attention to are:

The presence and quality of nearby schools – Needless to say, if you’re a young family or planning to start a family soon, good schools should be the number one priority for you. Depending on the children’s age, inform yourself about the type of education the schools offer and what the ranks of those schools are.

Proximity to amenities (libraries, parks, grocery stores, sports facilities) – Let be honest, the whole experience of living in your dream home can be completely ruined if you’re completely cut off of everything. Having to walk or drive for hours in a day just to get milk would be more than annoying for many, so if you’re not willing to do that, make sure to buy a house that is close to everything you need.

Walkability and/or bike-ability – Bike enthusiasts love to go around everywhere on their bikes, that’s a fact. If you’re one of them, then well planned and detailed bike trails and tracks should be at the top of your priority list. Moving alongside busy roads can be a real pain and completely ruin the excitement of moving into your new home.

Pet-friendliness – many neighborhoods are not pet-friendly and don’t have a pet or off-leash parks nearby. This means that you’d have to walk or drive for miles until you find a place where your furry friend can roam free, wasting a lot of your valuable time. While you’re inspecting the neighborhood on the way, look around to see if you will see some pet owners walking around, parks with pets or signs directing you towards them.

Noise – if you’re near a restaurant, bar or a club that gets rowdy during the night, you won’t be able to catch that beauty sleep we all need and it’s needless to say that this is a deal-breaker for so many people. To avoid making the mistake of buying a property where you’d have to deal with annoying noises constantly, make sure to inspect the area on your way to the house tour.

DETERIORATING STRUCTURE AND MECHANICALS OF A PROPERTY

You may be fooled by the freshly painted walls and new windows and think the property is in good shape, renovated and well kept, but what you can never know what is behind those walls.

Some major damage may be hiding behind them, damage that will bring expensive and time-consuming repairs in the future.

With that in mind, there are several ways to inspect the property’s structure and mechanicals without having to actually look behind the walls:

Sewage and water systems – water damage can be easily detected through the sidings overhang on the roof as well as the gutters of the home. This is where you can see if there could be any potential leaks or floods, things that you would want to avoid.

Old and run-down roof – A traditional shingle roof is replaced every 20 to 25 years and can cost more than $8,000, so we can safely call it a lifetime investment as well. As such, it’s one of the most expensive things to replace or repair in a property which is why the first thing most house hunters inspect before even entering the property, is the roof. You don’t want to be stuck with additional roof repairment costs just after you’ve spent so much on purchasing the house.

Old electricity installation – Old electrical installations are not only expensive to maintain but also highly risky. There may be exposed electrical connections or a lack of high-amp outlets with enough voltage to sustain newer fridge and stove models which can pose a safety threat. So consider hiring an electrician to help you with fixing or updating the current electrical installation, if you’re inexperienced with it.

ENERGY EFFICIENCY

Construction companies and homeowners are keeping up with the trend of energy-efficient ways of living, turning homes into Energy-Star heavens.

However, properties built in the past were not built with this intent as the ones being built today. Many of them have old electricity, installations, and appliances that spend tons of electricity and gas, along with it, your money as well.

Let’s face it, paying high utility bills is no one’s favorite thing to do at any point in time, which is why energy-efficient houses are such a major hit.

You may think that energy efficiency refers only to the appliances in the house, but this is not true. There are many ways that a house can be energy efficient, going far beyond the appliances, and you can do a personal inspection of these things. In that regards, keep an eye out for:

Air leaks – Reducing the drafts in the home can save between 10% to 20% energy, so check for indoor air leaks, leaks between building fixtures and leaks from windows, doors, lighting and plumbing fixtures, switches, and electrical outlets.

Bad Insulation – If your home doesn’t have good insulation, your future utility bills will be too high for your liking. Make sure to check the condition of the insulation so you can save on heating and cooling costs throughout the year.

Bad ventilation – An unpleasant appearance that can happen due to bad ventilation is “back-drafting”. Back drafting happens when appliances such as furnaces, hot water heaters, fires or fire stoves and exhaust fans such as the bathroom fan or the stove fan compete for air. Then, your exhaust fan may drag combustion gases back within the home and completely pollute the air. This is why it’s crucial to have updated ventilation systems that are capable of purifying the air without wasting too much energy during the process.

HIGH OWNERSHIP TURNOVER

Two generation family looking at a house for sale

Job applicants often get doubted and refused if they’ve shown a habit of changing jobs too often, and you should similarly approach houses.

If the home you intend on buying has had 10 different owners in the past 3 years, then something is not right here. Why did so many people leave? Was the problem that un-fixable that the only solution was selling the house and moving away?

While you cannot know the underlying issues your property may have before taking ownership of it, some of the potential reasons previous homeowners have left may be:

High crime rates in the neighborhood

Unpleasant neighbors/disputes with neighbors

Structural problems with the property

Unpredictable costs

Incompatible lifestyle with the neighborhood

No parking/parking issues

Most cities have publicly available information on the average length of ownership of a home and you can check the titles and deeds of the house to see the previous owners.

You can then compare the information and see if the ownership turnover is on a reasonable level.

In Conclusion

In the end, finding a home that will meet all your needs and desires while still being in your budget is difficult, which is why it’s crucial to enter the home-searching process with an open mind and a well-thought-out plan.

Of course, making some compromises along the way will be necessary, but hopefully, in the end, you will find something that is in the middle of your must-haves and your budget.

Beyond the Home: 5 “Other” Things to Look Out For When Buying A Home first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/beyond-the-home-5-other-things-to-look-out-for-when-buying-a-home/

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gtarealestatepros · 4 years

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How To Get Your Home Ready To Sell

Preparing your home for selling seems like an endless string of tasks.

There are just so many things to think of that you may get lost in the whole process and forget the most essential things.

But no worries, we got your back on that.

We’ve made a list of 11 essential things you shouldn’t forget to do before showing your house to the world to see…and buy.

DECLUTTER

Proper space organization can go a long way with potential home buyers.

When your space is decluttered and clean, those looking around can freely focus on the house itself rather than the small decorations, knick-knacks, and stuff thrown around the house.

Clutter can also make your rooms look smaller and messier than they are, so make sure to remove anything extra from your cabinets, closets, chairs, and shelves to allow your buyers to see the real potential of the home.

PREPARE ALL PAPERWORK

Logically, those thinking about buying the house would want to know if the paperwork related to it is clean and every permission received.

At least those who are seriously considering buying your house will ask you about the paperwork and you must provide them with it.

The sooner they will be able to check if everything is okay financially and legally, the faster you’ll be able to sell the house to them.

DO SOME YARDWORK

Your yard will be the first thing potential home buyers will see when they enter the property, so it’s crucial to make a lasting first impression with it.

Get your shovels and pottery out and start landscaping.

Plant some fresh grass, style those old, overgrown bushes and place a few flower pots here and there to add some color.

UPDATE YOUR LIGHT FIXTURES

Many argue that lighting is everything when it comes to interior design.

There is so much you can do to a space by just adding the right type of lighting.

To make your rooms stand out, go out and do some lighting shopping before presenting your house to potential home buyers.

Carefully pick:

Some lamps

Light bulbs

Chandeliers

Any type of light fixtures you believe will add a different dimension to the space and make it look more sophisticated and modern.

Most importantly, don’t forget to turn all lighting fixtures on when buyers enter the house so they can serve their purpose.

PAINT THE WALLS

Paint that’s peeling off the walls is not a pleasant sight, especially when someone is considering whether to buy the property or not.

In fact, most of those that will see the wall paint peeling off will stop considering your house as their potential future home.

In their minds, that’s a sign that you haven’t taken proper care of the property.

This is exactly why the first thing everyone does once they decide to sell the property is adding fresh paint to the walls.

It doesn’t only show proper care, but it also makes the house look newer, cleaner and more presentable for future hosts.

TAKE CARE OF THE EXTERIOR

We’ve all heard the saying “don’t judge a book by its cover”, but when it comes to their potential home, most people do.

And because they do, it’s important to make the exterior of the house as presentable and memorable as possible.

As you did with the interior walls, you need to add some fresh paint to the exterior walls as well.

Some lighting on the outside won’t hurt either as it will add to the newer look you’re trying to achieve.

Whatever you choose to do to the exterior, try to put yourself in the buyer’s shoes and think of something that will make them say “wow” when they approach the house.

STAGE YOUR HOME

We’ve talked about how important staging your house is previously, but if you’ve missed that article, you surely haven’t missed so many Sales Agents talking about it.

Staging has not only helped homes sell faster, but also for more money.

In fact, many Real Estate Agents have added this as a separate service they charge for!

You don’t have to have an Agent to stage your home though.

You can:

Re-arrange the furniture

Move around the décor on your own

Present your rooms in their best light

Give out a homey feeling so buyers can instantly see themselves spending their next Sunday evening there.

DEPERSONALIZE THE HOME

Potential buyers are not interested in your book collections, family portraits or other personal belongings you may have in the house.

They can’t envision themselves living there if you have photographs of your family on every wall staring back at them and if they can’t connect to the house and see it as their home, they will probably walk away.

So, try to make your house as neutral as possible.

Remove your family portraits

Photographs

Kids’ drawings

Personal collections

So the buyers can see the house in a blank state and start envisioning how they would organize everything.

It may be emotionally hard to do this, but you need to disassociate yourself from the house as it’s no longer your home, but rather a house you’re selling for others to call home.

DO A FINAL CLEAN

By the end of everything, you will probably be tired of everything, but it’s important to take care of every last detail, and this includes cleaning as well.

Dust off the shelves

Clear the stains off your kitchen surfaces

Vacuum the floors

But also clean the spaces that aren’t so obvious like;

The insides of your lamps

The oven and the fridge

The baseboards

You never know where the home buyers will look in, so you need to make sure everything is spotless.

HIRE A PROFESSIONAL PHOTOGRAPHER

Buyers seem to have a thing for professional photographs.

Some statistics even show that MLS listings with professional photos of the property sell faster and better.

Maybe it’s because more people are drawn in to go and see the property, maybe because the house looks better in professional photos rather than those you took with your smartphone, or maybe because of some psychological reason unknown to us, who knows.

Whatever the case may be, if you want to increase your chances of making a deal soon after you’ve listed your house, statistics say you should hire a professional Real Estate photographer to take photos of your house and edit them.

RESEARCH THE LOCAL MARKET

Last, but very much not the least is the price.

I know that no number will match the value of your property in your mind and heart, but it’s important not to get too ahead of yourself.

Before you place a number on the house, do a small research of the local market.

There are so many MLS websites out there that make this job so easy that it will take you only a few hours to get a good idea of what the market is all about and what is the expected price you can get for your house.

TO SUMMARIZE

Selling your house may be hard at first.

You have so many memories living in it that it’s difficult to imagine someone else making new ones in there.

But regardless of how emotionally attached you are to the house, you have to think rationally and try to organize the property so it sells faster and better.

That’s why if you present your home in a good condition, potential home buyers will be willing to pay more for it, guaranteeing a faster and a better sale for you.

Having a Realtor by your side can be helpful because they are experts in home selling and can advise you through the process from start to finish, but if you decide not to hire one, you can follow these simple tips for a smooth home presentation that will get you a solid offer and a quick deal.

How To Get Your Home Ready To Sell first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/how-to-get-your-home-ready-to-sell/

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gtarealestatepros · 4 years

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What Documents Are Needed For A Mortgage?

Getting a mortgage today requires a lot more documentation than it did in the past. It went from only needing proof of employment and a personal ID, to a whole list of documentation and paperwork to prove your financial stability.

The list gets consistently changed and updated as lenders try to protect themselves as much as they can, preventing having a similar experience to the devastating Great Recession. The list you will see in this article covers what is currently required by most lenders, however, make sure to consult your lender for the complete set of documents you will be required to present.

REQUIRED DOCUMENTATION FOR ALL TRANSACTIONS

As we just mentioned, there are some papers that you will be asked for by almost every lender you go to, which mainly revolves around your identity, employment, and family status, the three basic factors lenders look at when approving mortgage:

Documents to verify identity:

Photo ID – All lenders have this as a requirement to confirm the identity of the borrower/applicant. It can be a government-issued ID, a driver’s license, or a passport.

Documents to verify employment:

Job Letter / Letter of Employment – Lenders want to see your employment status and if you have a regular employment contract that will ensure your ability to repay the mortgage regularly in the future.

T4 (T4A for commissioned employees) – The T4 is a document your employer provides containing information about the income you’ve earned through their employment over 1 year. It’s mostly used for tax returns, but lenders also require this document to assess your creditworthiness.

Documents to verify income:

Pay Stubs, W-2s or other proof of income – Although your tax assessment gives lenders a clear understanding of you financial stability, your pay stubs allow them to get a better idea on your gross and net incomes. This means that if you have income from other sources besides your salary, you would need to provide your lenders with documentation on that as well.

Bank Statements and other assets – Lenders require your bank statements to check the status of your accounts and if you have numerous months worth of mortgage payments within the bank. You will be asked to provide bank statements from a few months back to confirm that the money you have in your account didn’t just appear out of nowhere in the past week, but that you earned it on your own. If you have some investments, individual retirement accounts, 401(k)s, or life insurance, lenders will need to check that as well.

Notice of Assessment (NOA) – When your tax returns have been completed and filed, your federal government will issue a Notice of Assessment which shows a breakdown of the income in the last year. This is a valuable document for your lenders because it has been checked and approved by government officials and financial experts, so they can fully rely on the information stated in it.

T1 General / Tax Return –Usually, lenders look at the last years regarding tax returns, so make sure that what you reported as your earnings are consistent with your annual income through pay stubs and that your income doesn’t fluctuate too much from year to year. To confirm tax returns, you will most likely be required to sign a Form 4506-T, a document allowing lenders to request a copy of your tax returns from the IRS.

Those who are self-employed or business owners will be required to provide the following documents:

Financial Statements – for business owners, these are the basic financial documents providing an overview of the company’s assets and other financial data lenders need to decide on the mortgage question.

Master Business License – again, business owners will be required to provide proof that the business they claim they own is legally theirs, officially registered and fully operational.

Business Cheque – required from the self-employed borrowers, the business check is associated with the businesses’ bank account.

OTHER DOCUMENTATION

Gift Letter – If your family, friends or relatives are helping you with the house purchase by giving you money, you will need to provide a written proof stating that the money was given as a gift, not a loan.

Property Assessment – The Municipal Property Assessment Corporation can provide you with this document that contains information on the property value determined by the MPAC.

Condominium Status Certificate (Formerly called the Estoppel Certificate) – required only if the property you’re purchasing is a condo. This document confirms that the condominium corporation stands in good order and includes information on the maintenance fee and other expenses for the condo.

Certificate of Independent Legal Advice (ILA) – This document is written and provided by your lawyer (as the buyer) to ensure the lender that they’ve sat down with you and explained how every step of the mortgage process works.

Proof of Insurance – Before you sit down and discuss everything with your lawyer regarding the closure of the mortgage, your property needs to have a home and fire insurance policy.

To Summarize

The ultimate goal of your lender is to assess your financial stability as a borrower and your ability to repay the mortgage regularly. For them, mortgages are high and risky investments, which is why they require you to provide documents that will help them paint an accurate picture of your finances and creditworthiness.

This brings us to the conclusion of today’s article – providing the accurate, trustworthy and reliable documents will not only shorten the time required you to get approved for the mortgage, but it will also help your lenders give you the right amount of mortgage, which is beneficial for you in the end as well. It means that your monthly mortgage repayments will be easily bearable for your budget, ultimately protecting your finances and credit score.

What Documents Are Needed For A Mortgage? first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/what-documents-are-needed-for-a-mortgage/

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gtarealestatepros · 4 years

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The Closing Date and Closing Period Explained

So, you’ve finally found your dream home and everything is going according to plan with both your real estate agent and the selling party.

You’ve already started writing the purchase agreement and now your agent asks you what your preferred closing date is. Since you’ve been daydreaming about the day you move into your new home for so long, no closing day can come soon enough for you. However, some circumstances require you to wait a bit longer.

You may wonder why your agent advised you to set a closing date further away, but there are several factors that you need to take into consideration. To help you get a better idea of what are those factors and why the closing date and closing period matter, we will go over the following topics:

What is the closing date and what is the closing period?

Why does the closing date matter?

How do you choose the right closing date?

Things to consider when choosing a closing date

How to prepare for closing on a house

WHAT IS THE CLOSING DATE AND WHAT IS THE CLOSING PERIOD?

Two generation family looking at a house for sale

While they tie to the same process and are intertwined with one another, the closing date and closing period are different, in both their meaning and their legal function.

The closing date is the final step in a real estate transaction. It’s the date when the deal gets finalized and the ownership of the property gets transferred from the selling party to the buying party. Basically, when the ownership deeds transfer from one owner to another is when the closing date is.

The closing period, on the other hand, is the period between the time when the negotiations end to when the closing date comes. The closing period usually lasts around several weeks and is the time when both parties prepare to finalize the deal – the buyer by preparing the final purchase agreement and the seller by preparing the property for the buyer.

WHY DOES THE CLOSING DATE MATTER?

Picking the right closing date is important for the buyer, the seller, and all parties involved in the process. It gives everyone the time to sit down and prepare everything with care and without being rushed so the whole home-buying process is completed professionally and efficiently.

Having a planned, well-scheduled closing date will not only help you feel safer and more relaxed throughout the whole closing period, but it can ultimately help you save up thousands of dollars on closing costs.

On the other hand, choosing a bad closing date can lead to a series of errors and delays that may cost you a fortune or even destroy the whole deal.

HOW DO YOU CHOOSE THE RIGHT CLOSING DATE?

Give yourself enough time

Unless you’re paying in cash for the home, don’t set a short closing date. You have to settle a lot of documentation and plan everything, especially when it comes to the loan. Even if you’ve been preapproved for a loan, your lender may need additional documentation or last-minute requests you will have to provide, so leaving a bit of space for both parties to get organized can be beneficial for everyone.

Don’t choose a closing day before a holiday or a three-day weekend

Moving in before a holiday weekend may seem like a great idea, right? You’ll have time to sign everything off, pack from the old house and unpack in the new one, organize everything, set up the decorations and settle down before the weekend ends. However, attorneys, lenders, and other professionals involved in the process will not be as eager as you. To be able to meet your needs, they might rush to complete the whole documentation which can result in costly mistakes.

Be ready to move in on the closing date

There is no point in setting a closing date before you’re able to move into the house. The house will be sitting empty while you’re getting everything ready although you may be able to save money on prepaid interest.

Check with your new utility companies

Before you set a closing date, make sure that your utility companies can service you on that day or set up everything before you moving into it. Living without water, electricity or air conditioning even for a day can be a true nightmare for many.

Avoid closing on the end of the month

Companies, including lawyers, appraisers and other professionals are the busiest at the end of the month because it’s the most convenient time for a closing day for most people. This means that the people working on your closure documents may be under pressure to get all your papers in order, and we all know that pressure and rushing everything can lead to major problems, problems that can cost you thousands of dollars.

THINGS TO CONSIDER WHEN CHOOSING A CLOSING DATE

The closing date may change

Always keep in mind that different circumstances may occur on both yours and the seller’s side that will cause the closing date to get postponed. You might struggle to find the necessary documentation your lender asks for, or maybe the seller cannot prepare the house quick enough for you to move into it on the closing date.

The occupancy date can’t change

Once you set the move-in day, and sign the contract, it’s final. If the seller doesn’t release the property by that day at the latest, they will have to pay rent for all days they stayed in the house after the closing date. If this period gets prolonged for more than you’re comfortable with, you can activate the occupancy contingency (if there is such contingency) that lets you walk out of the deal.

HOW TO PREPARE FOR CLOSING ON A HOUSE

Go through the documentation

If you’ve done any home inspections or appraisals, make sure to reread them once again. You may have missed something important during the first read that would cause a last-minute change in the contract.

Also, organize your financial documentation. Make sure you bring your identification, income statements (pay stubs, T-4’s, etc), asset statements (all economic resources that you own), insurance information, and a copy of the agreement along with other relevant documents.

Make a final walk-through with your agent

The safest thing to do is go to the property 24 hours before the closing day along with your agent, so you can check is everything is as promised. By this time, the previous owner should have left the property and have their belongings cleared out which will allow you to test the stove and dishwasher, check the kitchen lights, flush the bathroom toilets, open and close all the windows, opening and closing doors and anything else you would like to check. If you discover some problem with anything, make sure to make your agent aware of it so he or she can advise you on what the best course of action is and how you can protect your interests.

In Summary

Yes, the closing date and closing period can be stressful, complex and take a lot of your time and money, but it’s all worthwhile in the end.

Having everything ready beforehand is even better. You will stroll through the whole closing period with less stress and fewer tasks to fulfill, allowing you to fully enjoy the moving process and getting settled in your new home.

The Closing Date and Closing Period Explained first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/the-closing-date-and-closing-period-explained/

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gtarealestatepros · 4 years

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Home Buying Clauses Explained – Which Should You Include?

If you’re out looking for a house, eventually the time will come when you will have to make an offer on a house. Offers are most commonly presented in the form of a purchase agreement, or contract if you prefer. Just as a reminder, purchase contracts include the following sections:

The agreed-upon price

The earnest money deposit amount

Property address and description

Terms of sale

Date of the final walk-through

Closure date

Home buyer’s contingencies (if any)

When you write your purchase agreements, whether it’s with the help of a real estate agent or on your own, you will notice that the last part is called “contingencies”. This is one of the most important parts of your offer since it’s the part that gives you a way to back out of it without any consequences if the other party doesn’t meet the requirements or if you don’t feel comfortable with the contract overall.

While you may include as many contingencies as you want in your purchase offer, you want to avoid including too many of them that will scare the seller away. However, make sure to include the following basic ones at a minimum:

Home Inspection

Home inspections are critical when you’re buying a house, especially if it’s an older property. In fact, home inspections are the single most common contingency that is included in almost all purchase agreements. They will give you a clear picture of the condition of the house beyond what a general examination of the exterior and interior can offer.

Some common home inspections home buyers usually ask for are:

Lead-based paint on the walls because this substance is a major contributor to deteriorating health

Wood-destroying pest inspections to ensure you won’t have to bother with those pesky pests

A roof inspection to confirm that the roof is not damaged since it’s an expensive repair

Sewer inspections to make sure they don’t clog often or that their condition isn’t deteriorating

Inspections for mold, radon, asbestos or any other harmful substances

You can add various other home inspection conditions that you believe are necessary. Once the inspections are done, you will receive a report by the inspector which will contain information about their findings along with some advice on how to fix these problems. If there are some minor damage or safety issues you can issue a request for repair for the current homeowner. They can accept or decline it, but both cases will allow you to negotiate on the price, the repairs or walk away from the deal if the problems seem too much to handle or too costly.

Mortgage Financing

If you’re buying your house by using a mortgage you need to make sure to include a financing contingency clausula. This will give you the time to apply for a loan you will use to purchase the home. In most cases, this includes a condition that allows you to find alternative sources of financing if banks decline your request or if you’re not able to find the finances, back out of the deal.

The biggest problem that arises the need for a mortgage financing contingency is pre-approvals. It’s not rare that a buyer gets pre-approved for a loan by the bank and think that their financing is set in stone when that’s not really the case. There is a big difference in getting pre-approved for a loan and going through the underwriting process that will give you final loan approval. During this underwriting process, an expert takes an in-depth look at your credit history and your current financials to make a list of conditions you will need to meet in order to receive a loan. If you’re unable to meet these conditions or the underwriter finds a problem with your finances, the mortgage company can and will decline your loan request. If this happens, the mortgage financing contingency allows you to leave the purchase deal without any consequences.

Home Appraisal

When a mortgage is involved in the deal, the most common course of action for the lender is to send an appraiser to estimate the house’s value because this will convince them that the house is really worth what you’ve agreed to pay for it. In some cases, the property will be appraised at a lesser value than its asking price, so by adding a home appraisal contingency you can negotiate a better, more realistic price or walk away from the deal if the property is overpriced. To put it simply, if the price of the property is $400,000 and your appraiser valued it at $380,000, you can renegotiate the price with the seller at a more realistic level or back out of the deal if you don’t feel that the price is still realistic enough.

However, this brings out another issue, a financing one to be more precise. When a financial provider gives you a mortgage loan, you can loan you only up to the fair market value of the property. This means that you will need to cover the difference between the asking and the fair market value price (if the latter is the lesser one). In our case, you will have to make up for the $20,000 difference between the greater fair market value ($400,000) and the lesser appraised value ($380,000). If you’re unable to renegotiate the price with the seller or don’t have this money saved in some hidden safe, you would have to turn to alternative sources of financing which may be difficult to find. When this happens, you can use the home appraisal contingency to walk out of the agreement.

Sale of Current Property

It’s not rare that buyers don’t have enough finances to pay for the house or can’t apply for a mortgage loan that high to cover the price of the property. The easiest solution in these cases for those that own another property while making an offer for another one is to a part in the offer that says they will buy the house only after they sell their current property.

This gives the buyer 2 advantages:

The buyer can back out of the agreement if they are unable to sell the current property in time and

The buyer will buy the property only when they sell their property and have enough finances

The only problem with this contingency comes up when the market is leaning more towards a seller’s market and multiple buyers are competing for a single property as it puts the buyer in a disadvantageous situation. However, if you’re doing this in a buyer’s market, this is more than beneficial for you as a seller because the market inclines the sellers to accept these types of offers.

Clear Documentation

Of course, when you’re buying a house you want to have a clean house, both physically and legally, and the second one is frequently more important than the first. This mostly revolves around the documentation and legal background of the house. Is the property legally built? Are all property titles clear and transferrable? Has the previous owner paid all his/her liabilities on time? You can only find out the answers to these questions by getting clearance on the following documents:

House titles – this will allow you to check all the previous and current owners of the property, as well as information on the ability of a seller to transfer a clean title to a buyer along with information on covenants, conditions and restrictions (CC&R).

Homeowner’s Association documents – these will prove that all fees are paid and that the HOA is financially stable which will ensure the costs and fees won’t drastically increase.

Report of statutory disclosures – or disclosure on all known material facts, which can include transfer disclosure statement (TDS), natural hazard disclosure statement, special taxes, and statutory supplemental questionnaire.

To Summarize

Some municipalities have special regulations and mandatory contingencies that need to be included in the purchase offer. Although they can be a double-edged sword at times, contingencies are mostly here to protect your interests as a buyer.

As we mentioned before, you may include as many or as few contingencies as you want, but at minimum, make sure you have the basic ones in this list. This way, you will make sure that buying the property is the right thing to do or if it isn’t, have a safe way out.

Home Buying Clauses Explained – Which Should You Include? first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/home-buying-clauses-explained-which-should-you-include/

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gtarealestatepros · 4 years

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Increase The Value Of Your Home Without Renovating

If you’re out looking for some cost-efficient ways to add value to your house without having to spend tons of money on renovation costs, there are several places in your house where you can start looking.

Believe it or not, sometimes even some minor remodels can add up hundreds of dollars to your property’s worth.

From simple tasks like cleaning to something seemingly major like flooring updates, here are some affordable ways you can add value to your home:

CONSULT A PROFESSIONAL

Before you get your hands dirty with renovations, a good starting point would be to talk to a professional.

Depending on the area of your house that you will work on, some of these professionals that can help you are:

A Real Estate Agent which can provide you with expert advice on how to increase your property value and the local prices

An interior designer that can give you some ideas and suggestions for which areas of your house need updating and what you can renovate at a lower cost

An appraiser that can tell you the current market value and the potential value of your house so you don’t go overboard with renovation costs

A home inspector that can perform a check of your home’s structural components, its foundation strength, HVAC, plumbing and electrical systems, roof, floors. windows and doors, and provide you with a report with the results along with some tips on how you can improve them

Other professionals like a handyman, a professional organizer even a landscaper can give you valuable advice of what can be done to add value to the property

A COAT OF FRESH PAINT

We cannot highlight enough the importance of fresh paint on the walls, both the interior and exterior ones.

It’s the most cost-efficient improvement to make to a house – all it requires is a few buckets of paint and breaking a bit of sweat.

**If you have a big family and children, this job can even be turned into fun quality time.

If you’re unsure of what would look good on your house, always choose neutral colors.

They are more appealing to most people, so if your goal is to sell your house for more, it will definitely make it more desirable for potential buyers.

DO A MAINTENANCE CHECK

– Worn out furniture – Paint peeling off the walls – Rust – Broken shelves – Other visible damage to the interior elements reduces the value of your property

To make sure you don’t have anything sticking out or looking like it’s ready to break at any minute, you can simply walk around your house and look for little things that look damaged, worn out, or broken.

If the repair seems cost-efficient, it will probably take minimal time to fix it as well, so don’t be afraid to put your handyman gloves on!

And remember, that stain on the carpet from the time when you spilled your coffee may not seem like a big deal for you, but it can very much be a problem for potential buyers. Even this stain can be easily fixed by cutting the stained part of the carpet and use the rest for some DIY project, so you can see your maintenance walk as the perfect opportunity to get creative as well.

UPDATE THE KITCHEN AND BATHROOM

The kitchen and bathroom are the focal points of every house because they have the most expensive features with the potential to make or break a deal at times.

Renovation costs for kitchens and bathrooms can reach tens of thousands of dollars, simple things are what matter for these rooms.

Simple things like; cleaning and de-cluttering. Start by:

Dusting the shelves off,

Cleaning the bigger elements like your shower and furnace

Remove any unnecessary fixtures

Bulky or worn-out elements

If you want to really refresh the space, clean the less-apparent places like;

The grout between your tiles

Behind the faucets

Inside your cabinets

Although it may not seem like it at first, these small tasks will make a huge difference when you look at the bigger picture in the end.

LANDSCAPE THE YARD

Your yard is the first thing everyone sees before setting foot in the house, so it’s important to make a lasting impression with it.

The best thing about this part of the house is that it requires almost no investment to make it look spectacular, especially if you have a large outdoor space.

You can do so much:

– Plant grass – A few flowers to add some colour – Trim your shrubs and trees artistically – Maybe even place a few yard gnomes you’ve been storing in your garage for ages

Remember that the flowers and shrubs may take time to grow, so make sure to take into consideration the time required for them to bloom, especially if you’re landscaping with the intent of selling the house at some point in the future.

If you’re unsure how to landscape your yard or which flowers to plant, you can always visit the local greenhouse or flower market.

Ask some of the nice people who work there for some advice, most of them will be happy to help free of charge.

Who knows, you may even get an extra helping hand along the way.

REARRANGE THE FURNITURE

A simple home staging can get you far.

Even if you’re not up for some major changes, just a rearrangement of the furniture will do the trick.

By rearranging your furniture and elements, you can create a bigger space for potential buyers to walk around.

You might also have few cabinets and shelves you don’t need nor use, so remove those as well or place them in another, emptier room.

Some other tricks;

Over-sized mirrors

Plants

Coffee tables

Colours can also add a lot of value to the house

but it all depends on your rooms and how much you want to spend on staging.

Interior designers and Real Estate Agents use staging in their work frequently, you can always turn to them for advice if you need one.

FIX THE LIGHT FIXTURES

Homes with good lighting are more attractive for buyers than those with minimal lighting, both interior and exterior ones.

Good lighting doesn’t only make the space more aesthetically appealing, but also helps highlight the most prominent features of a room.

If your goal is to give your home a new, sophisticated look, make sure to fix any busted bulbs you might have as well as place new ones to areas of your home that are either unlit or poorly-lit.

FLOORING

According to the National Association of Realtors, as many as 54% of people are willing to pay extra for a house with hardwood floors.

Now, I know what you’re thinking. “There is no way in the world that changing your floors into hardwood ones falls under the “cheap” stuff”

And you’re totally right!

However, there is a trick that can give you hardwood floors without having to spend tons of money. It’s a type of carpet that is made out of real wood which rolls up as a regular rug. You can buy one for your home and spread them out in the rooms you want to have hardwood floors in.

Besides being more affordable than real hardwood flooring, you will achieve the wanted effect without having to wait for weeks for the handymen to be done and potentially save thousands of dollars.

Even if you don’t like the option of fake hardwood flooring but your floors look worn down at the moment, you can always buy an interesting carpet to cover the damaged areas and make it stand out.

It’s cheaper than replacing your whole flooring but will give you that refreshed and new look you’re aiming for.

TO SUMMARIZE

It never harms to do a small update to your house, regardless if you intend on selling your house soon or just want to increase its value.

Aside from being simple and affordable, these tips hold the perfect opportunity to add a few extra dollars of worth to your home while saving a lot on major renovation costs.

Increase The Value Of Your Home Without Renovating first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/increase-the-value-of-your-home-without-renovating/

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gtarealestatepros · 4 years

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Home Not Selling?

Although you may not be fully aware of it, you as the homeowner can play a significant role in the timely sale of your property. Selling houses is not something everyone does on a daily basis, so it can get a bit confusing as to what is the right thing to do to make a successful sale.

That’s the part where we step in to help. Here are a few tips to make your next sale a profitable one.

1. Make the Most of that First Impression

First impressions are everything, and that includes house showings too.

A well-manicured lawn, neatly trimmed shrubs, and a clutter-free porch attract attention and welcome prospects. So does a freshly painted – or at least freshly scrubbed – front door. If it’s autumn, rake the leaves. If it’s winter, shovel the walkways. It’s important to make a clear pathway from the gate to your front door so potential buyers can easily come and see the house.

The fewer obstacles between prospects and the true appeal of your home, the easier it will be to make a deal with the buyer in the end.

2. Invest a Few Hours for Future Dividends

Here’s your chance to clean up in the real estate and do some “investment”. Clean up the living room, the bathroom, the kitchen and any other room or space that might interest prospects.

If your woodwork is scuffed or the paint is fading, consider some minor redecoration. Fresh wallpaper can always add that charm and value to your property. If you’re worried about time though, hire professional cleaners or painters to get your house ready to present in front of the world.

Remember, prospects would rather see how great your home really looks than hear how great it could look “with a little work.”

3. Check Faucets and Bulbs

Problems with water installation and plumbing systems are a major no-no for buyers. It suggests that they would have to make some major renovations to bring the house in a functioning state, something people are rarely prepared to do after they’ve bought a house.

Even minor defects like dripping water and discolored sinks rattle the nerves. They suggest faulty or worn-out plumbing, which again means more costs for potential buyers which may draw them away from the purchase.

Burned out bulbs or faulty wiring leave prospects in the dark, so that is another issue you need to take care of before opening your house to the world. Don’t let these little problems detract potential buyers from what’s right with your home and lower the price.

4. Don’t Shut Out a Sale

If cabinets or closet doors stick in your home, you can be sure they will also stick in a prospect’s mind. It’s best to deal with those small issues in a timely manner, but if you haven’t found the time to get to it, don’t try to explain away sticky situations once your buyers start entering. It will only seem like you’re trying to deceive them, and they will surely back away from that.

A little effort on your part can smooth the way toward a closing, especially when it comes to some minimal, but yet noticeable things.

5. Think Safety

Homeowners learn to live with all kinds of self-set booby traps: roller skates on the stairs, festooned extension cords, slippery throw rugs, and low hanging overhead lights. But all of these will stick out in your prospects’ eyes. They may have small kids so any risky areas can be a major drawback in their mind.

Make your residence as non-perilous as possible for uninitiated visitors. It doesn’t take much, but it can be a valuable investment.

6. Make Room for Space

Remember, potential buyers are looking for more than just a comfortable living space. They’re looking for storage space, too. Make sure your attic and basement are clean and free of unnecessary items.

If you don’t have where to store those things you’ve been keeping in your basement, a good idea would be to host a garage sale before listing your house. It’s a great way to get rid of all those things you don’t need and free up space while also making a few extra dollars on the side.

7. Consider Your Closets

Closets can be very important to some buyers, including how much space they offer.

The better organized a closet, the larger it appears, so. now is the perfect time to box up those unwanted clothes and donate them to charity. Group the remaining ones by clothing type to make your closets look more organized and spacious. It will add up to the total price in the end for sure.

8. Make Your Bathroom Sparkle

Bathrooms sell homes, so let them shine. Check and repair damaged or unsightly caulking in the tubs and showers.

Make sure to make the bathroom sparkling clean as well. Clean the tub, mirrors, and tiles, but also spaces not so obvious like behind the counters, machines. Some buyers even look at the tile scores to see how often the bathroom was cleaned, so dedicate some time to them as well.

For added allure in the bathroom, display your best towels, mats, and shower curtains.

9. Create Dream Bedrooms

Without a doubt, the bedroom is most people’s favorite room. A master bedroom has the potential to make or break a sale so it’s important to make it look stunning and comfortable.

Wake up prospects to the cozy comforts of your bedrooms. For a spacious look, get rid of excess furniture and place a few smaller elements as we’ve advised you in our previous home staging article.

Colorful bedspreads and fresh curtains are a must so the bedroom can look like a happy and comfy place. There are many things you can do to a bedroom, it all depends on your space.

10. Open up in the Daytime

Let the sunshine in! Pull back your curtains and drapes so prospects can see how bright and cheery your home is.

Use as much natural light as you can and combine it with the lighting fixtures in your home to make the most of the lighting effect.

11. Lighten up at Night

For sale sign next to a model house

As we just mentioned, lighting is one of the most important aspects when showing your house. Remember that prospects will come at every time of the day, not only in the daytime.

So when they come at night, make sure to turn on the excitement by turning on all your lights – both inside and outside – when showing your home in the evening. Lights add color and warmth to the rooms and make prospects feel more welcome.

12. Avoid Crowded Scenes

Potential buyers often feel like intruders when they enter a home filled with people. Rather than giving your house the attention it deserves, they’re likely to hurry through.

Keep the company present to a minimum, especially when showing the house to multiple groups.

13. Watch Your Pets

Dogs and cats are great companions, but not when it comes to showing your home. Pets have a talent for getting underfoot and being a major distraction during house showings, regardless if it’s in a positive or a negative connotation.

So do everybody a favor: Keep Kitty and Spot outside, or at least out of the way during house showings.

14. Think Volume

Rock-and-roll will never die. But it might kill a real estate transaction. Noise can annoy potential buyers and distract them from what they came to do – see the house.

So when it’s time to show your home, it’s time to turn down the stereo or TV.

15. Keep a Low Profile

Nobody knows your home as well as you do. However, the Real Estate Professional you have by your side knows the buyers and what they need and want, so when it’s time to show the house, it’s best to let them do their thing.

Arrange some other things while they are showing the house so both the buyers don’t feel like your bothering one another and feel comfortable. If you absolutely need to stay home for a showing though, do your best to stay in the background.

16. Don’t Turn Your Home into a Second-Hand Store

When prospects come to view your home, don’t distract them with offers to sell those furnishings you no longer need. Whether it’s the kitchen table, bar stools or a lamp, don’t be pushy. Buyers know what they want and need, and will ask you if they are interested in another purchase.

If you’ve covered these 16 points in the sale of your home, you may have to ask yourself “what is our agent doing?” Well, Realtors do a wide range of things when it comes to selling a house. After all, they are experienced professionals that know where and what to focus their attention on.

But if you want to check in on their work and what they do in details, we suggest asking your agent the following questions:

1. Where are you advertising my home? 2. What has been the feedback on the showings? 3. How many hits are we getting online? 4. How do you feel our price is compared to other homes like ours? 5. What do you have planned for marketing our home in the next 30 days?

If you’re not signed to an Agent, then GTA Real Estate Pros can help you – in just 90 seconds see if we’re a good fit at: https://www.gtarealestatepros.ca/apply-now/

Home Not Selling? first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/home-not-selling/

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gtarealestatepros · 4 years

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Home Renovations ROI

Forget the roller-coaster stock market ride. For most Canadians, and the majority of the world, a home is a solid, familiar investment. Over time, your home will increase in value at a steady, safe rate.

Although real estate prices have an upward trend over time, there are small bits you can do to further increase the return of your investment.

Whether you are updating that 80’s style kitchen, removing green shag carpeting from the bedroom, or adding exterior curb appeal by applying attractive, maintenance-free siding, you will increase the market value of your home.

When you’re renovating your home, here are a few things to consider:

If you are financing an improvement, consider your budget.

Keep your monthly payments within your limit.

Consider the type of renovation. You could overdo a good thing if you spend too much on less favorable items.

Perhaps you are planning to move in a few years and hoping to recover the costs. Canada Mortgage and Housing Corporation suggest the following as a payback range of typical renovations:

– Kitchen 68-74% – Bathroom 64-71% – Interior painting 62-66% – Exterior painting 62% – Main floor family room 49-56% – Finished basement 50-52% – Upgraded heating system 48-50% – Landscaping 45-49% – In-law or rental suite 40-42% – Central air conditioning 38-43% – Energy-efficient upgrades 33-39%

Making sure you get the best possible ROI on your home is our focus at GTA Real Estate Pros. Find out if your home is suitable in just 90 seconds at: https://www.gtarealestatepros.ca/apply-now/

Home Renovations ROI first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/home-renovations-roi/

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gtarealestatepros · 4 years

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First Time Home Sellers

Everyone in the real estate industry talks about and focuses heavily on first time home buyers. There are entire brokerages that specialize in this area. But it is very rare to hear anyone talk about first time home sellers and this is an important group to consider.

That’s where we step in to help. As GTA Real Estate Pros, we know just how daunting your first sale can seem. We’re here to reassure you, that selling your first house doesn’t have to be a stressful experience. With the right helping hand, your first home sale can go as smoothly as if you’ve been flipping homes for years!

Sellers need the attention the first time home buyers get as well! Because selling your first home can feel very overwhelming too. You’re not sure of the first steps, what’s involved, who to contact, costs, whether or not to spend money on renovations or staging, and so on. And to tell you the truth, there isn’t a lot of great advice out there in one solid place to help you through the process. You’ll hear a ton of opinions on home selling in general, but many of these features assume that you are already an expert in the process and don’t really take the time to go through everything with you.

Let’s get to the important question. Where to start?

1. First, ask yourself “How do I want to approach this?”

The world is getting smaller by the day and as a result, real estate has a completely different dimension and meaning than it did a few decades, even years ago.

For instance, today there are so many ways you can sell your home. One of those ways is For Sale By Owner (FSBO), a method of selling where the seller doesn’t use a professional Realtor. Although this is a viable option for many, there are so many things to keep in mind that the whole process can become really confusing and overwhelming, especially as first-time sellers.

It is exactly here where we see the importance of all the guidance and expertise of an experienced Realtor (especially a home sales specialist!). They can not only make the whole process go smoothly and save you a lot of headaches, but they will also make sure you’re getting the most value for your home, something you can’t guarantee for yourself.

If you want to touch more on the subject, check out our article about FSBO vs Realtors.

2. To invest or not to invest?

The eternal dubiousness of whether it’s worth it to invest in a property you will sell soon. Is it a smart move? Will it bring you the value for money you’re after or will you just waste your time and assets?

Again, the answers to these questions depend on your housing situation and can be given by a professional, experienced Realtor. A good Realtor will advise you on whether or not it will be worthwhile to put some money in fast home renovations to up the value of your home if the returns justify it.

Although as we mentioned, the situation is unique for every property, some things to consider are how quickly you are looking to sell and if it is worth your time to invest. If you’re looking for a fast and easy sale, it’s better to leave things as they are and try to find a buyer as quickly as you can. However, if you want to sell your house for more than its current worth, you will need to put in some effort and money into bringing the house in a state where it will be capable of bringing you that extra profit you’re after.

Regardless of where you identify in these situations, when it comes to sales, we’re here to help. The main thing to remember is that your Realtor will need to do a thorough inspection of your home so they can highlight any areas that may or may not stand out to potential buyers and advise you on further steps to correct or remove them if needed.

3. Marketing

When it comes to marketing, you don’t need to worry about it at all. Your Realtor will provide all of the marketing (and then some) that your property needs to reach as many potential buyers as possible. This is one area where realtors really earn their worth.

With all of the technology and marketing options available today, it has never been more important to go about doing your selling marketing properly. There are so many platforms and media out there that a novice in property marketing can become completely lost in everything. That’s why it’s crucial to have someone who understands property marketing in and out, what works and what doesn’t.

With the right Realtor who was the expertise and knowledge required, your home will not only be broadcasted to as many people as possible, but it will also be broadcasted to the right target audience where it will gain the largest number of real potential buyers as possible. This is an area that our Realtors know and specialize in as well, so you can rest assured that your property will be in the best hands when it comes to promotions and getting the maximum sales value.

4. Open House

Open Houses are the showcase of your house – the piece that turns potential buyers into actual buyers. Following the right marketing strategy, an open house will allow buyers to view and imagine themselves moving in.

You’ve made sure to get your house in tip-top shape before showing it to the world, did all the maintenance as we suggested and now all that’s left is to present your house and sell its best features. We previously touched on some home showing tips, but if you have a Realtor by your side, they will make sure your home is staged right to appeal to the most people and will let you know what to expect from an open house.

5. Closing Costs

Remember to always take into consideration the closing costs. These can include a variety of costs and fees: lawyer fees, moving costs, land transfer taxes for your new property, realtor costs, and so on.

Although you can’t predict them fully since they depend on the price, the house, and other underlying factors, it’s important that you understand these costs upfront so they don’t come as a surprise. When you do, you can properly plan your budget around them. But regardless of how much thought and planning you’ve put into budgeting, make sure to add a few extra dollars in case some unpredicted costs arise.

Some Other Important things to Consider

Chances are, if you are selling your home, you have another home picked out to move into. The sale on your current home may be conditional upon getting the financing from your existing home, plus any built-up equity and money made from the sale. Considering closing costs and costs associated with your new home is important before finalizing a sale or even choosing your new property. We have a chartered accountant on hand who can help you with all of these financial questions and ensure you plan for your move properly, and with the most benefit to you!

From all of the above, you can see that selling doesn’t have to be so complicated. Or at least it becomes a lot less of it if you have the right Realtor on hand to help you through the whole process. There are a number of things to consider, but we’ll make sure you have all the information you need, and that you feel comfortable asking any question at any time.

Start the process here and bring us on board to help sell your first home!

First Time Home Sellers first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/first-time-home-sellers/

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gtarealestatepros · 4 years

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8 Costs of Selling Your Home

Selling a house comes with all sorts of expenses, from tending to those minor repairs you’ve been avoiding for years to the compensation of agents and obtaining the required approvals. You may be familiar with some of these, while others may be completely new to you.

Regardless of what brought you here, if you’ve recently decided to put your home up for sale, there are some costs you need to consider before you take the plunge. These costs shouldn’t come unexpectedly and should be factored in the selling price.

To get your ready for them, we’ve made a list of some of the main costs you will be faced with when getting your house ready for sale:

1. Minor Fixes and Repairs

Remember those minor repairs you’ve been putting off for a while? Well, before you put your home up for sale, you’re going to want to take care of them. Make sure to patch up any holes in the wall, provide a fresh coat of paint where needed, and do the other necessary updates where you’ve noticed that there is a need for one.

Another great step would be to do a maintenance round of the house. Inspect the HVAC systems in your house, the installations, the state of the foundation, roof and other major features that would be a cause for concern for any potential buyers.

If you notice that something needs your immediate attention, this is the ideal time to put the money towards these repairs. Making sure your house is in tip-top shape will ensure that potential buyers will see it for all that it is worth and not focus on what will bring more costs.

2. Staging and Home Preparation

We’ve already covered this topic and the top tips and tricks about house staging in a previous article, but it’s still worth mentioning as it brings some additional costs when selling your house.

You should take into consideration any staging costs when its time to start showing your home. Start preparing by cleaning it up from top to bottom, maybe rearrange the furniture to make the space in your rooms look wider, or buy a few decorations that will give a whole new look to a room.

If you’re not the creative type, getting professional help in staging is the best way to know that you are really setting your home up for success. Your Home Selling Specialists will set up your home staging and include it as part of their overall service. See below for more information.

3. Status Certificate (for Condos)

If you’re selling a condo, especially in the GTA, buyers are going to want to see your status certificate.

A status certificate is a report that describes the legal and financial health of the condo corporation. It contains information about the management of the condominium, the state it’s currently in, as well as the condominium’s laws, rules, and regulations.

Generally speaking, obtaining a status certificate for your condo will cost around $100, but before you try to get one, you’ll want to check with your condo board.

4. Real Estate Commission

Realtors can be of great help when selling a house and in Toronto, there is an ever-growing variety of service and commission options to choose from. All these services are different in regards to the level of quality they offer and the level of support they offer.

Realtor Commission in Toronto is usually around 5%, split between the selling and buying agent, but it’s important to get familiar with what this includes before you hire a Realtor.

5. Legal Fees

Legal fees can be tricky to calculate since everything depends on the array of services you use from the legal experts, the firm you’re using and, of course, the value of the house you’re selling.

However, in general, you can expect anywhere from $900-$1500 based on the average Toronto home price.

6. Potential Mortgage Costs

Before selling your house, make sure to check the terms and conditions of your mortgage.

If you have an active mortgage at the moment of sale, there may be some costs associated with transferring your mortgage, or closing your mortgage with your lender if transferring is not possible. There may even be pre-payment penalties that could cost thousands of dollars, making it that more important to get informed on what your mortgage includes.

The best course of action at this point would be to talk to your mortgage broker or lender to ensure you fully understand the complete details of your mortgage.

7. Final Touches

Regardless of how sell-ready your house looks, there are always some additional costs that pop up. Whether it’s power washing the exterior, replacing some lighting fixtures, paint jobs or landscaping, you should take into consideration these final touches.

A home inspection may also be required, but this depends on your and your potential buyers’ preferences. However, it would be a huge plus if you have an official document signed by an authorized professional to show your buyers that your house is in a sparkling condition, just as they want it.

8. Other Costs

Depending on the property you’re selling, there may be other closing costs involved. If you have a lawyer on your side, they can help you by going over all these costs so you can get a better idea of how much the whole process would cost you and how much profit you can expect in the end. These costs can include outstanding property taxes, utilities or condo fees.

You’ll also want to make sure that you continue to pay your property taxes and other utilities during the period that your home is for sale until the house is sold.

If you’re interested in finding out more about all the costs that are involved with selling your property, you can always hire a Realtor to advise you about everything.

Find out more about how your realtor can help you with these closing items. Start an application here today.

8 Costs of Selling Your Home first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/8-costs-of-selling-your-home/

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gtarealestatepros · 4 years

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7 Tricks For Selling Your Home

We touched on this subject a little bit throughout a few of our articles, but today we wanted to go more in-depth about the aesthetics of your home.

Once you decide to sell your home, your goal should be to make it look its best. By doing so, you can present your home in the best light so that potential buyers can go from one room to another and instantly envision themselves living in this space.

It’s obviously better to have a sparkling home for buyers to imagine themselves in (even if they themselves wouldn’t upkeep it as such) than for your home to be cluttered and messy. For potential buyers, a clean home leaves a great impression and lets their sense of living in the space run wild, whereas a messier home is distracting and harder to overcome mentally.

Along the lines of what we just mentioned, today’s article is all about these few simple tricks to get your home ready and up for sale:

1. See things in the best light

We cannot stress enough the importance of good lighting for any space in your house, both inside and out.

It’s one of the simplest and cheapest things you can do for your house to make the rooms look better, brighter and emit that homey vibe everyone is after.

Sometimes the lighting job is as easy as replacing that broken lamp or changing the bulbs for a brighter wattage, but other times, it covers a wider range of things: natural lighting, bedding and cover colors, ambient light and even mirrors.

When taking care of the lighting in your house, it’s important to first envision what you want to accomplish with the lighting. Go from room to room and do a small audit of the light fixtures. See what type of lighting every room needs, where natural light is lacking, what color of drapes would provide the best light through and where you can add mirrors to reflect the natural light.

Don’t forget to take into consideration that your house will be presented at every time of the day, so once you’ve placed all the lights and lighting accessories, envision what the rooms would look like both during the day and at night.

At the end of the day, when your realtor is presenting your house to potential buyers, they will make sure that the lights are on even if its daytime, to capture the house in all of its glory. This just goes to show that not only interior designers want to highlight the importance of good lighting, but also realtors.

2. Half-Empty Closets go a Long Way

When you’re selling your house, you need to sell every inch of it for as high a price as you can, including areas you wouldn’t initially think of.

Like closets, for instance.

Have you heard that full closets can make buyers feel like there is not enough storage room in the whole house? There are even some cases when potential buyers have walked out of a house because they felt like there wasn’t enough storage space in the closets.

That’s why you need to make sure your closets aren’t full to the brim.

For this purpose, you can put some clothes and other items in storage for a certain time to declutter the closets and give potential buyers a greater sense of space. This will allow the extra space to be an added selling feature to the house, which wouldn’t be the case if they were packed and hard for the buyers to picture empty.

3. Take out the Pets

We all love our pets and wouldn’t trade them for the world, but the reality is that not everyone shares the same feeling as we do.

There are some people that aren’t quite fond of pets, those that may be allergic to certain types of pets, while others may even be completely terrified of them. And that last bit goes both ways. Your pet can also be terrified when strangers come while you’re hosting an open house.

That’s why the best thing you can do for both sides is to remove the pet from your home during showings or relocate them temporarily while your house is up for sale. It might be a hard thing to do for you, but it will be easier to show buyers the house when you don’t have a huge distraction to think of.

Besides, your fuzzy friend won’t convince the buyers to buy the house, regardless of how many cute tricks you’ve taught them.

4. Be Careful About Overdoing Home Makeovers

Doing some minor repairs and renovations can be a great way to see great returns on investment when selling your house. However, make sure not to overdo things and forget about the generic taste of people.

While a bright pink Jacuzzi in the dining room might seem like a great addition to you, to others this could be a negative thing, even a ridiculous addition when they’re considering buying the house. However, if you’re unsure of what to do when renovating your house, some projects that do see returns on investment include:

Kitchen renovations (improving counter-tops, sinks, stove-tops, etc.)

Painting (fresh paint in safe colours in your spaces give them a new look and feel)

Bathroom renovations

Upgraded Flooring (hardwood for example)

Basement / Income Suite renovations

5. Remove the Personal Feeling

Every buyer already has an idea of what they want their future house to look like and tries to portray that into the house they’re currently touring. However, if you have all your personal stuff left throughout the whole house, potential buyers will have a hard time envisioning themselves living here.

This is why it’s important to depersonalize your home as much as you can before you put it up for sale.

Think of the home you’re selling as a business deal to be done. Taking out the personal pictures, pet toys, and so on will help when showing the house to potential buyers. They will want to be able to imagine starting a home for themselves there – having personal effects can be distracting.

Of course, you shouldn’t remove literally everything and make it look like no one has lived here for the past few years, but just enough so that your house can still look like a warm, cozy family home while allowing potential buyers to add their personal touch to every corner.

6. Curb Appeal

Curb appeal is how your house looks from the outside and it is important to make a lasting first impression with it.

Remember, no matter how great the inside looks, if the outside is in disrepair, it can throw the entire viewing off for a potential buyer and make the deal go south before they even step foot in the house.

Making your yard and front façade look great is the first step in the right direction. Planting a few well-trimmed trees, several colorful plants and a can make your house look more appealing to buyers and ultimately, increase its value and price.

7. Choose the Right Agent

Although it’s not directly related to the look of the house, having a good Realtor can help you make your home (and you along with it) as sale-ready as ever.

They will know exactly how to make the right changes and touches to make your home stand out above the rest. A good Realtor can also guide you through the whole process and provide their professional advice about which areas require your attention. This will ultimately have a major impact on how fast and how high you will be able to sell your house for in the end.

We’re always interested in helping our clients’ homes look their best for a sale and help them get the best deal. See how we can help by filling out this quick application form. Get started here.

7 Tricks For Selling Your Home first appeared on: GTA Real Estate Pros 154 Bathurst St, Toronto, ON, M5V 2R3 647-362-2000 https://goo.gl/Yj7G5g

source https://www.gtarealestatepros.ca/7-tricks-for-selling-your-home/

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