Bill Jones - Realtor® Airdrie & Calgary Area Homes and Condos

Buying A Home?

Finding the perfect home doesn't happen in one day. There are a number of things you can do to simplify the process, including defining financial parameters, potential neighbourhoods and the desired features in your next home.

Do you need an extra bathroom, a garage, a fenced backyard, or lower utility bills? Do you want a fireplace, a short drive to work, or maybe minimal yard work? Once your list is complete, decide what is most important to your lifestyle.

Then it's location, location, location. Location affects your day-to-day living and is one of the most significant influences on value. Your choice of location may be limited somewhat by the price you can afford. Even so, make sure you consider such things as distance to work, schools, shopping and entertainment.

What type of property do you want? A single-family detached home is attractive to many people because it typically provides more living space and land. On the other hand, a condominium may be a more appropriate choice for you, with an emphasis on maintenance-free living.

A REALTOR® can help you analyze all of these buying issues. A REALTOR® working as a buyer's agent works to find the connection between homes available in the market and the needs and financial capacity of buyers. Talk to and compare the services of REALTORS® to help you navigate through this complicated business transaction. Be comfortable and confident with the REALTOR® you are selecting as your business partner.

As your agent, the REALTOR® owes you the duties of utmost care, integrity, confidentiality and loyalty. Make sure you discuss agency with your REALTOR®. In most provinces, if a REALTOR® is showing you homes, they are automatically deemed to legally be your agent, and owe you all of the associated obligations.

A REALTOR® will use various tools to try and find properties that meet your specifications including the MLS® service. One of the important search tools will be the local MLS® system. By sitting down at a computer the REALTOR® can key in your needs, choice of neighbourhoods and price range and immediately come up with a list of suitable properties available through the MLS® system. You can also view listings posted to the national REALTOR.ca web site.

When you select a property and decide to visit a house, there are many things to consider. Does it have all the features you wanted? Is the neighbourhood what you expected? Try to picture your favorite furnishings in a room. Remember all of the technical considerations:

what type of wiring does the house have?

what about power outlets? Different appliances use different types.

what type of heating system does it use?

what about the roof and foundation?

what condition are the windows in?

what about the plumbing?

There are other things to look at as well. If you don't have time or don't feel comfortable doing it, home inspection services are available for a reasonable fee. Having a qualified home inspector look at the house is always a good idea. The older the home, the greater the need for professional inspection.

Once you find the house you want to make your home, work with a REALTOR® to develop an offer. In the offer, you should specify how much you're willing to pay. State when the offer expires, and suggest a closing date for the transaction. You can also propose some conditions on the offer. Some common types of conditions are:

getting a suitable mortgage (include the amount, interest rates and any other figures you feel important);

selling your current home (the seller may continue to look for a buyer, but will give you the right of first refusal);

the seller providing a current survey, or a "real property report," showing the location of the house on the property owned by the seller and that there are no encroachments;

the seller having title to the property (your lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions);

if there is a septic system, the seller should have a health inspection certificate, stating the system meets local standards;

if you still have any doubts about the home's safety and construction, you may wish to make the purchase conditional on an inspection by a qualified engineer;

any inclusions - basically, what stays and what goes.

You will need to present a deposit along with your offer. An appropriate deposit will show your good faith to the seller. The seller's agent is bound by law to bring all offers to the seller's attention.

After your offer is accepted and all the conditions are met, the offer becomes binding on both sides. If you walk away from the deal at that point, you may lose your deposit. You may also be sued for damages. Make sure you understand and agree with all of the terms of the offer before signing.

No matter what type of home or property you're buying, plan on some extra expenses. In some provinces, you may have to pay a land transfer tax (a sales tax on property).

You may also have to pay:

a mortgage Broker's fee:

an appraisal fee;

surveying costs (if the seller couldn't come up with a current survey); and,

a high-ratio mortgage insurance premium.

an interest adjustment. Mortgages are normally calculated from the first of each month: if your closing date is the same as the beginning of your mortgage, there will be no adjustment. However, if your closing date is July and you move in on June 15, those last 15 days are the interest adjustment period. Your lender will expect you to cover the cost of the interest during that time.

You'll also have to reimburse the seller for the unused portion of any prepaid property taxes or utility bills. As well, you must also pay any legal fees, and, if applicable, any REALTOR® fees (these are normally paid by the Seller). Be prepared to furnish proof to your lender that you have insured your new house as well.

Before the property can formally change hands, there are still a few things to do. On or before closing day, your lawyer and the seller's lawyer will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer's trust account, and then to the seller, and your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees.

At this time, be sure to check with your lawyer that everything is as stated in the offer-to-purchase. Once you're satisfied and the keys to the front door are in your hands, there's nothing else to say... except welcome home!

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When you consider investing your money into Real Estate you have to think about it long and hard and educate yourself as much as possible. You want to make sure that you get a good return on your investment. Doing your homework is important. There is NO right or wrong time to invest, it all depends on the investor and if they do it smart or not.

If you've been afraid to invest in the real estate market because of the unstable economy, you may be missing a real opportunity. With property prices at a 2 year low and interest rates at an all time low

Now might be the ideal time to for you buy a property, whether you are an investor or first time buyer. We have entered a period in our economy where things are leveling off, this is also true of real estate.

It's time to review your portfolio and don't miss out on an opportunity that may not be around again for quite some time but don't forget to do your homework first. There are very few investments that can provide you with the Return on Investment that Real Estate can, however there are lots of mistakes that can be made along the way.

Don't think by trying to be your own realtor you will save money, by using a professional you won't fall into those financial dilemmas that cost unrepresented buyers hundreds even thousands of dollars.

So sit down with your Realtor and discuss the merits of purchasing your piece of the pie today.

Bill

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Airdrie, AB - Airdrie Royal Canadian Mounted Police (RCMP) and the City of Airdrie is pleased to announce a new collaborative community policing program, the Airdrie Community Resource Unit. Constables Patti Reid and Robert Frizzell have been assigned to the newly formed Airdrie Community Resource Unit effective September 1, 2009.

"The vision of the Community Resource Unit is to build bridges between youth at risk and police by providing early intervention and positive interaction," says Constable Patti Reid, one of Airdrie's new Community Resource Officers. "The members will work collaboratively with community partners and agencies with a proactive approach in order to address challenges our youth are facing."

Funded by the City of Airdrie, the program aims to enhance the delivery of community policing through an innovative and cooperative effort between public organizations, the City of Airdrie, Airdrie Peace Officers, Airdrie RCMP, Rocky View Schools, Calgary Catholic School District and local businesses.

"Community prevention is vital for a healthy community. We need to be active participants with the trends of our society and respond with an effective approach," says Mayor Linda Bruce. "This program is about interacting with our youth, coaching and giving them life skills, accountability and information they need to make informed choices when in negative peer-pressured environments."

"The benefits of coordinated community policing efforts, addresses youth risks factors resulting in a healthier and safer community. Better relationships between community partners will contribute to safer homes, communities as well as safe and caring schools," says Reid. "While this approach is directed at youth, it will also be broad enough to address the community's issues and concerns which may arise." Constable Reid will focus on youth in Airdrie middle and high schools and Constable Frizzell will be delivering the Drug Abuse Resistance Education (D.A.R.E) program to elementary students.

For more information, please contact:

Tara Richards,
Communications Coordinator, City of Airdrie
(403) 948-8800 ext 8722
c. (403) 606-8373
tara.richards@airdrie.ca

Cst. P.M. (Patti) REID
Airdrie RCMP Community Resource Officer
(403) 945-7212
c. (403) 399-4350
Patti.M.Reid@rcmp-grc.gc.ca

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QUESTION:

I need to buy a house with a good resale value. How do I determine if my house will increase in value within the next five years so that we can upgrade? I can buy a smaller house in a great location or get twice as much house in a good location. Which is a wiser decision?

ANSWER:

It's like buying stocks. How do you really know which ones will increase most in value over the next five years? As with any investment, there are risks.
The most often quoted rule is that location is the most important factor.You want to make sure that the house does not back to busy streets and is as close to the interior of the tract as possible. Avoid corners and intersections. Choose the middle of the block or a cul de sac. You'll want to be sure it has at least two bathrooms (if you are buying in an older area).

Sometimes it is just timing that works out best for you. For example, if you buy a home before a major surge in local prices.

How to Not Pay Too Much for Your Home

Whether you are buying your first home, or your fifth, the process of buying a home is a detailed, time-consuming venture. At the same time, it's an emotional period laden with difficult choices. You want to ensure that the home you purchase meets your family's needs now, and in the future.

Each of these decisions often involves money. When you consider all that money represents, you'll want to ensure that you don't pay too much. This article helps you become a savvy buyer, by pointing out some of the pitfalls inherent in the home-buying process. These include such things as knowing what you want before you begin shopping, taking your time to shop, choosing the right realtor, and remaining objective while viewing potential homes. With this information, you'll be closer to finding your ideal home.

1. Before you shop, develop a needs vs. wants list
Everyone has a picture of an ideal home. This would include all the features you not only need, but have long desired. However, when it comes time to buying a home, the desires cost more. While it's nice to think about having a beautifully landscaped backyard, or a solarium, perhaps even some built-in appliances, these are usually considered luxury items, which can add considerably to the price of your home.

That's why it's a good idea to develop a needs and wants lists. With this list, begin with items you really need like adequate space, garage and number of bedrooms. For most people, basic needs should be considered first. After that, you could consider additional desires, if you can manage these benefits financially.

With such a list in your hands, you're less likely to be caught up in the excitement of the pursuit. You'll have a good idea of what you want, within you price range, and if you can afford those additional items.

2. Get pre-approved prior to shopping
Visit your financial or lending institution prior to home buying. Quickly, you'll know the amount of mortgage you'll receive. Be sure to get a mortgage commitment in writing. Most importantly, you'll tell sellers that you are a serious prospect. Depending upon market conditions, a seller may lean towards an unconditional offer. You'll have less negotiating power if you have to wait for mortgage approval.

Banks and financial institutions have developed many programs especially for home buyers, be that first-time buyers or those with equity in their homes. When you review your needs and objectives with a lending officer, you'll be one step closer to purchasing your home.

These are just 2 of the things to keep in mind when purchasing a home. Instantly have 20 additional tips to be aware of emailed to you: http://bit.ly/2WrId5