One of the biggest mistakes a first time buyer, or any buyer for that matter, can make when purchasing a home, is to get too emotionally involved in the home before proper research has been conducted on the property and surrounding area. Here is a checklist of items to be considered before you put pen to paper on an agreement of purchase and sale.
1) Houses older than 40 years may have aluminum, or even worse, knob and tube, wiring. Insurance companies may not insure homes that contain certain types of wiring. If you really love the house, be sure to have an electrician come in to determine the amount of aluminum or knob and tube wiring. Often aluminum wiring issues can be remdied for minimal expense.
2) Musty smells in the basement could be a sign of leaks, mould or even a former grow op!
3) Look for reasonably priced homes in up and coming areas. The value will sure to increase!
4) It is always wise to look at homes where you can add value to the property. Small improvements can greatly increase the value of your home.
5) Look at your potential neighbours to see how they keep their homes. People that have pride in their home, have pride in their neighbourhood….and that’s where you want to be living!
6) Look at the furnace, roof, air conditioner and appliances (if included). If these need to be replaced, you could be looking at a lot of extra expense you may not be able to afford.
7) How close are you to schools? Do the kids have to take a bus to school or can they walk home for lunch? It is wise to call the local school board, give them the address of the home you want to buy and then have them tell you where your children will be going to school.
8) How accessible is public transportation? It is a nice feature to be close to transport and it will help with the resale value.
9) What are the traffic patterns around the house? Will you be close to a busy street? Will you here traffic while you lay in bed?
10) What are the demographics of your area? Have your realtor look into who your neighbours will be.
For more information on buying or selling real estate in Burlington, Hamilton or Oakville, Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit the Sean Kavanagh Real Estate Resource Centre at www.seansells.ca, or at www.seankavanagh.ca I'd be happy to answer any questions to accommodate all of your real estate needs. You can also contact me at 905-220-9198 or at www.realestatechat.ca as I am now a moderator on the Ontario Real Estate chat forum as well as the Burlington, Ontario sub-forum.
I look forward to hearing from you!
Sean Kavanagh
Thinking of doing a home renovation? Here are seven things you need to know before hiring your contractor:
1. Get at least three references for the contractor you think you want to hire and thoroughly check all of them.
2. Ask for photos of previous jobs to ensure the workmanship. If you are asking for a specific job to be done, ask for photos of similar jobs so you know what you can expect.
3. Ask him about the last project he worked on and request a visit to speak with the homeowners.
4. Ensure that you have a signed contract outlining every job the contractor will do, how long it will take and how much it will cost. Contractors may not wish to commit to projects in writing, but you must insist on this. Itemized costs are also important so you know how the total amount is determined and can also set aside a small amount for contingencies.
5. Work out a payment plan that you both agree to.
6. Keep track of the job as it progresses, making him aware of any jobs not done to your satisfaction or any damage he may have caused (scratched floors, stained bricks, etc). Discuss these issues before final payment.
7. Contact online resources. Homestars.ca is a website where homeowners across Canada give unbiased reviews of their contractors - invaluable!
For more information on buying or selling real estate in Burlington, Hamilton or Oakville, Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit the Sean Kavanagh Real Estate Resource Centre at www.seansells.ca, or at www.seankavanagh.ca I'd be happy to answer any questions to accommodate all of your real estate needs. You can also contact me at 905-220-9198 or at www.realestatechat.ca as I am now a moderator on the Ontario Real Estate chat forum as well as the Burlington, Ontario sub-forum.
I look forward to hearing from you!
Sean Kavanagh
When you decide to make one of the largest investments of your life, be sure consider the resale of the home when you are deciding to buy the home. I know many people don’t want to consider selling the home they just got excited about buying, but at some point, you will sell it! Here are a few things to consider when you purchase a home so you won’t run into any problems once you decide to sell.
1) Neighbourhood – This is the most important factor when deciding to buy a home. Up and coming areas, areas with beautiful natural features (trees, ravines, and lakes) and areas that have a low turnover rate (suggesting that once people get in, they don’t want to leave) all make the neighbourhood desireable to potential buyers.
2) Street – Homes that are on main streets or busy streets will reduce the appeal to potential buyers. Look for homes on streets that have minimal traffic e.g. Cul-de-sacs or ‘dead ends’. If you have children, this becomes a safety issue and when you are backing your car out of the driveway, you don’t want to be doing it onto a main road.
3) Proximity to Schools – Being close to schools will increase the amount of potential buyers. Sometimes the decision to buy one home over the next is that the kids could walk to school from one home, but have to take the bus from the other.
4) Home Condition – Homes that are updated will often sell quicker than those homes that are not. Improving the look and value of your kitchen and bathroom will fetch you a greater return on your investment. Small improvements will also allow you to keep your sale price closer to your list price.
5) Home Layout – Homes that have three bedrooms will always be more desirable those which have two bedrooms or those with two bedrooms on the main floor and one in the basement.
6) Don’t be the best on the street – The nicest and biggest house on the street is nice to look at, but is often not the easiest to sell. Houses that carry a lower price tag will often be viewed as a better deal and therefore attract more potential buyers.
For more information on buying or selling real estate in Burlington, Hamilton or Oakville, Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit the Sean Kavanagh Real Estate Resource Centre at www.seansells.ca, or at www.seankavanagh.ca or call me at 905-220-9198 and I'd be glad to answer any questions to accommodate all of your real estate needs. You can also contact me at www.realestatechat.ca as I am now a moderator on the Ontario Real Estate chat forum as well as the Burlington, Ontario sub-forum.
I look forward to hearing from you!
Sean Kavanagh
If you have been considering buying a house, refinancing to see if it you can save money by lowering your monthly payments, or are interested in taking some equity out to pay for some renovations, pay for some upcoming large purchases, or even just to use that money to go on that much needed vacation, then now is the time to consult a mortgage broker and find out whether now is the right time for you and your family.
Also, for First Time Home Buyers I recommend that you get locked into a pre-approval at the current rates!
The following article appeared on Canadian Mortgage Trends and explains why you should consider acting now!
Canada’s 5-year bond closed Wednesday at 2.56%…after it’s biggest 2-day jump in eight months.
As most know, fixed mortgage rates are linked to bond yields. Certain non-bank lenders have already reacted by raising rates 0.05% to 0.20%.
While no big banks have moved yet, they may be getting anxious. The cost of funds on 5-year money has soared roughly 30% (relatively, not absolutely) in the last month. The spread between banks’ advertised 5-year rate (3.95%) and bond yields is now down to 1.39% from about 2.00% a month ago. When you factor in branch discretion (i.e., the additional discounts offered to some customers), the spread is often even narrower.
It is difficult to imagine the Big 5 not raising rates if yields move higher. A lender email from yesterday said: “rates are artificially low. Watch for fixed rate increases.” Indeed, it seems some lenders are taking extra pains to avoid raising rates and giving up market share.
For more information on buying or selling real estate in Burlington or Oakville, Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit me again on my website www.seansells.ca or call me at 905-220-9198 and I'd be glad to answer any questions to accommodate all of your real estate needs. I can also be reached at www.realestatechat.ca as I am now a moderator on the Ontario Real Estate chat forum as well as the Burlington, Ontario sub-forum.
I look forward to hearing from you!
First-time homebuyers are being lured into the real-estate market this spring by falling prices, lower interest rates, a large selection of homes to choose from and new government incentives. Century 21 Miller Real Estate has shown a drastic increase in the number of real estate transactions since the beginning of the year and much of that can be attributed to the number of first timers not wanting to miss the boat on this great opportunity to get on the property ladder near the bottom rung.
Many property virgins are using the low interest rates and falling housing prices to get out of their rentals and make a purchase. Many first timers are realizing that their monthly mortgage payments will work out to be similar to what they are paying their landlords in rent.
Buyers definitely have an advantage in this market and more and more people are seizing this great opportunity. People used to worry about competing offers and having to buy quickly often resulting in buyers paying much more for the home than they would have liked. Now, people are able to take more time, thoroughly investigate all available houses and go for second, third or even fourth viewings before they make a decision.
Ottawa recently announced new tax credits of up to $1,350 for homebuyers to renovate their house or cottage. It also increased the amount first-time homebuyers can withdraw from their RRSPs from $20,000 to $25,000, and implemented a tax credit for first-timers of up to $750 to help cover closing costs.
Interest rates are also driving first timers to buy. With interest rates averaging around 3.6%-3.7% on a 5 year fixed mortgage, many are looking at their monthly expenses and figure they can’t lose.
For more information on buying or selling real estate in Burlington, Hamilton or Oakville, Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit me again on my website www.seansells.ca or call me at 905-220-9198 and I'd be glad to answer any questions to accommodate all of your real estate needs. I can also be reached at www.realestatechat.ca as I am now a moderator on the Ontario Real Estate chat forum as well as the Burlington, Ontario sub-forum.
I look forward to hearing from you!
Building lasting relationships and exceeding expectations.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
