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Buyers:
Getting Started
The first question you're bound to ask is, "How much home can I
afford?" That depends on a number of factors:
Your selected location: Are you set on a specific area? Downtown?
The suburbs? A rural setting?
Your preferred type of home: Detached? Semi? Duplex? High-rise?
Link? Townhouse? New or Resale? There are a variety of home styles
you will want to explore.
Your income: After all, it's not just the mortgage you have to take
into account. There are property taxes, utilities, and in some cases
condo or strata fees. As a general rule of thumb, your monthly
home-carrying cost should not exceed 30-35% of your income.
Market conditions: Is it a buyers, sellers or balanced market?
There are also additional costs to keep in mind: It's a good idea to
work out exactly what you want and what you can afford before you
begin the search. Be specific! After all, you don't want to suddenly
come to the realization that your dream house has come with a
nightmare of bills and expenses. Stick to looking at houses in your
price range. The more you've thought it out, the better your sales
representative can meet your needs.
A part of deciding just what you can afford can be accomplished by
meeting with your bank or a mortgage broker and negotiating a
pre-approved mortgage. There are many types of mortgages and many
different terms. Research all of your options. This ensures that
there are no surprises once you're ready to make an offer.
Once you've figured out your monthly expenses and what you can
afford, you can start your search. It could happen that the first
home you see is the one you want; or you might look at home after
home with none of them catching your interest. Rest assured, the
home you're looking for is out there, and when you find it, you're
ready to make an offer. If your offer is accepted, the next steps
are closing and moving into your new home.
Purchasing a home is easy once you put your plans into action.
Let the experts at Realty House Sun Parlour Inc. Brokerage help you
find your dream home. Contact Us Today.
Sellers:
Selling Your Home
There are a million different reasons why people sell their homes,
but every seller has one thing in common: the desire to get as much
money as possible from their existing residence as quickly and as
hassle-free as possible. (If your home is your principal residence,
you won't have to pay capital gains tax on any profits from the
sale. If, on the other hand, it is an investment property, prepare
for the tax man!)
Before you begin the selling process, really evaluate why you're
moving. Do you have too few rooms, or too many? Has your job moved
to another city and you're relocating? Are the neighbours driving
you away? Or are you simply looking for a change? A complete
analysis of your current position will set a good foundation for
your next home hunt.
Buy or Sell First?
Buy or sell first? That's tricky. After all, if you find a purchaser
for your existing home, before you've found a new one, you may find
yourself living out of a suitcase if a convenient closing date
cannot be negotiated. On the other hand, if you find your dream home
before you've unloaded your old one, you may be faced with carrying
two mortgages for a time.
So how do you manage? Easy! Do your homework and have a good idea
about the neighbourhood and type of home you're looking for. Do an
honest evaluation of your family's needs and budget.
Speak to your sales representative and start your new home search as
soon as your existing home hits the market.
If you've found a home, before you've sold your existing one, use
"sale of your existing home" as a condition on your offer. If you
don't sell your house within a fixed period of time, you can choose
not to go through with the offer. This, however, is a difficult
condition for many vendors to agree upon and you may find that you
have to forgo your price negotiating power.
Purchasing a home before you sell could be a risky strategy if
you're counting on the proceeds from the sale.
If you've found a purchaser before you've found your next home, use
"purchase of a new home" as a condition when you sign back the
agreement. Again, it will only be for a fixed time. Even if you have
not found the ideal next house by the time the deal closes, you may
still wish to proceed with the offer. As a buyer with a "sold house"
you will be in a better position to negotiate price.
Make Your House More Sellable
While we all believe that our home is our castle, our personal
tastes may not appeal to everyone. Your sales representative will
work with you to give you an impartial analysis of your home - how
it relates to other "competing" homes on the market and how your
home reflects current design and style trends. Your sales
representative will also take a good look at the general condition
and upkeep of your dwelling.
Overall, your sales representative will work with you to position
your home on the market so that your sales experience will take
place as expeditiously as possible.
Advertise Your Home on MLS®
This service is only available to real estate sales representatives.
It is a database of all the homes for sale through sales
representatives. Details about your home will be available to other
sales representatives searching for homes in your area, in the range
of your asking price.
Arrange Showings
In addition to giving your home the once over with a mop and dust
cloth, have your sales representative prepare a home feature sheet.
This is a one page synopsis of your home that highlights lot size,
room dimensions, features and upgrades as well as utility costs and
taxes. Prospective buyers will take a sheet and refer to it while
viewing your home. Plus, it makes for a great reference sheet when
the buyers are comparing properties.
The Open House: This is usually
not a pleasant experience. The upside is that you usually won't have
to be there to act as a guide. The downside is that you might have a
series of open houses over a few weeks, with people poking through
all areas of your home. And you'll have the constant pressure of
keeping your home looking its best.
The Viewing: When a sales
representative has a client who is interested in your home, they
will first call to make an appointment with your sales
representative. If you're lucky, you'll have time for the
last-minute tidying. Of course, you can say no if the prospective
purchaser wishes to come at an inconvenient time.
During the viewing, make sure you give the viewer and the sales
representative a feature sheet and get the sales representative's
business card. Give viewers the freedom to wander around your home
by themselves. Following may make them uncomfortable. The sales
representative will stay with the prospects to offer some protection
against theft or property damage.
Let the experts at Realty House Sun Parlour
Inc. Brokerage help you sell your home.
Contact Us Today.
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