Tag Archives: buying

A Comprehensive Guide to purchasing a new Home in Ontario

So you’re thinking about buying a new home?

Buying a new home-Read our guide

Download buying a new home in Ontario – comprehensive guide

One attractive option are buying new houses in suburban areas that offer bigger living spaces. Another option are buying new condos and townhouses in urban centers close to amenities, transportation and entertainment. Many buyers find buying new homes appealing because it gives you the ability to choose custom finishing’s. And let’s not forget everything will be brand new!

This guide will provide you a comprehensive overview about what to consider and how to protect yourself if you are planning to buy a newly built house or condo.

It will show you:

a) what protections you have under Ontario law when buying a new home
b) what overlooked details to check out that can save you thousands of dollars down the road
c) how to avoid paying extra condo fees
and much more!

If you have any questions about buying a new home, house or condo, I’m happy to help. Call Sam Marji, your trusted real estate adviser at 647- 220-9588.

Download buying a new home in Ontario – comprehensive guide

Why not Invest in a Larger Down Payment?

To obtain a conventional mortgage, buyers are required to put down at least 20% of mortgage price. Larger down payments save you money.

To obtain a conventional mortgage, buyers are required to put down at least 20% of mortgage price. Larger down payments save you money.

The size of a down payment can vary. Depending on the type of mortgage, down payments generally range from 5% to 20% of the purchase price.

To obtain a conventional mortgage, home buyers are required to put down at least 20% of the purchase price or appraised value (whichever is less) as a down payment. If you don’t have the necessary time or resources to save a full 20% down payment, you can choose a high-ratio mortgage and buy a home with a down payment of as little as 5%. This option is called a high-ratio mortgage and it requires you to purchase default insurance.

Whether you choose a conventional or a high-ratio mortgage, one thing is almost always certain: larger down payments saves you more money in the long run.

Keep in mind that a larger down payment:

1. Reduces the amount of your monthly principal and interest payment
2. Reduces the total amount of interest you pay over the life of your mortgage

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Was this home ever used as a Meth House?

Are You About To Buy A Former Meth Lab?

Shopping for a good home can be difficult enough when simply considering the location. You may worry about additional factors such as the type of neighbors you’ll have or the quality of the school your children might attend.

One important factor that is often overlooked is the history of the home in question and whether it may pose as a problem.

Before you prepare to buy a home, this is one question you will definitely want to know the answer to.

“Am I Buying A Home That Was a Former Meth Lab?”

You may look at the house and not see any apparent clues that anyone ever produced methamphetamines there. It could be that you have no idea what signs to even look for.

I was recently contacted by an associate from bestrehabcenter.com,based out of Jensen Beach, Florida, who was generous enough to provide me with a visual graphic of the telltale signs of former meth labs.

12 Keys Rehab created this graphic as a guide:

Signs your house was a former meth lab

Signs your house was a former meth lab

Is Your Home a Former Meth House? by 12 Keys Rehab

Unit 117 601 Shoreline Drive Cooksville Mississauga

Overview

Steps Away from a playground and Park, This Fantastic Home at  601 Shoreline Drive Cooksville Mississauga Is Situated Next Door To All Your Much Needed Amenites Including Schools(Father Daniel Zanon) & Stores; Loblaws, Lcbo, Home Depot, Canadian Tire, Farmer’s Market, Shopper’s Drugmart, Subway, Mcdonalds and TD Bank Are Also Located In Plaza On Other Side. Huge Park W/Baseball&Soccer Fields Is Right Next To High Park Village. Single Bus To Sq 1,Cooksville Go&Subway Stations,This House Compasses Convenience At Dr Step.2 Full B/R&Powder Rm

Video tour of home at Shoreline Drive Cooksville Mississauga:

Calling All Home Inspectors

What quality of work to look for in the best home inspector?

What quality of work to look for in the best home inspector?

Home inspection represents a key piece of the home-buying process. A home inspector provides an expert eye that gives an invaluable assessment of the biggest investment a buyer will make.

The best home inspector can ease the process and make sure there’s no surprises. A bad home inspector can jeopardize a sale, hurting both sides of the real estate equation.

Here are a few ways to protect yourself against an unqualified home inspector.

1. A lot of information about inspections aims at buyers, but they can help sellers. You may even want to invest in an inspection before you put the home on the market, so you can fix potential issues, adjust the price point, or know what to expect at the negotiating table. Remember to prep as much as you can to make the inspector’s job easier.

2. When hiring a home inspector, make sure the person doing the inspection is recommended by a reliable source. You can consult the Better Business Bureau in your municipality or the Ontario Association of Home Inspectors to find a professional home inspector in your area. Ask friends and relatives who recently bought for recommendations. Your real estate agent might have someone they trust as well.

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Common Mistakes when selecting a neighbourhood

Questions to ask to avoid mistakes choosing the wrong neighbourhood

Questions to ask to avoid mistakes choosing the wrong neighbourhood

What made you choose the neighbourhood you’re in right now? Did you like how close it was to your job, or was it close to a major transportation hub? Were you drawn in by how many families live on the block, or did you love how many young professionals lived in the area? We all have different reasons for why we choose where we live today, but some of them may not have been good ones. Some people claim that their neighbourhood just “felt right,” but choosing your next living location based on how you feel isn’t very smart. Here’s how to avoid mistakes when choosing a neighbourhood.

You have found a house that you are absolutely in love with. It’s everything you’ve ever dreamed of and it’s close to your friends, but there are a few small things. The neighbourhood has a slightly high crime rate, traffic can be a nightmare, but you are just so in love with the house! Don’t make the mistake of ignoring some of those glaring problems. Eventually the newness and novelty of your new home will wear off, and those “minor” problems will start to seem much bigger.

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Which is better, Country or City?

City vs country - what to consider when deciding what is best for you

City vs country – what to consider when deciding what is best for you

It’s been a much heated issue for some time, whether to live in the city or head out to the suburbs. Depending on your age and where you are in your life, this decision can be an easy one, or it can be quite difficult. When you are in your 20s, kids, a house and a daily minivan commute into the city for work is probably the furthest thing from your mind.

Often when first buying into the market, one is single and think “location, location, location.” The lure of the city with its convenient public transportation, nightlife and employment opportunities are overpowering.

The challenge is that location and budget do not align. Your precious dollars will only stretch so far in the city and compromise tends to be the final factor in your decision.

Your dream home with a garden may require your dream location to take a back seat. Or your dream location may translate into a cozy dwelling in the sky, where personal space is your sacrifice.

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How Having a Garage Adds Value to Your Home

Having a garage boosts a house's resale value

Having a garage boosts a house’s resale value

A garage adds value to your home regardless of whether you live in the city or not. A garage in the city might bring even bigger profits. In urban locations where parking comes at a premium, having a garage adds value for resale and the extra storage carries a high price tag as well. If you own a rental property, a garage that provides parking and storage can allow you to demand some big rent. Some city dwellers who don’t drive may think a garage is unnecessary, but don’t get rid of it. Even if you don’t use it, someone will pay good money to.

You can put up a basic, functional garage for under $10,000. It won’t be anything fancy, but it’ll do the job if all you’re looking for is a place to park your car and store your lawn mower. There are, of course, lots of extras you can add to your garage that can bump that $10,000 price tag up to two or three times that amount really quickly.

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Commercial Fire Protection

Buying a building: how protected is it against fire?

Buying a building: how protected is it against fire?

Before buying a building, you’ll need to evaluate how well protected it is against fire and what it would cost to improve that protection. A fire will cost you a lot more than the actual building; if you’re unable to relocate your operations quickly without affecting your company’s performance, the very existence of your business could be threatened.

Commercial fire protection depends on two main factors — the fire resistance of the materials used in its construction and the presence and layout of firefighting equipment.

Methods used to calculate a building’s vulnerability to fire sometimes involve models that simulate the spread and growth of fire, the movement of smoke, occupant response times in evacuations and the effectiveness of the local fire department. In most cases, these calculations are performed by specialized fire protection engineers employed by industrial consulting companies. These specialists will analyze your situation and help choose the best fire protection systems for your building.

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Where Can I go to fix my Bad Credit?

Bad Credit is Not the End of the World

Purchase options available to you if you have bad credit

Buying real estate with bad credit is not the end of the world, it just requires a carefully thought out plan by the investor and their mortgage agent.

Here are some common investment strategies for those who have sufficient capital to make a down payment and/or service the mortgage payments, but have damaged credit.

1. Buy owner-occupied properties with income suites

This investment strategy is great for new investors with damaged credit to build a real estate portfolio. Because these properties are partially occupied, the borrower can qualify for owner-occupied mortgages up to 90% of the property’s appraised value. Today there are more lending options for the self-employed and in the sub-prime mortgage market, which reduces the need for private financing.

These are typically residential dwellings – some are single-family dwellings with legal basement suites or multi-units up to four-plex¬es and may include vacation properties that you can rent during the different seasons.

As an owner-occupier, you have the option to convert part of the property for rental use as your credit improves. This allows you to take advantage of widely available insured renovation mortgage programs.

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