Thinking of Buying a Resale Home?

We came across a great article written by  Mark Weisleder ( a Real Estate lawyer, author and speaker) for the Toronto Star entitled “5 things to consider when buying a resale home”. Here are some of the points he discusses in his article:

1.      Get information from the seller – some sellers have a professional home inspector inspect their home before they put their property on the market and are willing to give the buyer a copy of the report. Some sellers may also provide potential buyers with a home history report. However, even if this information is provided, buyers should have their own home inspection done.

2.      Ask the sellers questions – ask the seller or the seller’s REALTOR® if there has ever been any problems with flooding or roof leaks. By law, sellers are required to respond truthfully if asked directly.  

3.      Talk to the neighbours – it is a great idea to walk around the community and ask people about the neighbourhood. 

4.      Include clauses in your offer– Make sure your offer includes a list of everything you expect to be left in the house. 

5.      Get pre-approved for a mortgage – it is very important to get pre-approved by a professional mortgage broker or bank before submitting an offer on a house so you know how much you can afford – be aware that if your lender thinks you paid too much, they will not lend you the amount of money you may be expecting.

To read Mark Weisleder’s full article, click here.

If you or someone you care about is thinking of making a move or if you just want some general information about the Real Estate market in your area, please don’t hesitate to give us a call, we would love to talk to you!

Until next time,

The Jamie Dann Team

Preparing for a Summer Move

We came across a great summer article from Realtor.com and thought we would share the information we found with our readers.  Summer is the busiest season for moving, here are 10 tips that may make your summer move go a little more smoothly.

1.       Once you have “signed on the dotted line” and purchased your new home, the first decision that should be made is how you will be getting all of your “stuff” from your current place to your new home. Do you hire a company to move you or do you do it yourself?

2.       Plan, plan, plan where everything will go in the new house – write down where each item should go in the new house before packing and then pack accordingly – have the list with you on moving day.

3.       It is never too early to start packing and when you do, as wise idea is to divide everything into categories such as: Donate to charity; Give to a friend; Recycle; Trash; Pack now; and Keep handy until Moving Day.

4.       If you have children, try to arrange for daycare or have a friend watch your children on the day of the move – if this is not possible, make sure to set up a safe place for the children to play in the new house.

5.       Remember your pets – moving can be very stressful for your pet – consider boarding them for moving day or have a friend watch them for the day.

6.       If items need to be taken apart for the move, make sure to keep the small parts in clearly marked bags and then keep all of the bags together in one box, take the box with you personally on moving day.

7.       Take photos of how electronics, computers, TV’s etc. are hooked up before disconnecting them for the move – keep all of the wires and cords together and clearly mark which device each one is for – personally carry them on moving day.

8.       Dispose of as many hazardous chemicals as possible before your move (detergents, pesticides, paint, etc.) – call your city’s hazardous waste department for information about proper disposal in your area – for hazardous chemicals you have to take with you, pack them in a small box and then pack that box in a larger box to protect against leakage – do not overstuff boxes with hazardous materials – seal the boxes containing these items very well, mark them very clearly and keep them separate from the rest of the boxes, especially if you have children or pets.

9.       If you have decided to use a professional mover consider getting full value insurance protection.

10.   If using a professional mover, know your rights.

We hope these tips are helpful to you – to read the full article click here.

If you or someone you care about is thinking of making a move or if you just want some general information about the Real Estate market in your area, please don’t hesitate to give us a call, we would love to talk to you!

Until next time,

The Jamie Dann Team

10 Simple Steps for Buying Your First Home!

Thinking about buying your first home can seem quite overwhelming and stress provoking, but with a little bit of preparation it can become a reality!

Here are 10 helpful hints to prepare for buying your first home:

Step 1 – Build a Budget

Step 2 – Investigate Mortgage Options

Step 3 – Choose a Realtor

Step 4 – Choose a Lawyer

Step 5 – Look at Homes

Step 6 – Submit an offer

Step 7 – Choose a Home Inspector

Step 8 – Finalize the Deal

Step 9 – Prepare to Move

Step 10 – Closing Day!

For more details about each step, for more information and for great tips about the home buying process, Genworth Financial Canada has published a great article that is well worth the read  if you are considering purchasing a new home –  to view the article click here.

I hope this information helps you in your home buying adventure! Please don’t hesitate to call The Jamie Dann Team at 1-877-252-5242 if we can help explain the home buying process to you or if you have any Real Estate questions – We are here to help!

Until next time,

The Jamie Dann Team

Sell First or Buy First?

“Should we sell our current home before we put an offer in on another property or should we start looking for a new home before we put our home on the market?” This is a question we are asked frequently by home buyers who want to make a move and own the home they are living in. It is a great question! If you buy first clock starts ticking on selling your current home because you likely need that money to close the house you just purchased. If you sell first, are you prepared to rent somewhere until you find a home you like in a neighbourhood you want? There are certainly pros and cons of both selling first and buying first, the decision may just be decided by the real estate market you are in at the time. You may decide to buy first if the current market is described as a “seller’s market” where homes listed are selling quickly (meaning there are more people out looking for homes than people listing their homes). You may decide to sell first if you are thinking of buying a “subdivision house” that is fairly common in its layout (i.e., a three bedroom, two bathroom home in a well-populated subdivision)

Whether you decide to buy first or sell first you may want to opt for a longer closing date to allow yourself time to find your new home or to allow yourself time to sell your existing home. You can also opt to purchase a home with the condition that your current home sells, however if you choose to go this route, bear in mind that you may be going against buyers without that condition. Also that offer may give you a right of first refusal but you may have a restricted time period (usually between 24 and 72 hours) to come back with a clean offer with no conditions.

At the end of the day it is up to the individual and the market they are in as to which deal comes first, however if you buy first you have to be confident that you will sell.

To read a great article on this subject from the Financial Post click here.  I hope you enjoy this article and that it gives you some pause for thought. For information about how the market is shaping up currently in the Barrie Area, please give us a call. We would be more than happy to discuss all aspects of buying and selling homes with you.

Until next time,

The Jamie Dann Team

Using RRSP's To Fund Down Payments...

Hi All:

The Canadian real estate market is in the midst of a busy year. For first time buyers, the biggest challenge is often how to come up with the down payment. While it's possible to buy a home with as little as 5% down, the ideal recommendation is to put at least 20% of the purchase price toward the down payment. How can you come up with these funds?

When helping client's solidify a savings plan, financial planners often advise, "Pay yourself first." When it comes to buying a home, first time home buyers may want to consider the suggestion, "Borrow from yourself first." This can be achieved through the application of your Registered Retirement Savings Plan (RRSP) toward the down payment of a property.

Canadians who have never owned a home, or who haven't owned their primary residence for at least the past five years, may qualify to withdraw up to $25,000 (tax free) from their RRSP to put towards a home through the government's Home Buyer's Plan. Home buyers withdrawing funds from their RRSP under this plan do not have to pay income tax on the amount withdrawn as long as the funds start being repaid into an RRSP two years after withdrawing the funds, are repaid at a minimum of 1/15 per year, and are completely repaid within 15 years.

If you would like a copy of the Home Buyer's plan, please email us at admin@jamiedann.com

Lastly, our inventory is low and houses are selling fast. If you, or anyone you care about is thinking of making a move, please contact us and we will be happy to discuss how to make that happen.

Until next time!

The Jamie Dann Team

Tips for Planning a Home Renovation

Hi All!

Well, spring is now upon us and for many people thoughts go to planning home renovations. If you are planning a home renovation, there are important things the Ministry of Consumer Services wants you to keep in mind to help you make smart choices and protect yourself.

Find a good contractor: Ask friends, family or neighbours who have had work done on their homes recently. Avoid contractors who offer a cash deal – without a receipt you have no proof of payment. Don’t be pressured into signing a contract “on the spot” in order to get a “special deal”, take your time and make a well informed decision. Set aside time to interview each contractor in order to determine their qualifications and their experience. Always ask for references and take the time to contact them!

Get an accurate estimate: Arrange to get estimates from at least three contractors who should meet with you personally in order to have a clear understanding of the work you require so they can give you an accurate estimate. Make sure you get everything you agree to in writing, including the total cost of the renovation which should take into account what is included in the price quoted and what is not (materials, parts, labour, permits, etc). It is also important to know the terms of the warranty for all work that is going to be done. In terms of financing, keep deposits to 10 percent – NEVER pay for the job before all of the work is completed – ALWAYS keep a holdback (around 10 percent) until the work has been completed to your satisfaction.

Sign a contract: Always read the fine print (the terms and conditions) before you sign a contract with your contractor and NEVER sign a blank contract. Make sure all of the work to be done is addressed in the contract. ALWAYS get a written contract before the work begins and make sure it includes the name, phone number and address of the contractor, and the full name of the person who provided the estimate.

The Ministry of Consumer Services’ website provides lots of great information and tips regarding home renovation and repair, to view please click here.

Until next time,

The Jamie Dann Team

Wondering if now is a good time to Buy??

Hi All,

Recently I came across a very interesting article in "Moneyville" put out by the Toronto Star, talking about all the reasons why now is a great time to buy.

To summarize, it is a great time to purchase a home in Canada because:

1) Mortgage rates are at historic lows. As we know, when interest rates are low, they have no where to go but up. So, make sure you lock in your rate and get pre-approved so that you are guaranteed to get a lower rate when rates rise.

2) Canada has great appeal due to its stability both economically and politically.

3) There is a great draw of Immigrants to Canada, many of whom have sold homes in their country of origin and have money to spend.

4) It appears that Canadian's are really good at paying their mortgages as compared to those home owners in the States.

5) Similarly, when there are financial challenges in paying one's mortgage, it seems that Canadian banks are more apt to work with home owners vs. immediately foreclosing on the home

6) Canada has a healthy income to price ratio of 3.5 when you look at the Median Canadian income as compared to the Median cost of homes

7) Because the interest rates are so low, it is a great time to consolidate your debt. This will make the amount to service the debt much more manageable.

8) Given the US is having an election this year, it is likely that the economy will remain steady if not improve. None of the Presidential hopefuls want the economy to fail.

If you would like to speak with a GREAT mortgage specialist who can help you get pre-approved, consolidate your debt, or just give you a road map, please contact us, as we work with some awesome professionals.

To read the full article click here.

Until next time!

The Jamie Dann Team

http://www.thejamiedannteam.com/
http://www.thejamiedannteam.ca/

What is the CMHC?

Did you know that the Canadian Mortgage and Housing Corporation's  (CMHC) website is FILLED with tons of interesting articles?

The CMHC was developed as a government owned corporation in 1946 to address Canada's post-war housing shortage. Since then, the agency has grown into a National institution providing many mortgage loan insurance policies.

On their website, you can find many interesting articles about purchasing, maintaining, and renovating a home, as well as the obvious information about mortgages. They even have a great series of articles entitled "Home Buying Step by Step".

What we have also found really interesting is their Canadian Housing Observer which contains a yearly report of just about any statistic regarding housing trends and conditions, and outlines key factors that influence Canadian markets... To check out the Canadian Housing Observer for 2010 click here.

There is too much information contain in the CMHC's website to talk about here, but do take the time to explore it by clicking here.

Until next time,
The Jamie Dann Team

Tips to Help You Avoid Buying the Wrong Home

Buying a home is a big investment, probably one of the biggest investments you will make in your life, therefore it is imperative that you be careful in choosing and buying one. A home purchase should not be based on what your heart desires, rather you should carefully inspect, plan and evaluate things before you decided to make the purchase. Here are some tips you may find useful to prepare for a home purchase:


Preparation: It is recommended to do some research first before starting the process of buying a new home. First and foremost, you must have the financial capability to buy a home. Speaking with a mortgage broker or with your banker is a good way of determining what you can and cannot afford.

Considering Using a REALTOR®: Another part of your initial research should include whether or not you want to work with a REALTOR®. REALTORS® have extensive connections and much experience when it comes to buying and selling homes.

Visual Inspection: Once you find a home, it is best to do an inspection of your chosen house. Not only do you need to inspect the house physically, you should also consider the surroundings. You may want to talk with the neighbours to get a feel for the neighbourhood. You may also want to return to the neighbourhood at some specific times of day in order to determine how busy the neighbourhood is at different times of the day.

To get more tips on home buying, click here, to view a great article which may be very helpful to ensure you get the best value for the money you spend on your new home.

Until next time,
Jamie