You’ve decided to buy your very first home in 2017. You’re about to start looking for houses on the market. Let’s review your decision to ensure that you’re in fact ready for this step.[……]
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You’ve saved money. You’ve done your research and you’re just about ready to visit properties in the hopes of buying your very first home this year. You’d better make sure that these visits are effective. Here are a few tips.
- We assume that you’ve defined your needs and priorities before visiting your first homes. Don’t make the mistake of defining them as you go along. If so, you’ll waste precious time.
- Don’t wait to visit the property before getting the basic information, such as the age of the house, the electricity costs, the taxes, etc. Browse the websites of cities and power companies. They can usually give you this information. The real estate broker’s listings also hold a lot of information. If the house is not listed, a phone call or an email to the homeowner should suffice. If you’re afraid to sound too pushy, tell yourself that the homeowner is probably glad to proceed in that way. He or she will also be saving time.
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You’re planning on buying your very first home in the near future. You have heard of a promise to purchase (formerly known as an offer to purchase) and you are wondering what its purpose is. Here are the main details.
The promise to purchase is the result of a series of exchanges and promises between the future home buyer and the current homeowner. All the details are written down in this document. The promise to purchase is an agreement, which defines the ground rules between the two parties. If conditions are set forth, the deadlines should be clearly stated and the parties undertake to fulfill them.
The promise to purchase is an important document because, as the title states, you commit to buy the property, but under certain conditions set forth on either side. These conditions are laid down in writing in this document.
The promise to purchase is the step that comes right before the deed of sale, which is the famous contract that officially declares you the owner of the coveted house. Just about every detail written down in the promise to purchase will be found in the deed of sale. The content is very similar.[……]
Selling your home in less than a year and selling it for the desired price is the dream of every homeowner looking to sell his or her property. How to make it happen? Here is an overview.
- The asking price must be reasonable from the beginning. Setting it too high in the hopes of making a huge profit is the worst thing you can do. All professionals will tell you: properties that have been on the market for too long frighten the buyers away. They’ll back off.
- A classic way to set the asking price is to look at the selling price of the similar homes nearby. But, this method is not foolproof. The houses on the street may look the same, but you don’t know their history, their overall condition inside and out or the upgrades that have been carried out over the years.
- The municipal assessment gives an idea of how much a house should sell, but this method has its limits too.
- Avoid setting the price according to your own judgment. What if the house is worth more than you had guessed? Otherwise, be realistic. Your house is not a mansion.
- The real estate broker is highly qualified to determine the selling price for obvious reasons. However, by doing business with an accredited appraiser, you’ll end up with an appraisal report. It will come in handy when negotiating with the future buyer.
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- Once you have set the asking price, establish the lowest price you would be willing to accept. Your real estate broker will help you with this step.
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Has the thought of buying a property with someone else or with a few people ever crossed your mind? It’s actually possible, but the experience requires discipline.
Buying a property collectively with a relative, either a friend or a family member, is often the ideal solution, especially since access to a property appears to be getting sparse these days. The constraints are numerous: a tightening of mortgage rules, a record high in household debts and difficulties in establishing a budget.
It’s a simple matter of mathematics. The more people are paying for a property, the lesser the amount each one has to pay for it. However, as any other joint enterprise, there are risks. Several things must be taken care of, such as contribution amounts, task distribution as well as the temperament of each and every one.
Hence, the importance of sticking to a protocol, not only to achieve the ultimate goal, which is buying a property, but also to prevent the relationships between the co-owners from going sour.
Erica Nielson, from the RBC Bank, offers advice to help you make your group purchase a success and not a source of problems.
Here is precisely her advice:[……]
It happens to a lot of us. A death, change jobs, fall in love, financial problems coming or, on the contrary, the sudden desire to make money fast. In other words, there are a lot of reasons for finding yourself at a crossroads where you have to decide if you want to sell your house or rent it.
Renting comes with a whole new set of responsibilities: finding good tenants, making sure that the house is in order, responding to emergencies, assimilating the new tax calculations. It’s not for everyone.
Selling is much easier, but may not pay as much in the long term. Much less. And if you’re nearing retirement, you have to take the time to think about it, because people are living much longer today. You need more money if you want to maintain an enjoyable lifestyle.[……]