Buy What You Need, Not What You Want

Make a list of your ideal home and stick to it while house hunting

 

It's easy to be awe-struck by a razzle-dazzle listing. Everyone loves to look at marble countertops, hot tubs and master suites, but make sure a home meets your practical needs before you start indulging your wants. The average person homebuyer keeps a home for about 9 years, so you want to be sure about your investment before you buy. Gather a list of criteria before you start looking at homes, and keep a journal to keep track how each property you look at matches up with your list.

To get started, think about what you dislike about your current digs. Are you tired of bumping into your significant other in your cramped-quarters kitchen? Are you expecting a new family member, or looking to start a family and worried about space? Are you an empty-nester who wants to streamline and downsize? Make a note of whatever it is that's giving you the itch to move, and make sure its at the top of the list for must-have features. If you're happy with your current home but have to move to a new area, try to match your new home with your current abode's amenities.

Next, consider the amount of space you'll need in your new home. How many bedrooms do you need? What's the least amount of square footage you're willing live in? Make your numbers slightly flexible.

Also, consider the things you love about your current home and neighborhood that you would be unhappy without. Love reading in the late-afternoon sun? Look for a house with a sunroom or bright living area. If you can't live without your daily java, make sure the home you choose has a coffee shop within walking distance.

Once you've written the specifics, prioritize your lists. Put things your new home must have at the top, and put wants (things you'd like to have but don't need) towards the bottom. Share the list with your real estate agent to help them find listings in your price range that meet all of your needs.

 

http://www.frontdoor.com/Buy/Buy-What-You-Need-Not-What-You-Want/2336

By FrontDoor.com | Published: 9/15/2008

SMART WAYS TO UNCLOG A DRAIN

With a few inexpensive household items, you can avoid a costly visit from the plumber by clearing drain clogs yourself.

Using cola..
Pour 3 cups of warm cola down your drain and let it sit overnight; the citric acid in the soda will break up any buildup in your pipes. In the morning, run hot water to help flush the remains.

Dissolve it with fizz.
Drop 3 denture tablets down the drain followed with a cup of vinegar. When mixed together, they bubble to dissolve drain buildup. After the bubbling stops, run hot water down the drain.

Bubble break.
Pour a 1/2 cup of baking soda down the drain, then 1 cup white vinegar immediately after. Cover the drain to force the bubbles down into the pipes; let sit for 15 minutes, then flush it down with a gallon of water.

Bring on the water.
Boil a teapot of water and pour it down the drain very slowly.This will loosen any grease or dirt that may be plugging it up.

Take the plunge.
Plungers are not just for the toilet. Buy a mini version at a hardware store and use it to suck up debris that’s stuck in the drain. Tip: If you line the plunger rim with petroleum jelly it will improve the suction.

A family of four, each showering for 5 minutes a day, uses 700 gallons of water a week; this is enough for a 3-year supply of drinking water for one person. You can cut that amount in half by simply using low-flow aerating showerheads and faucets.

 

 

http://www.pillartopost.com/postnotes/postNotes-pillarToPost-newsletter-jan-2011.aspx#window

CREATING A SPA-TASTIC BATHROOM

With these easy changes, it is possible to create the feeling of a luxurious spa right at home.

Keep a supply of bath accessories on hand. A bathtub tray, fuzzy tub pillow, lavish bath salts and oils all help bring the spa experience home. Break out the fluffiest towels By putting your most luxurious, soft and comfortable towels on display, you will create the look and feel of a sumptuous spa. Shed some (candle) light on it. Light a lot of scented candles. Scents such as Vanilla, Lavender and Juniper help create an aromatherapy environment. Get some focus. A potted plant or vase of flowers creates not only a soothing focal point, but it also adds a splash of color. Plush touch. Use the thickest and fuzziest bathroom floor mat you can find. Your wet feet will appreciate this inexpensive addition. Two is better than one. Install a dual shower head for an invigorating massage each time you shower. The best part is most shower heads require no tools to install.

House Match: Starting Out, This is the most important purchase you're likely to make. You want to get it right.

THE QUESTIONS TO ASK YOURSELF

Regardless of how ideal the market may seem, it's still a good idea to sit down with your real estate agent and think about how you see your life in three or five years and ask yourself some pointed questions.

Can I afford it?

Buying a house will have a significant impact on your finances, so make sure you can handle it.

Housing is more affordable than ever and incentives like low interest rates and the new expanded tax credit are enticing buyers to enter the market. But purchasing property involves a lot of upfront costs: closing costs, down payment, new furniture, moving expenses. Do you have enough cash?

Create a budget for the monthly mortgage payment and homeownership costs, such as general maintenance if you buy a single-family home or homeowners association fees if you buy a condo.

Am I mortgage-worthy?

Say you saved enough cash, but what about your credit? It's not a secret that getting a mortgage these days is harder than it used to be. Lenders are looking closely at all documentation of your income, debts, assets and liabilities, to make sure you don't exceed the maximum debt-to-income ratio. And when it comes to credit scores, the most competitive interest rates (the 5 percent you may have heard about) only go to buyers with credit scores above 700.

The key is to review your financial situation before you check out open houses. Use our affordability calculator to see what kind of monthly mortgage payment you can comfortably afford.

Do I plan to live here for at least five years?

Most personal finance experts say that unless you plan to live in a home for at least five years, you likely won't recoup any of the expenses associated with buying and later selling the house.

Plus, your first few years of mortgage payments primarily pay off interest, not your principal, so you will not have built up a lot of equity in your home. You may be better off renting if you expect to move in the next couple of years. Just because you live in a buyer's market doesn't mean the time is right for you to buy.

If I buy with another person, how will this affect me?

Buying real estate with another person has its perks, if you both have stable financial situations. By combining cash and resources, you're likely to get a bigger, better place than you each would as individual buyers. Plus, when you're starting out, it helps to share the financial burden with someone else.

But before you start house hunting together, sit down, lay all your cards on the table and get the answers to these important questions. Whether you're buying with a spouse, domestic partner, relative or friend, setting the ground rules first will save you both a lot of headaches in the future.

Is it worth the money?

Frey admits that she's spending slightly more than she wanted to, but, in the end, she decided it was worth it because "the appliances stay, the kitchen is remodeled and it's a house that I won't outgrow in a few years."

In other words, the place in which you live is an investment and the money will always be relevant, but that old-fashioned moniker "home sweet home" is decidedly modern these days. People aren't buying houses anymore; they're buying homes.

 

By Geoff Williams and Annalisa Burgos, FrontDoor.com | Published: 10/07/2009

http://www.frontdoor.com/buy/House-Match-Starting-Out/55312/p2

Mortgage Request Documentation Checklist

When buying a new home, some documentation is needed to support your mortgage request.  By providing your mortgage specialist with the documents that are indicated on the list below, you can work together to finalize your mortgage needs efficiently.

Information that describes the property you are buying:

• Purchase and Sale Agreement
• MLS Listing with photo
• Name, address, telephone number of your solicitor / notary

Confirmation of your down payment:

• Savings or investment statement from within last 90 days
• Sale of an existing property – a copy of the sale agreement
• Gift letter
• Withdrawal from RRSP through Home Buyer’s Plan

Employment verification:

• Copy of latest T4 slip
• T4
• Letter of employment
• T1 General and Notice of Assessment (NOA if self-employed)

Other information that may be required:

As part of your application process, your mortgage broker will ask you questions relating to what you owe and own, what some of the projected expenses relating to the property are, such as taxes, heating costs and condo fees, and whether you will be using the property to generate income.

http://www.century21.ca/Blog/Mortgage_Request_Documentation_Checklist

Angela Slager is with CENTURY 21 Heritage House Ltd. in Woodstock, ON.

 

Four Ways to Make Your House Irresistible to Buyers

Increase curb appeal to turn your home into buyer-bait

By FrontDoor.com | Published: 11/01/2007

 

 

 

So what is curb appeal? It's that quality in a house that gives a potential buyer a love-at-first-sight sensation when they drive up. Simply put, it's giving your house a pretty face. Studies show spending 5 percent of your home's value in landscaping could produce a return of 150 percent or more when you sell the place.

Here are four ways to turn up your home's sex appeal without emptying your bank account:

1. Come up with a concept for your landscape.
Have a plan, so everything you do to the yard and your home's exterior is deliberate. Hiring a landscape designer to draw up a plan is a good place to start. You can also hire designers to give you ideas on exterior paint colors and remodeling tips for the entryway. 

2. Focus on the front door. 
Make sure people know where your front door and create a welcoming entrance that guides people to the home's entry. You can do this by creating paths, patios or beds of plants that shape the house's face. Or it can be as simple as painting your door a bright color and putting out a big welcome mat. The point is to make people feel as if they are arriving somewhere special, not just stepping up on a bland stoop.

3. Deal with the driveway. 
In most new homes the driveway is the first thing you see -- which is good if you're a car, not a human. You need to downplay the driveway, or distract a potential buyer's eyes away from all that concrete. You can do this by creating a path to the front door that leads eyes away from the driveway to the house's face. Or you can stain the ugly gray concrete to make it look like stone or paint it with a pigmented sealer. 

4. Pay attention to details. 
Little things mean a lot in the big picture because they pull the house's look together. Things like small, colorful ceramic tiles placed into brick steps to carry through a color scheme. Edging the lawn. Large planters. Finally, don't forget to tidy up. Curb appeal also means a place that looks neat and clean, the kind of place you'd like to live.

 

 

http://www.frontdoor.com/Sell/Four-Ways-to-Make-Your-House-Irresistible-to-Buyers/578

Buyer Representation Agreement - Protecting Consumers

Have a look at any contract you’ve signed…phone, internet, gas, etc.  If you read the clauses, you’ll discover that most of the time the contract protects the company more than it protects the consumer.  Most contracts are extremely long and you likely won’t be able to get an explanation or clarification from a company sales rep. You may have limited choices on the duration of the contract and if you decide that you want out, it’s likely going to cost you.  Frankly, it’s no wonder there are a lot of people who are apprehensive when it comes to The Buyer Representation Contract with Realtors.  This is, after all, a house/condo not a cell phone!  The thing you might not know is that a Buyer Representation Agreement actually protects consumers.

Generally, a Buyer Representation Agreement outlines the parties in the working relationship and the expectations from both parties. In this case, what is to be expected of us, as Realtors and what is to be expected of you as the Buyers. Buyer Representation Agreements document the type of property the buyer(s) is looking for and  puts everything on the table so there are no misconceptions or misunderstandings. It also give house hunters the freedom to choose the duration of the contract - how long you want to work with a certain Realtor for.

How is this good for you?

Simple…you’re protected in several ways.  It starts with the fact that you’re entering into this contract with the Brokerage (Office), not the specific Realtor. This means that if there are serious problems with your Realtor, the owners of the Brokerage are responsible and accountable.  The contract also outlines several possible scenarios that Buyers might encounter while working with a Realtor (working with other Buyers, Multiple Representation, Customer Service with Sellers, etc) and how it affects the working relationship.  It requires your Realtor to explain the different types of representation to you, giving you the necessary knowledge and understanding of what to expect during the process.  MOST IMPORTANTLY, however, a signed contract with a Brokerage means that any information you share with your Realtor is kept 100% confidential.

What about the commission clause?There are a few clauses on the contract that protect your Realtor and the Brokerage.  This is one of them.  If you think about it, no one wants to work for free. A Realtor is no exception, but until you actually buy a house, that is essentially what a Realtor is doing.  That’s why this clause is on the contract. By asking you…the person who has been benefiting from our efforts…to provide that compensation IF we are unable to get it through the seller. This clause protects our compensation for all the work we’ve been putting into finding you a property. 

There‘s still going to be protection for you because this clause should be discussed up front.  You’re not going to be blind sided with a bill for a Realtor's commission.  You should be informed asap if this is a possibility, giving you the freedom to consider your options before you even walk in the door of a house.

 

Posted by Sylvia Robbins on January 18, 201

http://www.century21.ca/Blog/Buyer_Representation_Agreement_-_Protecting_Consumers