Serving people in finding Condominiums (condos) in Toronto, Brampton, Mississauga, & Oakville. Please subscribe to my blog if you want to be updated on a regular basis. Many new Condos to be announced in coming months. So, stay tuned. Paul Cheema
Friday, 5 December 2008
Tuesday, 30 September 2008
U.S. legislators vote against $700B bailout; leaders urge them back to the table
A very volatile situation which might take its toll on the housing industry in Canada. Follow the link to learn more.
U.S. legislators vote against $700B bailout; leaders urge them back to the table
Tuesday, 9 September 2008
How to improve your home's drinking water
Many Canadians regard water filters as a relatively inexpensive way to improve the taste, smell and appearance of drinking water. But with so many choices available on the market today, how can you be sure which filter is right for you � or whether you need one at all?
To help you make the best choice for your home, Here are a few tips that will help you filter through your options, including:
If your drinking water is supplied by your local municipality or utility, then you probably don�t need a water filter. Municipally-supplied water is thoroughly treated and routinely tested to make sure it is safe, healthy and pleasing to drink.
If you dislike the taste, odour or appearance of your water, however, then a filter could be a good choice for your family. While water filters can�t microbiologically disinfect drinking water, they can improve the overall aesthetic quality of tap water.
Water filter systems are either small, point-of-use devices that are installed directly on a tap or in a pitcher, or point-of-entry devices installed on the main water supply entering a home. For both systems, there are three basic types of filter technology:
Particle filters use a membrane to screen out or trap particles based on their size. These filters keep out large particles such as dirt, asbestos fibres and some bacteria and parasites, but not lead, mercury, sodium or other dissolved contaminants. In general, the lower the number of microns (i.e. the smaller the size of the pores in the membrane), the more effective the filter.
Activated carbon (AC) filters rely on carbon particles to attract and remove contaminants. These include dissolved substances such as, lead, mercury, copper, chlorine and potentially harmful organic compounds. Removing these contaminants can help improve taste, odour or colour problems.
Resin filters use resins to remove contaminants such as lead, heavy metals and the minerals that can cause deposits to form in kettles and coffee makers. Resin filters can be combined with activated carbon filters to remove a wide range of particles and dissolved substances.
When using a water filter, make sure you use it according to the manufacturer�s specifications. If used improperly they will allow previously filtered contaminants to be released into the water.
It is also important to maintain your filter, as bacterial growth can form on your filter in short periods of time, such as overnight. Studies have shown that levels of bacteria present in water that has passed through an improperly maintained home filtration device may be up to 2,000 times higher than levels in unfiltered water.
If your drinking water comes from a well or you live in an older home, you should have your water tested periodically to see if it contains any organic, chemical or other contamination. If your water does contain lead, run the cold water each morning until it feels cool or use a filter that has been certified to remove lead.
To help you make the best choice for your home, Here are a few tips that will help you filter through your options, including:
If your drinking water is supplied by your local municipality or utility, then you probably don�t need a water filter. Municipally-supplied water is thoroughly treated and routinely tested to make sure it is safe, healthy and pleasing to drink.
If you dislike the taste, odour or appearance of your water, however, then a filter could be a good choice for your family. While water filters can�t microbiologically disinfect drinking water, they can improve the overall aesthetic quality of tap water.
Water filter systems are either small, point-of-use devices that are installed directly on a tap or in a pitcher, or point-of-entry devices installed on the main water supply entering a home. For both systems, there are three basic types of filter technology:
Particle filters use a membrane to screen out or trap particles based on their size. These filters keep out large particles such as dirt, asbestos fibres and some bacteria and parasites, but not lead, mercury, sodium or other dissolved contaminants. In general, the lower the number of microns (i.e. the smaller the size of the pores in the membrane), the more effective the filter.
Activated carbon (AC) filters rely on carbon particles to attract and remove contaminants. These include dissolved substances such as, lead, mercury, copper, chlorine and potentially harmful organic compounds. Removing these contaminants can help improve taste, odour or colour problems.
Resin filters use resins to remove contaminants such as lead, heavy metals and the minerals that can cause deposits to form in kettles and coffee makers. Resin filters can be combined with activated carbon filters to remove a wide range of particles and dissolved substances.
When using a water filter, make sure you use it according to the manufacturer�s specifications. If used improperly they will allow previously filtered contaminants to be released into the water.
It is also important to maintain your filter, as bacterial growth can form on your filter in short periods of time, such as overnight. Studies have shown that levels of bacteria present in water that has passed through an improperly maintained home filtration device may be up to 2,000 times higher than levels in unfiltered water.
If your drinking water comes from a well or you live in an older home, you should have your water tested periodically to see if it contains any organic, chemical or other contamination. If your water does contain lead, run the cold water each morning until it feels cool or use a filter that has been certified to remove lead.
Saturday, 6 September 2008
FSBO web portals and maligning compaign against the realtors
Hi All,
Please have a read at the blog on a popular realty listing web portal which is being reproduced below:
Blog.ByTheOwner.com
A blog about the real estate market and the for sale by owner process
« SPIS Form: Sellers Property Information Statement
Alberta, Saskatchewan and BC Overpriced: Globe and Mail »
July Information on the Greater Toronto Market
Here is a link to an article from the Toronto Star about the July real estate agent results. According to the article, real estate agent
sales are down 12% in July and listings are up 28%. The average price for a home was $371,427 which is “the lowest year over
year increase since the first quarter of 2001″.
http://www.thestar.com/article/473583
If home prices have only increased 1% from July 2007, that means that anyone who purchased a home in the last year and needs
to sell it would lose money if they went with an agent! If we look at a $400,000 example:
SELLING WITH AN AGENT
2007 Home purchase price =$400,000
1% Home Price increase = $4,000
2008 Selling price = $404,000
Land Transfer Tax = $4,475
Real Estate Commission (5% +GST) = $21,210
OWNER KEEPS = $378,315
OWNER LOSES = $21,685 (OUCH!)
SELLING WITH ByTheOwner.com
2007 Home purchase price =$400,000
1% Home Price increase = $4,000
2008 Selling price = $404,000
Land Transfer Tax = $4,475
Real Estate Commission (5% +GST) = $0
ByTheOwner Fees = $649 (max)
OWNER KEEPS = $398,876
OWNER LOSES = $1,124 (Much better than losing $21,685!)
In this example, the owner saved more than $20,561 from the sale of their home by using ByTheOwner.com!
ByTheOwner.com
This entry was posted on Thursday, August 7th, 2008 at 8:05 am and is filed under Real Estate Market. You can follow any responses to this entry through
the RSS 2.0 feed. You can leave a response, or trackback from your own site.
In my opinion, this information is misleading as they cannot generalize the things.
I invite all the members of the public and the realtors to submit their comments here so that a case can be taken up against the propagators of such maligning compaign.
Thanks,
Paul Cheema, Salesperson
http://www.quicksellnbuy.com/
http://www.canrealty-mart.com/
www.century21.ca/paul.cheema
Please have a read at the blog on a popular realty listing web portal which is being reproduced below:
Blog.ByTheOwner.com
A blog about the real estate market and the for sale by owner process
« SPIS Form: Sellers Property Information Statement
Alberta, Saskatchewan and BC Overpriced: Globe and Mail »
July Information on the Greater Toronto Market
Here is a link to an article from the Toronto Star about the July real estate agent results. According to the article, real estate agent
sales are down 12% in July and listings are up 28%. The average price for a home was $371,427 which is “the lowest year over
year increase since the first quarter of 2001″.
http://www.thestar.com/article/473583
If home prices have only increased 1% from July 2007, that means that anyone who purchased a home in the last year and needs
to sell it would lose money if they went with an agent! If we look at a $400,000 example:
SELLING WITH AN AGENT
2007 Home purchase price =$400,000
1% Home Price increase = $4,000
2008 Selling price = $404,000
Land Transfer Tax = $4,475
Real Estate Commission (5% +GST) = $21,210
OWNER KEEPS = $378,315
OWNER LOSES = $21,685 (OUCH!)
SELLING WITH ByTheOwner.com
2007 Home purchase price =$400,000
1% Home Price increase = $4,000
2008 Selling price = $404,000
Land Transfer Tax = $4,475
Real Estate Commission (5% +GST) = $0
ByTheOwner Fees = $649 (max)
OWNER KEEPS = $398,876
OWNER LOSES = $1,124 (Much better than losing $21,685!)
In this example, the owner saved more than $20,561 from the sale of their home by using ByTheOwner.com!
ByTheOwner.com
This entry was posted on Thursday, August 7th, 2008 at 8:05 am and is filed under Real Estate Market. You can follow any responses to this entry through
the RSS 2.0 feed. You can leave a response, or trackback from your own site.
In my opinion, this information is misleading as they cannot generalize the things.
I invite all the members of the public and the realtors to submit their comments here so that a case can be taken up against the propagators of such maligning compaign.
Thanks,
Paul Cheema, Salesperson
http://www.quicksellnbuy.com/
http://www.canrealty-mart.com/
www.century21.ca/paul.cheema
Wednesday, 3 September 2008
Mississauga Properties, Brampton Properties, Top Realtor.. Find Dream Homes
Mississauga Properties, Brampton Properties, Top Realtor.. Find Dream Homes
A great Convenience Store for sale : 55,000 + Inventory
Act quick, get this money making business in a very busy location in Brampton. The store is making 20-22K per month. Deals in LOTTO, ATM, Greeting cards, Candies, fax, photocopy, ice-cream and what not!!
Listed just for 55,000 + inventory and ready for takeover as soon as you want. The chattles are included which are; three door ice-cream fridge, 4 door freezers, racks, counter, cash register, key duplicating machine.
click the following link to view the property:
http://www.century21.ca/Popups/PrintBrochures.aspx?ListingID=458533&Type=Complete
Call me for details:
Paul Cheema
salesperson
Century 21 Green Realty Inc., Brokerage,
Mississauga, ON L5T 1L2
Tel. (905)565-9565
Direct (647)333-2273
Thursday, 21 August 2008
"Do Not Call" Registry effective September 30, 2008
What is the National Do-Not-Call List?
July 23, 2008 -- The Canadian Radio-Television and Telecommunications Commission (CRTC) is responsible for the National Do-Not-Call List (DNCL), which contains the names and telephone numbers of the consumers who do not want to receive unsolicited telephone calls from telemarketers.Telemarketing is the use of telephony technology (telephone, cellphone, fax, etc.) to make unsolicited telephone calls or send unsolicited messages to consumers for the purpose of solicitation. Solicitation is selling or promoting a product or service, or soliciting money.The object of the National DNCL is to provide a way for consumers to prevent telemarketers from calling them without consumers having to deal with individual telemarketers and their do-not-call lists. Telemarketers will not be permitted to call any of the numbers on the National Do-Not-Call List (DNCL), unless they already have an existing business relationship with the consumer or individual. (Please see the definition of existing business relationship in the CREA booklet on Page 2)The federal legislation creating the framework for Canada’s National Do-Not-Call List was passed in 2005. On December 21st, 2007, the CRTC awarded a five-year contract to Bell Canada to operate the National DNCL, and announced the list would be active on September 30th, 2008. The operator is responsible for registering numbers, providing telemarketers with up-to-date versions of the National DNCL, and receiving consumer complaints about telemarketing calls.Consumers can register up to three different numbers on the list, and have to renew that list every three years. There is no cost for getting onto the list. Telemarketers are required to monitor the National DNCL and remove any numbers they find on it from their calling lists. Telemarketers have to pay for access to the list.Real estate brokers and salespersons, including REALTORS®, making unsolicited telephone calls are “telemarketers” within the meaning of the legislation. This doesn’t mean you cannot contact consumers in other legal ways, such as direct mail. It means if the consumer (including private sellers) puts their phone numbers on the National Do-Not-Call List, you cannot telephone or fax them to solicit business unless the situation meets one of the exceptions.
July 23, 2008 -- The Canadian Radio-Television and Telecommunications Commission (CRTC) is responsible for the National Do-Not-Call List (DNCL), which contains the names and telephone numbers of the consumers who do not want to receive unsolicited telephone calls from telemarketers.Telemarketing is the use of telephony technology (telephone, cellphone, fax, etc.) to make unsolicited telephone calls or send unsolicited messages to consumers for the purpose of solicitation. Solicitation is selling or promoting a product or service, or soliciting money.The object of the National DNCL is to provide a way for consumers to prevent telemarketers from calling them without consumers having to deal with individual telemarketers and their do-not-call lists. Telemarketers will not be permitted to call any of the numbers on the National Do-Not-Call List (DNCL), unless they already have an existing business relationship with the consumer or individual. (Please see the definition of existing business relationship in the CREA booklet on Page 2)The federal legislation creating the framework for Canada’s National Do-Not-Call List was passed in 2005. On December 21st, 2007, the CRTC awarded a five-year contract to Bell Canada to operate the National DNCL, and announced the list would be active on September 30th, 2008. The operator is responsible for registering numbers, providing telemarketers with up-to-date versions of the National DNCL, and receiving consumer complaints about telemarketing calls.Consumers can register up to three different numbers on the list, and have to renew that list every three years. There is no cost for getting onto the list. Telemarketers are required to monitor the National DNCL and remove any numbers they find on it from their calling lists. Telemarketers have to pay for access to the list.Real estate brokers and salespersons, including REALTORS®, making unsolicited telephone calls are “telemarketers” within the meaning of the legislation. This doesn’t mean you cannot contact consumers in other legal ways, such as direct mail. It means if the consumer (including private sellers) puts their phone numbers on the National Do-Not-Call List, you cannot telephone or fax them to solicit business unless the situation meets one of the exceptions.
Tuesday, 6 May 2008
Getting pre-qualified for a Mortgage
Rate Commitment Many Lenders will guarantee an interest for a client while they are shopping for a home. The purchaser is then protected if interest rates rise during this shopping period. This can be an extremely important advantage, it will not only save the borrower money but could also save them from loosing their dream home when they finally find it.
When interest rates rise the amount of mortgage financing a borrower qualifies for can be reduced. It is possible that your maximum affordable mortgage could be thousands of dollars less after an unprotected interest rate spike. This reduction in available financing could very well require you to ante up a larger down payment. If you do not have the additional savings your maximum affordable home price could be reduced.A rate commitment usually requires a full pre qualification of the applicant. Rate commitments vary from one mortgage lender to another. Some will guarantee the rate for 30 to 60 days or longer. If rates rise during the commitment period the borrower is assured of either the lower of the committed rate, or the rate one day before closing. Some mortgage lenders offer commitments that guarantee the lowest market rate during the commitment period, or the committed rate. Your Mortgage Consultant can pre qualify your with the right mortgage lender and insure your rate commitment meets your needs.
Pre qualification Pre qualification means that your lender has reviewed and verified all the available financial information detailed in your application and has determined the maximum amount of financing you can afford. A pre qualification is different from a simple rate commitment. A rate commitment is where the lender guarantees that "if" you qualify for a mortgage they will offer the agreed upon interest rate. Agreeing to an interest rate does not require the lender to complete the preliminary underwriting while a pre qualification does.
In order to complete a pre qualification the lender will require all of the information contained in their mortgage application. This will mean that you will have to provide them with most of the documentation necessary for a full mortgage approval. The effort is well worth it as you will then be assured of mortgage financing in the pre qualified amount.
The benefits of being pre qualified include the comfort of shopping for a home within your price range without the risk that complications will arise in the final hour. Also, there are the benefits of being able to make a stronger purchase offer without "subject to financing" conditions. This will allow your Realtor to negotiate harder and reach an agreement before a competing purchaser makes a better cash offer.
Pre qualifications are only subject to the lenders approval of the property, usually determined by an appraisal after a purchase offer has been agreed to. The borrowers income, expenses, credit history and verification of down payment have all been considered in advance. A pre quantification is simply a calculation of the the amount of mortgage the applicant "may" qualify for. The gross income amounts used are not verified, nor is the applicants employment, credit history or net worth. Pre-quantifications are often confused with a full pre qualification and should be used as a preliminary guide only.
The calculation to determine your maximum mortgage financing is based on your income and expected expenses. Assume you and your co-applicant have a combined monthly gross income of $5,000. If the mortgage lenders maximum GDSR is 32% you can spend $1,600 on shelter costs. In this case your maximum shelter cost payment is $1,600. By subtracting the monthly heating costs, condo maintenance fees, and property tax cost from the applicants maximum payment the lender can then determine the maximum mortgage payment.
Given this maximum mortgage payment figure the lender can easily calculate the maximum amount of financing you will qualify for based on your income. The procedure is simply the reverse of calculating a mortgage payment given the payment amount, amortization and interest rate.
When interest rates rise the amount of mortgage financing a borrower qualifies for can be reduced. It is possible that your maximum affordable mortgage could be thousands of dollars less after an unprotected interest rate spike. This reduction in available financing could very well require you to ante up a larger down payment. If you do not have the additional savings your maximum affordable home price could be reduced.A rate commitment usually requires a full pre qualification of the applicant. Rate commitments vary from one mortgage lender to another. Some will guarantee the rate for 30 to 60 days or longer. If rates rise during the commitment period the borrower is assured of either the lower of the committed rate, or the rate one day before closing. Some mortgage lenders offer commitments that guarantee the lowest market rate during the commitment period, or the committed rate. Your Mortgage Consultant can pre qualify your with the right mortgage lender and insure your rate commitment meets your needs.
Pre qualification Pre qualification means that your lender has reviewed and verified all the available financial information detailed in your application and has determined the maximum amount of financing you can afford. A pre qualification is different from a simple rate commitment. A rate commitment is where the lender guarantees that "if" you qualify for a mortgage they will offer the agreed upon interest rate. Agreeing to an interest rate does not require the lender to complete the preliminary underwriting while a pre qualification does.
In order to complete a pre qualification the lender will require all of the information contained in their mortgage application. This will mean that you will have to provide them with most of the documentation necessary for a full mortgage approval. The effort is well worth it as you will then be assured of mortgage financing in the pre qualified amount.
The benefits of being pre qualified include the comfort of shopping for a home within your price range without the risk that complications will arise in the final hour. Also, there are the benefits of being able to make a stronger purchase offer without "subject to financing" conditions. This will allow your Realtor to negotiate harder and reach an agreement before a competing purchaser makes a better cash offer.
Pre qualifications are only subject to the lenders approval of the property, usually determined by an appraisal after a purchase offer has been agreed to. The borrowers income, expenses, credit history and verification of down payment have all been considered in advance. A pre quantification is simply a calculation of the the amount of mortgage the applicant "may" qualify for. The gross income amounts used are not verified, nor is the applicants employment, credit history or net worth. Pre-quantifications are often confused with a full pre qualification and should be used as a preliminary guide only.
The calculation to determine your maximum mortgage financing is based on your income and expected expenses. Assume you and your co-applicant have a combined monthly gross income of $5,000. If the mortgage lenders maximum GDSR is 32% you can spend $1,600 on shelter costs. In this case your maximum shelter cost payment is $1,600. By subtracting the monthly heating costs, condo maintenance fees, and property tax cost from the applicants maximum payment the lender can then determine the maximum mortgage payment.
Given this maximum mortgage payment figure the lender can easily calculate the maximum amount of financing you will qualify for based on your income. The procedure is simply the reverse of calculating a mortgage payment given the payment amount, amortization and interest rate.
Monday, 5 May 2008
Avoid extreme makeover to your home for selling
When you have decided to sell your home, it's probably time to start thinking about how to make that home stand out from the rest.
But before planning a single project, beware: Homeowners aren't able to recoup as many improvement costs as they did in recent years, according to a recent study by Remodeling magazine. In fact, real-estate agents advise clients not to overdo it regardless of what the local market conditions are like.
The property should rather be neat, clean and look spacious rather than making it top of the line. The usual trend by the sellers is to add the cost of reno to the price of the home which a prudent buyer refuses to pay by looking at the prevalant market conditions.
Since the asking prices are based largely on comparisons with similar homes in the area, buyers have more negotiation power over the price of the home.
To keep costs down and spend remodeling dollars wisely, consider the following five tips:
- De-clutter your home. Go ahead if you have to rent a storage unit to hold open houses and plan showings. That will cost less and make more room for the prospective buyers to enjoy the property.
- It is always better to get a home inspection done before listing the home as it removes those issues which can hold a potential sale. It is normal for a buyer to seek discount of $ 2-3 for every $ 1 worth of defect. So move ahead, get that aspect taken care of.
- Replacing something as necessary as a furnace helps create a favorable perception of how well a seller took care of the home.
- Look outside!! Pay attention to exterior details such as the condition of siding and windows. According to Remodeling magazine's 2007 Cost vs. Value Report, a wood window replacement recovers an average 81.2% of its cost at resale and a siding replacement recovers an average 83.2% of its cost. The payoff for those projects is much better than for an upgrade that a buyer might not need; a home-office remodel, for example, recovers 57% of its cost. The estimates are national averages for midrange (not upscale) homes.
- Spend time in the bathroom!Freshening up the bathroom doesn't have to be expensive, but could be important. It's most important for the bathroom to be clean, but also consider replacing fixtures, the tub, the sink and the toilet -- if they need it. Replace cracked titles and curled linoleum. The replacements don't have to be expensive, Aldrich added. A toilet can cost less than $250, and she recommends taller, handicapped replacement toilets to appeal to an aging population.
- Keep it small in the kitchen. The other room that often sells a house is the kitchen. But it might be best to keep renovations modest. The Cost vs. Value Report found that homeowners could recover 83% of the cost of a minor kitchen remodel at resale compared with 78.1% of a major kitchen remodel.
But before planning a single project, beware: Homeowners aren't able to recoup as many improvement costs as they did in recent years, according to a recent study by Remodeling magazine. In fact, real-estate agents advise clients not to overdo it regardless of what the local market conditions are like.
The property should rather be neat, clean and look spacious rather than making it top of the line. The usual trend by the sellers is to add the cost of reno to the price of the home which a prudent buyer refuses to pay by looking at the prevalant market conditions.
Since the asking prices are based largely on comparisons with similar homes in the area, buyers have more negotiation power over the price of the home.
To keep costs down and spend remodeling dollars wisely, consider the following five tips:
- De-clutter your home. Go ahead if you have to rent a storage unit to hold open houses and plan showings. That will cost less and make more room for the prospective buyers to enjoy the property.
- It is always better to get a home inspection done before listing the home as it removes those issues which can hold a potential sale. It is normal for a buyer to seek discount of $ 2-3 for every $ 1 worth of defect. So move ahead, get that aspect taken care of.
- Replacing something as necessary as a furnace helps create a favorable perception of how well a seller took care of the home.
- Look outside!! Pay attention to exterior details such as the condition of siding and windows. According to Remodeling magazine's 2007 Cost vs. Value Report, a wood window replacement recovers an average 81.2% of its cost at resale and a siding replacement recovers an average 83.2% of its cost. The payoff for those projects is much better than for an upgrade that a buyer might not need; a home-office remodel, for example, recovers 57% of its cost. The estimates are national averages for midrange (not upscale) homes.
- Spend time in the bathroom!Freshening up the bathroom doesn't have to be expensive, but could be important. It's most important for the bathroom to be clean, but also consider replacing fixtures, the tub, the sink and the toilet -- if they need it. Replace cracked titles and curled linoleum. The replacements don't have to be expensive, Aldrich added. A toilet can cost less than $250, and she recommends taller, handicapped replacement toilets to appeal to an aging population.
- Keep it small in the kitchen. The other room that often sells a house is the kitchen. But it might be best to keep renovations modest. The Cost vs. Value Report found that homeowners could recover 83% of the cost of a minor kitchen remodel at resale compared with 78.1% of a major kitchen remodel.
Myths and Truth about home inspections
Having faulty or misguided beliefs about home-inspection services can lead to poor buying processes and final decisions.
Myth: All qualified home inspectors are alike.Truth: Just because someone claims to be an inspector--even a certified inspector-doesn't mean he or she is qualified. Not all states require home inspectors to be licensed. Before choosing an inspector, examine the person's credentials and be sure you trust not just the certification but the certifying body. You can find if someone is a member of the American Society of Home Inspectors or the National Association of Home Inspectors online at www.ashi.org or www.nahi.org. Another good standard for finding a home inspector is to ask him or her how many inspections they perform in a year. At least 200 inspections is a good number.
Myth: The inspection report functions as a list of repairs the seller needs to complete.Truth: The seller can choose to use the inspection as a repair list, or as a negotiation tool to move the deal forward.
Myth: The home inspection will go fine without your presence.Truth: You don't need to be there, but it's a good idea and a great way to learn how to operate systems in the home and understand its condition. It also lets you ask questions of the inspector andthe seller.
Myth: You don't have to bother getting a home inspected if it's being sold "as is."Truth: A home sold "as is" should certainly be inspected, so you, the buyer, know exactly what "as is" means. These homes aren't being sold free of defects, only with any defects left unrepaired. Many states require the seller to disclose known defects or other conditions that could affect the value or salability of the home, but impose no further obligation.Myth: A termite inspection is enough.Truth: A home inspection covers more than just looking for termites. Home inspectors look at the home's entire structure and all major systems, such as plumbing, electricity, and any internal climate control systems such as heating and central air. If a home inspector does find potential termite problems-or other issues that are dealt with by specialists, such as chimney or structural problems-he or she will recommend a qualified inspector for that.
Myth: You don't need to have an inspection for a newly built home.Truth: This could be one of the costliest myths of all. A recent Consumer Reports investigation found 15 percent of new homes sold had serious defects, and studies suggest things are getting worse. In another study, 41 percent of the homes examined, constructed by various builders, revealed problems such as mold and moisture, and 34 percent had frame and structural problems.Home inspectors conduct avisual inspection of all elements of a home and check items such as the water heater and built-in appliances, building a foundation of knowledge about the home and its systems.
Source: Pillar to Post (www.pillartopost.com)
Myth: All qualified home inspectors are alike.Truth: Just because someone claims to be an inspector--even a certified inspector-doesn't mean he or she is qualified. Not all states require home inspectors to be licensed. Before choosing an inspector, examine the person's credentials and be sure you trust not just the certification but the certifying body. You can find if someone is a member of the American Society of Home Inspectors or the National Association of Home Inspectors online at www.ashi.org or www.nahi.org. Another good standard for finding a home inspector is to ask him or her how many inspections they perform in a year. At least 200 inspections is a good number.
Myth: The inspection report functions as a list of repairs the seller needs to complete.Truth: The seller can choose to use the inspection as a repair list, or as a negotiation tool to move the deal forward.
Myth: The home inspection will go fine without your presence.Truth: You don't need to be there, but it's a good idea and a great way to learn how to operate systems in the home and understand its condition. It also lets you ask questions of the inspector andthe seller.
Myth: You don't have to bother getting a home inspected if it's being sold "as is."Truth: A home sold "as is" should certainly be inspected, so you, the buyer, know exactly what "as is" means. These homes aren't being sold free of defects, only with any defects left unrepaired. Many states require the seller to disclose known defects or other conditions that could affect the value or salability of the home, but impose no further obligation.Myth: A termite inspection is enough.Truth: A home inspection covers more than just looking for termites. Home inspectors look at the home's entire structure and all major systems, such as plumbing, electricity, and any internal climate control systems such as heating and central air. If a home inspector does find potential termite problems-or other issues that are dealt with by specialists, such as chimney or structural problems-he or she will recommend a qualified inspector for that.
Myth: You don't need to have an inspection for a newly built home.Truth: This could be one of the costliest myths of all. A recent Consumer Reports investigation found 15 percent of new homes sold had serious defects, and studies suggest things are getting worse. In another study, 41 percent of the homes examined, constructed by various builders, revealed problems such as mold and moisture, and 34 percent had frame and structural problems.Home inspectors conduct avisual inspection of all elements of a home and check items such as the water heater and built-in appliances, building a foundation of knowledge about the home and its systems.
Source: Pillar to Post (www.pillartopost.com)
Wednesday, 30 April 2008
April 2008 Housing Market Update
To read about the latest in the Canadian Housing Market click here........
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Canadian Housing Market
Read about March 2008 Canadian Housing Market stats from Canada Mortgage and Housing Corporation by clicking here...
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Saturday, 26 April 2008
Are you ready for house ownership?
Is Homeownership Right for You?
Do you enjoy moving often?
Do you prefer using your savings for such things as vacations, retirement or starting your own business?
Do you enjoy not having to worry about regular maintenance and repairs?
Down payment: The portion of the home price that is not financed by the mortgage loan. The buyer must pay the down payment from his/her own funds or other eligible sources before securing a mortgage. It generally ranges from 5% to 20% of the purchase price but can be more.
Mortgage payment: A regularly scheduled payment that is often blended to include both principal and interest.
Property taxes: Taxes charged by the municipality where the home is located based on the value of the home. Read more
Buying Real Estate- What perspective buyers should have?
The most important life time decision of an individual is, of course, buying a home. A major decision, which if goes wrong can ruin some one's peace of mind. So how to go buying a home.?! Should it be okay to go yourself on buying spree, hunt for houses on sale by the owner and try saving some bucks or go to a realtor and seek professional guidance and find peace of mind? The decision is all yours. But at such a split on the road, choose your path carefully. I won't force you to seek a realtor, just because I am a realtor. I will, however, tell you a few advantages of signing an agreement with a realtor for buying your dream home.
The first and foremost disadvantage of buying direct from FSBO (for sale by owner) is that there is no guarantee that the hard earned money you pay as deposit will be returned easily if the deal doesn't go through because of one or the other reason. May be the inspection guy found some major structural problem, or some problem with the mechanical systems. The Real Estate Council of Ontario has no recourse to ensure deposit protection done straight with the FSBO. It does, however, ensures such protection in the event of misappropriation, loss, theft with the insurance arrangement with the realtors. The deposit money is always safe and available after mutual release is signed by the brokerages and the parties to the agreement.
The Salesrepresentative is under obligation to ensure the best price of the property by showing due dilligence and preparing the comparative market analysis over a particular length of time by comparing with similar properties to the one under consideration. The buyers don't have any databank to support their price and also find out if the house is overpriced. All the houses listed through FSBO may not necessarily be at the fair market value.
The salesperson has objectivity in arriving at the market price of a property while the owner has a subjectivity in reaching at a price.
The salesperson ensure that the offer contains all the protection for their buyer client and at the same time be fair to the seller.
There are many more advantages in seeking the services of a realtor which will be posted on the forum in subsequent days....
Any question! please feel free to call:
647-333-CARE (2273)
Paul Cheema
Salesperson
Century 21 Green Realty Inc., Brokerage
151 Superior Blvd. Suite 19-21
Mississauga, ON L5T 2L1
Ontario
Tel. (905) 565-9565
Fax. (905) 565-9522
**Not intented to solicit properties already listed with other brokerages nor induce any party to breach their respective representation agreements***
The first and foremost disadvantage of buying direct from FSBO (for sale by owner) is that there is no guarantee that the hard earned money you pay as deposit will be returned easily if the deal doesn't go through because of one or the other reason. May be the inspection guy found some major structural problem, or some problem with the mechanical systems. The Real Estate Council of Ontario has no recourse to ensure deposit protection done straight with the FSBO. It does, however, ensures such protection in the event of misappropriation, loss, theft with the insurance arrangement with the realtors. The deposit money is always safe and available after mutual release is signed by the brokerages and the parties to the agreement.
The Salesrepresentative is under obligation to ensure the best price of the property by showing due dilligence and preparing the comparative market analysis over a particular length of time by comparing with similar properties to the one under consideration. The buyers don't have any databank to support their price and also find out if the house is overpriced. All the houses listed through FSBO may not necessarily be at the fair market value.
The salesperson has objectivity in arriving at the market price of a property while the owner has a subjectivity in reaching at a price.
The salesperson ensure that the offer contains all the protection for their buyer client and at the same time be fair to the seller.
There are many more advantages in seeking the services of a realtor which will be posted on the forum in subsequent days....
Any question! please feel free to call:
647-333-CARE (2273)
Paul Cheema
Salesperson
Century 21 Green Realty Inc., Brokerage
151 Superior Blvd. Suite 19-21
Mississauga, ON L5T 2L1
Ontario
Tel. (905) 565-9565
Fax. (905) 565-9522
**Not intented to solicit properties already listed with other brokerages nor induce any party to breach their respective representation agreements***
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