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As a CENTURY 21® Real Estate professional, I am dedicated to providing you with the highest quality service possible. My personal knowledge of the local Real Estate market is combined with the power of the CENTURY 21 brand - the most recognized name in Real Estate today.
Let me assist you in finding your dream home, in a neighbourhood that is right for you, and in the price range you want. Or if you are interested in selling a property, I also have the expertise to help you get the fastest sale possible and at the best price.
I look forward to the opportunity of working for you!
Give me a call or email-me, and I'll get started right away!
REALTOR®
In Ontario, a REALTOR® is a licensed real estate professional who is a member of a local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA). This individual has successfully completed an intensive course of study and has skills, knowledge and experience that most buyers and sellers don't have. He or she must adhere to provincial law and abide by a National Code of Ethics, ensuring you a high level of service, honesty and integrity.
Get a REALTOR® on your team when buying or selling
Thinking of buying or selling a home? If so you'll want to enlist the services of a REALTOR® to help you navigate through this complicated business transaction from start to finish.
Your REALTOR® has what it takes to help you every step of the way to achieving your home ownership dreams. And, he or she will be the top player on a team of experts who will protect your interests and ensure your real estate transaction goes smoothly.
The team
Depending on your needs, the other experts on your team will likely include a lender, a lawyer, and insurance agent and a home inspector. Your REALTOR® will offer guidance as to how to proceed with your purchase or sale and when it's time to bring in the other experts and professionals on your team.
REALTORS® role
A REALTOR® has vast amounts of real estate knowledge and the experience required to stay cool, even in a hot real estate market. In Ontario, a REALTOR® is a licensed real estate professional who is a member of a local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA). When you work with a REALTOR®, you can expect strict adherence to provincial law as well as to a code of ethics ensuring you'll receive the highest level of service, honesty and integrity.
If you are buying a home, your REALTOR® can help you determine how much house you can afford, offer advice on choosing the right neighbourhood and ensure your interests are best served during negotiations.
If you are selling a home, your REALTOR® will help you determine a fair and accurate asking price for your home, develop a marketing plan, offer advice to help make your home more "saleable," screen potential buyers, show your home and, of course, negotiate on your behalf.
Lender
As you and your REALTOR® begin looking for a home, it is wise to also begin looking for a mortgage lender. Your REALTOR® can help you review various mortgage options to ensure you get the best rates and terms available. Although most buyers will start their search with their own bank or financial institution, it pays to shop around for more competitive rates. Often, your bank will match or beat a competitor's rate to keep you as a customer.
Lawyer
It is recommended that you have a lawyer waiting in the wings, preferably one who specializes in real estate transactions, to review complicated documents such as the Agreement of Purchase and Sale. If you are selling, it's wise to have a lawyer review an offer to purchase before you sign it. As a buyer, your lawyer will also ensure you receive clear title to the property and calculate the amount of land transfer tax you will be required to pay.
Home inspector
Having a home professionally inspected before you seal the deal to buy can help you avoid costly surprises after you move in. A home inspector will report any minor problems as well as major ones such as structural deficiencies that could affect your decision to buy at all or at what price.
Insurance broker
In order to secure financing, mortgage lenders require insurance on the home. Just like when you shopped for your mortgage, do your homework with insurance companies too. Insurance coverage and rates vary and you will want to be sure you get the coverage you want at a fair price.
Your MVP
Having the right team of experts on your side can mean the difference between a successful real estate transaction and a personal and financial nightmare. When you select your team, start with a REALTOR® - he or she will be your Most Valuable Player.
REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by The Canadian Real Estate Association and the National Association of REALTORS® and refers to registered real estate practitioners who are members of The Canadian Real Estate Association. Used under license.
Professional Background
REALTORS® in Ontario must complete a rigorous learning program required for registration under the Real Estate and Business Brokers Act. These licensing education courses are offered by the Ontario Real Estate Association (OREA) on behalf of the Real Estate Council of Ontario (RECO) which administers the Act.
Buying a Home: What You Can Afford
If you're thinking of purchasing your first home, you probably have a lot of great ideas about what you'd like - such as several thousand square feet of living space, a two-car garage, large fenced-in lot, one or two fireplaces and a panoramic view. But it may be time for a reality check.
Most first-time buyers want their dream home right away. However, that dream home likely sells for several hundred thousand dollars and the down payment is more than you earn in two years. Not to mention the mortgage payments - which are three times your monthly take-home salary!
The best way to deal with this reality is to match your financial capabilities with the home that meets as many of your needs as possible.
Many first-time buyers purchase what is commonly known as a "starter home." There's nothing wrong with this approach. In fact, it's good common sense to avoid buying a home that will stretch your budget to its breaking point. Remember, the starter home is just that - a way to get started in long-term real estate investment.
To see how much you can afford, you should take a close look at your financial situation. The vast majority of home buyers lack the funds required to buy a home without assistance from a bank or other financial institution (commonly called a "lender"). So, for most of us, buying our first home means combining our savings with money borrowed through a special type of borrowing arrangement called a "mortgage."
Borrowing to purchase is not only acceptable, it's desirable. Even people buying millions of dollars' worth of real estate borrow to make the purchase
There are two types of costs in buying a home:
- the amount of money you'll need for the initial purchase; this consists mainly of the down payment and other costs such as legal fees and taxes; and
- the ongoing costs of paying back your mortgage, along with monthly operating costs for utilities, maintenance, insurance and annual property taxes.
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Costs of buying a home =
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* Down payment & * Mortgage
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* Legal fees
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* Utilities
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* Inspection fees
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* Maintenance
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* Taxes
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* Insurance
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* Property taxes
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When lenders assess your ability to buy, they look at your ability to pay both types of costs in determining how much money they will lend you. Before you ever visit a lender, you can predetermine this amount, using the same formulas they do.
Lenders use several factors in judging your ability to handle a mortgage, including your income, employment record and credit worthiness. However, one way you can estimate the price range you can afford is to look at the amount of money you have available for a down payment.
The most common mortgage is a "conventional mortgage." In this type of arrangement, lenders will loan up to 75 per cent of the "appraised" value (estimated market value) of the property or the purchase price - whichever is lower. The remaining 25 per cent is the amount you will contribute as down payment.
If you want to buy a home that has an appraised value of $200,000, a lender may loan you 75 per cent or $150,000 on a conventional mortgage when you contribute a down payment of $50,000.
If you plan to borrow funds through a conventional mortgage, multiply the money you have available for a down payment by four. For example, if you have access to $40,000, you may be able to purchase a home with an appraised value of $160,000 ($40,000 x 4 = $160,000).
This assumes, of course, that you have sufficient income to make the payments on a $120,000 mortgage (75 per cent of $160,000). Most lenders will not permit a borrower to take on a debt load the borrower can't carry. That's why reputable lenders "qualify" potential borrowers before issuing mortgages.
Most lenders say that your monthly housing expenses (mortgage payment and taxes), plus condominium maintenance fee, if applicable, would not exceed 30 per cent of your monthly gross family income.
This is called your Gross Debt Service (GDS) ratio. Some lenders will go as high as 35 per cent, depending upon a number of variables.
Lenders also use a second calculation in qualifying you for a mortgage. It's called the Total Debt Service (TDS) ratio. Generally speaking, no more than 40 per cent of your gross family income may be used when calculating the amount you can afford to pay for mortgage payments and taxes plus other fixed monthly expenses.
These other fixed costs are your ongoing commitments and can include auto, student or personal loans, as well as revolving charge accounts. Again, the 40 per cent calculation may vary slightly among lenders.
Is now a good time to sell your house?
Thinking of selling your home but not sure if now is the "right time?" Talk to a REALTOR® for sound advice on when to sell your home in the least amount of time for the best possible price.
First a REALTOR® will help you examine your reasons for wanting to sell. The most common reasons why people decide to sell their homes include changes to their financial status, an employment transfer, a growing family or retirement. Today's low interest rates have also made it attractive for many homeowners to "move up" to a larger home.
Whatever your reason, selling a house is a complicated procedure so it's imperative to have a qualified real estate professional on your side. Because selling a home involves large sums of money and complicated legal documents, a REALTOR®'s expertise can help a homeowner avoid costly mistakes.
Real estate cycles
Buying your home was probably the best investment you ever made. That's because over the long term, real estate has proven to be a sound investment while at the same time offering you and your family shelter and a feeling of pride of ownership.
However, real estate is subject to the law of supply and demand which creates cycles in the market. A shortage of homes generally means prices rise. This cycle is commonly known as a "seller's market." Alternately, a surplus of homes can result in a slow down in home sales or even a reduction in prices and is often referred to as a "buyers market."
One of the most important services a REALTOR® provides is market analysis. Most people don't have the time it takes to conduct the comprehensive market research required to accurately price a home. A REALTOR® can give you up-to-date information on what economic and other factors are impacting current market conditions.
Which market is best?
Obviously, you will want to sell your home quickly and for the highest possible price. In a "seller's market," you often see many buyers competing for the same house resulting in top prices -- sometimes even over the original list price. However, if you are planning to purchase another home after the sale, chances are you will be competing in the same seller's market faced with higher prices.
In a buyer's market you may find you have to wait longer to sell your home for a fair price. The upside to selling your home in a buyer's market is you'll have more selection and pricing options when you go looking for your new property.
Although the current market cycle should influence your decision to sell, remember there are trade-offs to selling in either a buyer's or seller's market. Some people are concerned that if they trade up to a larger home in a buyer's market they will lose some of their home's equity in the sale. But, while you may sell your home at a "discount," it's likely you will purchase your larger home at an even greater discount. The advantage is you then own a larger asset with even greater potential for appreciation.
Seasonality
In Ontario, changing seasons and the weather can affect buyer demand. For example, fewer buyers may be out looking at homes during the cold and snowy winter months, but as a seller you will be competing with fewer homes on the market. Spring tends to be an attractive time for real estate sales as gardens start to look nice again and people come out of hibernation. Buyers with school-aged children like to purchase in the spring so they can move in over the summer. However, homes sell throughout the year so think of the season as only one factor in deciding when to sell your home.
There are many important issues that come into play when deciding to sell your home. A REALTOR® can help you to determine if now is the best time for you.
Choose the neighbourhood that's right for you.
Finding the right home for you
When you dream of your dream home, what do you see? Each of us has a vision of what it will be, but getting as close to that vision as possible is a practical, step-by-step process that begins with finding a REALTOR®. A REALTOR® is your best ally throughout the home buying process. He or she can provide expert advice and help you determine how much you can afford, what kind of home you can buy in that price range, and where it may be located.
You've no doubt heard the phrase: location, location, location. That's because it's the most important factor in making any real estate purchase. To find the right location you must think of where you want to live both in broader terms and in more detail. First of all what type of area do you want to live in?
Urban: Urban communities offer the broadest range of housing types, but generally at higher prices than similar-sized homes in non-urban locations.
Suburban: The suburbs are typically made up of newer neighbourhoods, schools and shopping centres. Prices may or may not be lower than those of the central city, but you often get more square footage, larger rooms and bigger lots.
Smaller towns and cities: A slower-paced lifestyle and lower taxes and housing prices are often big draws to Ontario's smaller communities. There are fewer types of homes available and the number for sale could be limited.
Rural: A stream flowing over a few acres sounds appealing and your housing budget will often buy you more in a rural setting than any alternative above.
Features
Once you've considered the broader location options above, it's time to think about the features you need and want in a home. Prepare a shopping list. How many bedrooms and bathrooms? One or two-car garage? Large backyard or small? List the features you are looking for as needs or wants.
Comparing homes and locations
Now you want to match the type of home you'd like with the location. Start reading the real estate ads in local newspapers and REALTOR®-produced publications. These ads will give you an idea of the communities that best match your criteria for home and location. Drive through the communities that are likely candidates.
Check out the types of homes available, how well the neighbourhoods are maintained, the availability of schools and shopping, recreational and religious facilities. Be aware of drawbacks: highway noise, train tracks, airports and large industrial centres. Drive through the neighbourhoods at different times of the day.
Attend open houses in the areas you are exploring. You'll begin to understand which best suit your needs and which are in your price range.
Open houses also provide an excellent chance to meet the REALTORS® hosting the events. Chances are that you'll select a REALTOR® from among those you meet at these open houses.
You'll find the services of a REALTOR® invaluable in helping you locate the home that's right for you.
REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by The Canadian Real Estate Association and the National Association of REALTORS® and refers to registered real estate practitioners who are members of The Canadian Real Estate Association. Used under license.
By knowing exactly what you can afford, you can make your home purchase with confidence.
Glossary of Real Estate Terms
If you're buying a home for the very first time, the process may seem a little daunting. After all, buying a home is probably one of the biggest investments you'll ever make. I have the experience and the knowledge to guide you through the process of buying your first home and can help take the mystery out of the many terms, phrases and clauses you will encounter.
The following are definitions of some of the most common real estate terms you are likely to come across.
Amortization: The number of years it takes to repay the entire amount of a mortgage.
Appraisal: An estimate of a property's market value, used by lenders in determining the amount of the mortgage.
Appreciation: The increase of a property's value over time.
Assessment: The value of a property set by the local municipality, for the purposes of calculating property tax.
Assumable Mortgage: A mortgage held on a property by the seller that can be taken over by the buyer, who then accepts responsibility for making the mortgage payments.
Blended Mortgage: A combination of two mortgages, one with a higher interest rate than the other, to create a new mortgage with an interest rate somewhere between the two original rates.
Blended Mortgage Payments: Equal or regular mortgage payments, consisting of both a principal and an interest component. With each successive payment, the amount applied to interest decreases and the amount applied to the principal increases, although the total payment doesn't change. (Exception - see variable rate mortgages.)
Bridge Financing: Money borrowed against a homeowner's equity in a property, usually for a short term, to help finance the purchase of another property or make improvements to a property being sold.
Buy-down: When the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender or to the purchaser, in one lump sum or monthly instalments.
Closing: The real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met, and the deed to the property is transferred from the seller to the buyer.
Conventional Mortgage: First mortgage issued for up to 75 per cent of the property's appraised value or purchase price, whichever is lower.
Counteroffer: One party's written response to the other party's offer during purchase negotiations between buyer and seller.
Debt Service Ratio: The percentage of a borrower's gross income that can be used for housing costs, including mortgage payment and taxes (and condominium fees, when applicable).
Deed: A legal document that conveys (transfers) ownership of a property to the buyer.
Easement: A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property.
Encroachment: An intrusion onto an adjoining property -- such as a neighbor's fence, storage shed or overhanging roof line that partially (or even fully) intrudes onto your property.
Equity: The difference between the price for which a property can be sold and the mortgage(s) on the property. Equity is the owner's "stake" in a property.
Foreclosure: A legal process by which the lender takes possession and ownership of a property when the borrower defaults on the mortgage obligations.
High-Ratio Mortgage: A mortgage for more than 75 per cent of a property's appraised value or purchase price.
Land Transfer Tax: Payment to the provincial government for transferring property from the seller to the buyer.
Lien: Any legal claim against a property, filed to ensure payment of a debt.
Mortgagee: The lender.
Mortgage Insurance: Government-backed or private-backed insurance protecting the lender against the borrower's default on high-ratio (and other types) of mortgages.
Mortgagor: The borrower.
Multiple Listing Service (MLS): A system for relaying information to REALTORS® about properties for sale.
Prepayment Privilege: A mortgage feature that allows the borrower to prepay a portion or all of the principal balance with or without penalty. This privilege is frequently restricted to specific amounts and times.
Principal: The mortgage amount initially borrowed, or the portion still owing on the mortgage. Interest is calculated on the principal amount.
Status Certificate: A written statement of a condominium unit's current financial and legal status.
Variable-Rate Mortgage: A mortgage for which payments are fixed, but whose interest rate changes in relationship to fluctuating market interest rates. If market rates go up, a larger portion of the payment goes to interest. If rates go down, a larger portion of the payment is applied to the principal.
Vendor-Take-Back Mortgage: When sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property.
Zoning Regulations: Strict guidelines set by municipal governments regulating how a property may or may not be used.
Tips to sell your house
When you are ready to sell your house you'll want to make your home as marketable as possible. Here are a few tips:
Clean everything in and out of sight
With clipboard in hand, take a tour of your home. Take note of every opportunity to remove clutter and dirt. Rooms, closets and cupboards will appear larger and more inviting when you get rid of unnecessary stuff and tidy up what's left. Remove bulky or unused furniture and rearrange the rest to make the best use of space.
Most of us are pack rats, so apply the following test to every questionable item: Have I used this in the past six months, or will I need to use it soon? If the answer is no, throw it away, store it elsewhere or sell it in a yard sale.
Be equally aggressive in disposing of dirt. Pay particular attention to the two most important rooms in a buyer's mind: bathrooms and kitchens. And once you've removed all the dirt: keep everything clean, every day. You never know when the person who will ultimately buy your home will visit.
Repair as much as you can
During your home tour identify the things that are broken, cracked, stuck or just plain don't work anymore. These can include: leaky faucets, holes in window screens, stuck or broken windows, lights that don't work, doors that squeak or don't close properly, missing or broken cupboard handles, cracks in the walls and ceilings, and dozens of other "little things" you've been meaning to do for years. Now is the time.
Certain items, such as roof or basement leaks, must be repaired, along with any water damage. Electrical or heating system problems must be fixed. Some repairs, however, may not be necessary. Will that hairline crack in the driveway really make or break the sale? How about a chipped floor tile in the entryway? Some buyers will have their own ideas about how to deal with these problems. You may find it easier to adjust your selling price to reflect the cost of these repairs, rather than pay for them yourself.
De-personalize your home
Your house reflects you. It is decorated with your taste and your sense of style. Unfortunately, that heart-shaped table lamp your grandmother left you may distract potential buyers from seeing the home itself. Grit your teeth and store all personal items (framed family photos, trophies, etc.) out of the way.
If you have brightly coloured accent walls or heavily patterned wallpaper, consider repainting or wallpapering these areas with light, neutral colours that enhance a room's size and make it more flexible to receive any kind of furniture. Remove area rugs, light fixtures and other items that buyers might find too difficult to imagine in "their home", even if you were not intending to include these in the sale.
Beautify the house and yard
Peeling, dry paint is relatively easy to fix or replace and can make all the difference in your home's appearance. If your carpet or other floor covering is in really bad shape, consider replacing it. The same holds true for badly tattered window coverings such as drapes and blinds.
Outside the house, weed the flower beds, remove dead tree branches, keep your lawn well-mowed and edged, trim the hedges, rake the leaves, sweep the sidewalks, fix and paint the deck or fence, plant a few flowers and do anything else you can think of to enhance your home's curb appeal.
It may sound like a lot of effort, but these tips, and the assistance of a REALTOR®, will help you sell your current home quickly so you can move on to your next dream house.
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