First Time Home Buyer

 

 

Did you know that the majority of first-time homebuyers are Millennials? That’s right; those born between 1980 and 1995 now represent a 77 per cent of homebuyers purchasing for the first time. Here are five tips for those entering the housing market for the first time.

First-Time Homebuyers’ Tip #1: No Perfect Time to Buy

Many Realtors or agents will tell you Spring/Summer is the best time to purchase. Yes it may be the most convenient for a move, but there is no historical data that shows market prices are cheaper during the summer months over the winter months. In fact, the opposite, you maybe able to find a deal of a homeowner who needs to get out of their home due to job move, family matters or divorce. Search for houses for sale in Yorkton SK using the MLS.

First-Time Homebuyers’ Tip #2: Get pre-approved for a Mortgage

Start your house search having obtained pre-approval for a mortgage. This shows you’re  a serious buyer, and lets you act quickly on a home you like without losing time applying after the fact. Mortgage pre-approval also helps narrow your search as you have your price range established. Additionally, if you find that perfect home/condo, go to put in an offer with condition of financing and another offer comes in without finance condition, guess whose offer is going to be accepted on that home?

First-Time Homebuyers’ Tip #3: Search the new neighbourhoods

Millennials are more committed to car-free lifestyles than the average Canadian. Accordingly, many condo developers have planned communities geared at diehard urbanites, with proximity to public transit, supermarkets, well-lit bike and running paths, dog-friendly green spaces and amenities such as bike lockers. Be sure to check out high-density condo communities to see what they have to offer for you.

First-Time Homebuyers’ Tip #4: Consider moving out of town

Many first-time homebuyers are trading big metropolises for smaller cities that are in the early waves of urban renewal. These emerging markets offer great deals, particularly on detached houses. For born-and-raised urbanites, these emerging cities can mean less culture shock versus heading to the ’burbs. Often these locations offer extensive public transit, a thriving cultural and retail scene, and easy access to the larger urban hub (which can be handy if you still work there).

First-Time Homebuyers’ Tip #5: Use social media to help find a home

Finally, don’t limit your house hunt to the MLS or real estate agent websites. The real estate market is a fascinating subject – as any HGTV junkie will attest! – and a number of bloggers are probably busy covering the very neighbourhoods in which you are house hunting. Googling “real estate blog” and your city, or specifically your dream neighbourhood, will yield a variety of options. They’re a great way to get sneak peek of exclusive listings and private sales, and to survey comparables and get a feel for your desired community.

Custom Build CondoBuying a newly built home is quite different from budding and buying an already existing apartment or condo. You do not need bidding and usually choose materials and furnishings for your new home. On the other hand, the price is often a bit higher and the wait for occupancy can be long. We summarize the process for you to buy condos for sale Regina SK.

1. Interest

Many builders receive interest reports on their site at an early stage, sometimes several years before sales start. You do not associate yourself with anything, but can thus get very good pre-information about the project and not least when it’s time for sales start.

2. Sales Process

When starting the sales process you are contacted to gauge pre-sales interest and invited to a showroom for a meeting. Information about the project is shared on a website and sometimes there is a showroom or similar close-up which you can visit to see models, drawings and sketches. You’re purchasing a home on speculation of the build, not an actual home you can see.

2. Booking agreement

If you are offered a residence, a booking agreement is signed and a booking fee is payable, which varies depending on the builder. The booking fee is part of the total amount and is deducted before paying the total amount at the residence. Before you pay the booking fee, you should have everything done with your bank: loan calculations, loans, etc.

New Home

3. Pre Contract and Fee

The pre-agreement is signed when the housing association has been formed and is an agreement between you as a buyer and the association. The advance fee is also deducted from the total. In some instances, lease agreements are signed directly, depending on how far the process has come.

4. Choices and options, visit to the residence etc.
As long as your home is being built, you will usually choose materials in the form of wallpaper, tiles, kitchen shutters and more. You often also visit a viewing apartment where you can see the materials in place, and when it comes to approaching, you usually also visit your own home to measure and the like.

5. Inspection

A few weeks before occupation, an independent inspector will check your home. Then it’s good if you’re in to see you have all your options in place, etc.

6. Grant Agreements

When the association’s financial plan is approved and registered and all permits are in place, the broker calls you to sign under the tenancy agreement. Then you will also receive information about the final payment, which will usually be paid no later than a few days before the date of access.

New Home Final

7. Final Inspection

Any month or two before occupancy is the time for final inspection. A quality manager participates in order to approve the entire contract, according to the Planning and Building Act.

8. Occupancy

Last time to move in!

9. Warranty Inspection

Warranty inspection takes place 2 years after approved final inspection. Any warranties that arise during the warranty period are noted and remedied. After this warranty period, the building itself is covered by a construction fuse insurance that applies for another 8 years after the warranty inspection has been completed.

 

If those living in your house formed a housing association and were offered to buy the property, would you like to buy your apartment? This question was asked for approximately 1,000 members of the Tenant Association.

Answers vary with age. Half of those who are 35 years or younger would like to buy their apartment, but only seventh senior citizens. It also depends on where you live.

If you are one of these people and are in need of a home in Regina, then give Search Regina MLS Listings to find you your dream home.

Metropolitan people are more positive than those in smaller towns. Those who rent private wards are more incubator than those living in municipal housing companies.

The issue is becoming more and more current. Only in the metropolitan areas, over 52,000 tenants have been homeowners in the 21st century and many new transformations are under way.

Profitability is also the main reason for those who want to buy their apartments. But such reasons do not matter to many. Many say it’s a good investment, but if you do not want to move you will not win and we do not live here to make money.

The second heaviest reason in the survey, that you get more influence over the accommodation, is also not so important to them. Even as a tenant you can do much for the interior if you want – and you do not have to take care of the property. “We do not have much contact with the neighbors, and I do not feel attracted to weekend weekends and to go out and hang out,” said one person in the survey.

– Are there any people who think that they are going to make a lot of themselves, or will they buy the services?

There are many question marks. Many are doubtful, but not sure that they are saying no.

“If the price is good and people know what they’re talking about, maybe we’ll buy,” says one tenant.

“You buy not only your apartment but your and your neighbors’ house, along with them. The shared responsibility can imply both opportunities and problems, “says consumer counselor Margaret Shapiro.

She is responsible for housing issues in a new condo association, where many rental rights have been converted into condominiums. She has had contact with many who are reluctant to buy or have had problems after a conversion.

 

Margaret Shapiro thinks it is important not just to think about the economy, but also on what neighbors one has.

– Is there any competence within the association to own and manage a house? A lot of members are required: to be able to run a board, to have legal, financial, management, procurement and so on. And you will have time and will and be able to get along.

One should ask if you want to own your house and basically start a management company with your neighbors.

For example, if the roof needs renovation, do you have the same view of when and how to do it?

 

– A common conflict of interest is that the younger think more short-term. They want to make money and move on, while the elderly want to invest more in the long run. Therefore, it is important to read all information, attend all meetings and ask questions.

Those who work for a conversion may not have the same management ideas as you. The bank can help review the association and your finances. “You need a different economic buffer than if you rent,” says Margaret Shapiro.

 

Facts: Think About Before You Do Buy

 

  • Do I want to own and manage a property with my neighbors?
  • Should major renovations, tribal swaps or similar be needed, and if so, can I stay in the meantime or arrange an evacuation apartment myself?
  • Do I manage the economy? Bring all the documentation to the bank, ask for an assessment and cost of living.
  • Do I have an economic buffer, maybe $ 20,000, if anything in the apartment breaks?
  • Can I manage to stay if I get sick or unemployed?
  • Will the apartment be sold if I want to move
  • Do I want to be a tenant of my neighbors if I do not buy?

Most common reasons not to buy:

  • Do not get loan 3%
  • Does not like the apartment 5%
  • Does not like the situation 5%
  • Do not want for ideological reasons 10%
  • Can not afford 23%
  • It is more comfortable to rent 34%
  • Other reasons 19%

The most common reasons to want to buy:

  • Do not want to live with the neighbors 5%
  • Children and grandchildren inherit the residence 6%
  • Get more influence over the accommodation 33%
  • More profitable to own 46%
  • Other reasons 11%

One of the basics that real estate brokers teach new agents is that they need to get signatures on contracts. They also want to be sure that they get all the signatures needed, which is not always clear. A recent case provides a case in point.

A licensed real estate broker, signed a listing agreement with a homeowner the broker the exclusive and irrevocable right to sell a parcel of property. The duration of the contract was one year. The listing price was $2,200,000. If the broker procured a buyer for the property, she was to receive a commission of $200,000.

A lawyer signed as trustee of the the homeowner trust. There were signature lines naming four other persons plus one corporate entity. They were not signed. The broker said that the lawyer told her when he was signing the agreement that he was authorized to act on behalf of the other owners. She believed that there was a written agency agreement between the homeowner and the other owners. (In the listing agreement, the owner is identified as ‘John Smith the homeowner, Trustee of the the homeowner Trust, et al.’) Moreover, The Broker says that two of the individual owners subsequently acknowledged her employment, were impressed by her performance, and inquired about working with her on other projects.

The listing experience was not a happy one. Not long into the listing period, the broker contacted the homeowner to tell him that she had been in contact with a representative for the Trust for Public Land (TPL) and that TPL was interested in purchasing the property. the homeowner told the broker that he had been speaking with TPL for years, and that it should be excluded from the listing. The TPL representative denied this. In any event, sometime in 2013 the owners and TPL entered into a purchase agreement. The sale, however, was never consummated.

On April 4, 2014, the broker filed an action against the owners. (The Appellate Court noted that the failure of the sale was not addressed as a cause for the broker not to receive a commission. Hence that issue is not discussed.) The action was for breach of contract and for specific performance, among other charges.

The owners filed a demurrer – essentially, a motion to dismiss – on the grounds that they had not signed the listing agreement. The trial court sustained that motion. The broker appealed.

In short, it says that a contract to sell real estate for compensation [a listing agreement] is not valid unless it is signed by the person or persons (or his/their agent) who is to pay that commission. When the owners claimed they were not responsible for any commission, they were relying on the Statute of Frauds.

But the broker also relied on another argument, namely, that the homeowner told her he was authorized to sign for the others. Here, the owners asserted what is known as the equal dignities rule. That rule, the Appellate Court said, “is embodied in section 2309 of the Civil Code and reads as follows: An oral authorization is sufficient for any purpose, except that an authority to enter into a contract required by law to be in writing can only be given by an instrument in writing…”

If the homeowner had authorization to sign a listing agreement on behalf of the other owners, he would have been given authorization to sign something that was required to be in writing. According to the equal dignities rule, then, that authorization would also have to be in writing.

When the Appellate Court reviewed this case, they seemed to find too many anomalies in the circumstances to allow the case simply to be dismissed. For example, they felt that the broker should be given an opportunity to introduce extrinsic evidence regarding the homeownerâs claim that he was authorized to act for the other owners. So, the case was sent back, and we donât know at this point how it will turn out. But we do know that a lot of grief and lawyer fees could have been saved if there had been a concerted effort to obtain all signatures in the manner necessary.

Indeed, there may be a lesson here for real estate agents who have come to rely on the relatively new document entitled Representative Capacity Signature Disclosure. This is used when one person is signing for an entity such as a trust, or LLC, or partnership. It just might be a good idea to obtain a signed copy of the document that authorizes the person to act in such a capacity.

In dazzling summer sunshine, everything in a home looks great. But… and it’s a big but!

Buyers can be distracted by strategic staging, clever decor, and time pressures. They benefit from stepping back to determine whether the home they’re considering will require expensive additions or overhauls to keep everyone safe—not just this summer, but every day of the year.

The more buyers ask from sellers, the greater the need for careful examination!

Essentials for Home Buyers

As well as any safety concerns specific to your family, there are seven main issues that should be top of mind for buyers of houses, townhomes, or condominiums:

  1. Contained Pool Fun: Pools come in all shapes, sizes, and types. One safety issue remains important: controlling who enters the pool and when. This involves safety measures for small children and across generations, as well as for visitors who are non-swimmers or uncomfortable around water.

 

Pool fencing that complies with local bylaws is essential. Looks matter, but locks are vital. Ask for installation details and check those against local safety requirements.

Life Saver Pool Fence relates its product designs directly to the importance and
expense of transforming pools into safe playgrounds. Their pool fences can be “removed and reinstalled by the homeowner as one of the best investments a seller can make, especially with family homes.” This US company reports they use “triple-reinforced solid poles, self-latching gates, rounded edges and the strongest UV resistant mesh available in stylish colors.” This reality means buyers should not assume the pool fence is included.

  1. Backyard Fire Zones: Landscaping and patio designs are usually customized to suit the specific needs of those paying for these expensive features—the homeowners. Buyers are, therefore, buying someone else’s decisions about what works, what doesn’t, what’s safe for family and what’s not. The cost of “making over” a backyard, fire-pit area, outdoor kitchen, BBQ corner, or other common cooking, smoking, or outdoor-fire feature can be significant. Changes that are decor- or taste-driven are not the issue. If buyers’ will be introducing small children and pets into areas designed for adults-only use, modifications may be essential. Fire and play zones do not mix!

 

  1. Aging Danger Zones: Established gardens, patios, pool areas, decks, fences, and playgrounds look wonderful. Realistically, at some point “established” changes to “worn out.” Buyers shouldn’t just peek out windows at the yard or view the garden from the patio doors or deck. Get out there and stomp around — gently. Not enough to destroy the yard, just enough to ensure constructed elements are sound. Deck railings and fences rot out from the bottom. This means looking great does not guarantee they are strong, stable, and secure.

 

  1. Landscaping Liabilities: Trees are amazing and valuable. As part of their life cycle, mature trees may need periodic pruning to safely remove dying and dead branches before they become falling hazards. When considering properties with large trees, buyers benefit from talking to arborists to learn about the approximate costs of maintenance programs they are buying into. The legal issues involving trees are almost as complex and varied as those for fences.

 

  1. Inside and Out: Make sure equipment or structures included in the purchase price have genuine value. Home Inspections may include evaluations of major equipment like owned furnaces, water heaters, and even major appliances. Sometimes, outdoor equipment and structures, even for pools, are overlooked. If buyers don’t feel confident about verifying the condition of outdoor equipment or structures themselves, specialists may be required.

 

When buyers, in their offer, specifically request items such as gas-fueled appliances, caution should be exercised. Buyers should confirm that equipment they ask for is in good condition and, where appropriate, professionally installed to maintain its functionality and safety.

 

  1. Multi-storey Perspectives: London England’s shocking high-rise fire shone a bright, terrible spotlight on fire-safety design, maintenance, and unit security around the world. Buyers interested in a high-rise or multi-unit facility should ask their real estate professional to provide documentation concerning these issues for the building or buildings being considered. Local fire authorities can contribute significant fire safety knowledge.

 

“If you live in a high-rise or work in a high-rise building, be familiar with the occupancy,” Houston Texas Fire Samuel Peña stressed. “Be familiar with the life-safety systems [and] know where the means of egress [exit] are. Know what your responsibility is in case of an emergency.”

Chief Peña emphasizes “four simple safety tips [which] could mean the difference between life and death in case you’re involved in a high-rise fire.” Long before fire strikes, Chief Peña strongly advises those living in multi-storey buildings to learn the local Fire Code, how and when to evacuate, where safe places are, and where all the building exits and stairwells are located.

 

  1. Curbing Danger: Even busy or high-accident streets are periodically quiet streets. Buyers do not spend hours or days viewing a home before they buy. During their brief visit, buyers may not experience any traffic or noise concerns. That’s why real estate professionals are so valuable—but only if buyers express their personal uneasiness and ask direct questions about safety, noise, and anything and everything that is of concern to them.

 

For a perspective on local road safety that can also help buyers evaluate danger in an area they are not familiar with, revisit my column Do No Harm’ Driving Long Overdue”

These Seven Safety Essentials should be top of mind for buyers determined to find a safe home. How long is your safety list when home shopping?

 

A Safe, Fun Summer to you all!

 

Don’t worry about a perfect presentation – a heartfelt note and a simple treat create a wonderful welcome to the neighbourhood.

A few months ago our neighbours moved away. We had gotten to know them only recently, when we were rebuilding after our house fire. That was one of the good things that came out of that hard time. During construction we rented just a few doors down, right next to this nice family. But, alas, they found a house that suited them better.

When I drive by their empty house every day, I glance over to check for the for-sale sign and to see if anyone is looking at it. Some days I say a prayer for my old neighbours that they will sell the house quickly and for the new neighbours, whoever they may be.

Mike and I talked about how we wanted to make a point to welcome the new neighbours. When we moved into our first home, our next-door neighbours brought over a plate of cookies with a note welcoming us to the neighbourhood. I had a newborn baby and was trying to get back in shape, so I wasn’t thrilled to be delivered a plate of temptation. But I was delighted to meet our new neighbours, and their thoughtful gesture had the desired effect.

When we bought our second house, there was a gap between the day we took possession and when we actually moved in. We shuttled between the two houses for a few weeks. One day I found a mason jar set by our front door with a simple bouquet and a note from our neighbour up the road. He gave her name and her husband’s, as well as their phone number, and welcomed us to our new home.

Last week I drove by our neighbour’s house, and when I did my reflexive look I didn’t see the for-sale sign. A few days later I drove by and saw cars in the driveway and all the lights on in the house. It was clear someone was moving in.

I told Mike the next day, “I think I’ll make cookies and write down our name and numbers. We can walk over and introduce ourselves later this afternoon.” He thought that was a great idea. Josh heard us and asked if he could please, oh please, make the card. There was no question of us saying anything but yes. He and I set to work.

The cookies didn’t turn out the best. The first batch was slightly undercooked, and the second was half burned. (I hate my new oven!) The third batch was inedible.

In general I consider “It’s the thought that counts!” shabby thinking and simple excuse making. If you’re going to do something for someone, you should do it well.

And yet too often I’ve failed to make a kind gesture because I’m concerned it won’t be perfect. I mean, what if the family eschews white flour and refined sugar? What if?

I’m done with that sort of worrying. The first batch I left on the cookie heet, and they continued to bake. They weren’t pretty, but I knew they would taste good.

Josh’s card, of course, is fantastic. I’m only going to add a small card listing our names with our home and mobile numbers. I know this isn’t necessary, but I’d like them to know we’re good for a cup of sugar or a tablespoon of garam masala.

Josh remembered these little candy boxes I bought last Christmas and never used. He thought they would be perfect, and I agreed. Never mind that it’s a gingerbread house with candy cane trim and this is November. They’re cute and happy, and it’s a little house welcoming our new neighbours to our neighbourhood and their home. That’s our thought, and I think it counts more than enough.

Have you been searching for Pleasant Ridge home rentals? Finding a home is never an easy task, and it may be made even more difficult if you happen to be a pet owner. On top of all of your other concerns, you may be restricted by which landlords allow tenants to have pets in their Hyde Park OH home rentals. To get past this obstacle, you simply need to arm yourself with a little knowledge (and sometimes the power of persuasion) and persevere in your search.

As you look over the available listings, you will want to note which ones allow pets. You can find home listings in more ways than one, in the housing section of the local newspaper, or on classified and rental websites found via internet search. If you live in an urban area, you may want to check out the local real estate agents. Often they will have listings that cannot be found anywhere else. Ask friends, family, and neighbors if they have heard of any rentals that are available or soon to be vacant. Listings can be found on local community boards, and often times a landlord will put a For Rent sign on the property.

Listings online or in the newspaper are likely to blatantly state whether or not they allow pets, and these are the simplest way of discovering whether or not you should even bother contacting a landlord or agent. At times a listing will fail to deliver this information especially if it is published in a newspaper, which usually will charge by the letter for a classified advertisement. An online ad that fails to mention whether pets are allowed or not may simply be an oversight on the part of the poster, in any case, you have everything to gain from simply calling to inquire about such a listing.

You should always look into the market well ahead of when you plan on moving, but people with pets should be especially careful about planning ahead. Because having a pet can seriously limit your options, you will want to see a great range of homes before deciding on one. This way, you would not settle for anything less than what you want. After all, the home will be home for you and your pet so you will want to be as comfortable with it as is humanly possible. Start looking at least two months before you plan to move.

It can be helpful to put your name on the waiting lists at home complexes where you would want to live. Turnover can be high in especially large complexes, so it is possible that a unit may be vacated just in time for you to move into it. Naturally, you will want to ensure that such home buildings allow pets. In your searches, do not be immediately put off if a landlord does not like the idea of pets, they may be open to a bit of persuasion. This becomes all the more plausible when the landlord in question is an individual, as opposed to a large company.