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Real Estate Trends 2024: What’s on the Horizon
With another year in the rear view, the question on everyone’s mind at this time of year is what will come in the months ahead. In 2023, we continued to see evolution in the real estate market with technological advancements, making both buying and selling more flexible than ever before. We saw home decor trends come and go and watched as smart home tech became more commonplace. So, what trends are we keeping an eye on for real estate in 2024?
Virtual Real Estate Tours: The New Normal
While virtual real estate tours are not new, they quickly become a staple in buying and selling homes. The COVID-19 pandemic stressed to us the importance of creating accessibility in real estate, and further advancements in both virtual and augmented reality technology have only continued to revolutionize how buyers experience homes for sale.
In 2024, virtual real estate tours are primed to become the new norm for many listings. Buyers can preview a home from the comfort of their couch—more effectively than with pictures alone—before moving forward with in-person showings. This also benefits the sellers, saving them from unnecessary showings by better filtering the most serious potential buyers.
Smart Home Technologies for All
Though it felt like a distant dream years ago watching The Jetsons on the couch, smart home technology is more available than ever. With devices becoming more readily accessible at multiple price points, smart home living isn’t just becoming commonplace but integral to the modern lifestyle.
Homebuyers in 2024 are now actively seeking properties with advanced automation features, such as smart thermostats, security systems, and energy-efficient appliances. These innovations enhance convenience, contribute to sustainability, and even save them money in the long run.
Environmentally-Conscious Living
Sustainability is no longer just a buzzword but a fundamental criterion in real estate. Green building materials, energy-efficient designs, and eco-friendly amenities are increasingly sought-after by both buyers and investors. This has become especially true with government initiatives and tax rebates, making green homes more and more enticing. As environmental awareness only continues to grow in 2024, many developers are now incorporating sustainable practices into their building processes.
Decentralization: The Resurgence of Suburbia
The allure of urban living is waning as more people prioritize space, affordability, and connection to nature. In 2024, we anticipate more interest in suburban and rural real estate, driven by remote work and a stronger desire for work-life balance.
Affordable Housing initiatives
Rarely can you turn on the news and not hear a story about housing and affordability. A rising crisis as inflation continues to stress our economy, we anticipate addressing this need to become a key focus in 2024 real estate. Collaborations between governments, developers, and non-profits are already underway to strategize innovative solutions for affordable housing. I anticipate more discussion around these efforts to make homeownership more affordable for more people in the coming months.
Real estate in 2024 is looking to be a dynamic market filled with innovation and flexibility. As we continue to evolve, embracing these trends helps us stay ahead of the curve and contribute to reshaping the future of real estate. Whether you’re a buyer, seller, or investor, keeping an eye on these trends will help you confidently navigate the real estate market.
Incorporate Viva Magenta Into Your Home
Pantone releases a Colour of the Year in January, and in 2023 the colour is Viva Magenta. This bold hue represents the challenges and joy in our ever-changing world. Finding ways to incorporate this colour into your home might seem challenging, but here are a few simple ideas to try for yourself!
Accent Wall or Feature Wall
If you want to add Viva Magenta to a room without it feeling like an overpowering colour, consider painting one accent wall. Another great option to break up the colour is to select a vibrant decorative wallpaper with magenta accents. Think about what other complementary colours you will decorate the room with—lighter shades of blues, pinks and purples can subdue and highlight the colour.
Furniture and Accessories
Furniture in the colour Viva Magenta would make a lovely accent piece in a room, whether it be a chair, ottoman or sofa. Choose contemporary furniture with curves and lines that draw the eye in without making the colour feel overwhelming. If you aren’t ready to commit to such a bold colour, a slipcover over existing furniture would be an easy, cost-effective way to add it. Use smaller Magenta accessories to display, like coffee table books or a vase in soft pink or purple for extra interest.
Artwork and Decorations
If the ideas above are still too ambitious for you, there is always artwork and small decorations for a pop of colour. Look for abstract art featuring complimentary colours or vibrant Magenta. Vintage prints come in rich colour palettes, or search for vintage muted tones like soft pastels to keep in the Magenta theme. Decorations such as pink candle holders or small photo frames—little touches can bring together the whole design.
Create Contrasting Color Combinations
Viva Magenta pairs well with various colours but, when used minimally, can create a strong contrast within its own colour family. Colours like shades of yellow or even sunny yellow can create a unique stand-out effect. Opt for lavenders, pastel pinks or deep purples for a subtle yet rich combination of colours.
Pantone’s Colour of the Year, Viva Magenta, is a bold statement colour but has a lot of versatility. Try incorporating it into your home to create a modern, classy look. Whether you paint the walls or find a great accent piece, this colour will energize any room.
If you need help finding a home, contact your local realtor today!
Design Trends We Can Leave in 2022
Trends come and go throughout the years. Here are the trends that are on their way out in 2023.
Hard-Edge Furniture
Curved furniture is still dominating the interior design space. Hard-edge, clean-line furniture is making its way out. However, instead of completely removing these hard-edge space-saving furniture pieces, dress them up with curved accents, such as round cushions, round coffee tables and textured throw blankets. Pairing furniture with these accents can create balance, depth of space, and coziness.
Rounded Fuzzy Textured Statement Pieces
Fuzzy textured chairs and couches were all the rage in 2022, and the end is in sight for these pieces. While not only being hard to clean, their uniqueness feels dated and drab for the new year—skip this trend in 2023. If you have one or two of these fuzzy chairs or couches, don’t eliminate them, as there is still a trend for round pieces next year. Dress them up with flat fabric throws and cushions.
Monochromatic Minimalism
Monochromatic decor has no personality and a cold quality that needs to be left behind this year. Its over-simple and sparse furniture placement leave little to be desired. Opt for more colours, patterns and boldness in 2023 to bring out your personality in each room.
All-White Kitchens
It is sad to see them go. All-white kitchens are losing popularity this coming year. Although they remain a classic colour palette and an excellent base, to begin with. Homeowners are leaning towards a more kitschy kitchen in the new year, with bold accent colours on the walls and the cabinets. Think of fun tile backsplashes, curtains and plants!
Industrial Hardware
Matte-black plumbing and hardware that coincides with the monochromatic theme are far too casual for the new year. Now that people are dressing and going out again, so are their homes following suit. Polished metals such as chrome and brass are making a comeback and will take center stage in 2023.
Plain Door Frames and Moldings
In 2023 we are looking at vintage homes with interesting architectural elements, such as unique moulding, wider doors and archways. Modern box frame doors have been in for several years, but a shift is coming to create more dynamic living spaces starting with the door frames. Mouldings and cases also avoid contemporary hard edges and opt for scalloped or pentagon shapes.
Before you go and renovate your entire home to fit these trends, you may want to consider just dressing up the existing pieces or fixtures you have–even a fresh coat of paint can make a massive change to a room.
If you need to find a home in the new year, contact your Local REALTOR®.
5 Local Places to try in Saskatoon this Summer
Summertime is here, which means one thing…it’s time to get outside and enjoy all Saskatoon has to offer. There are many places to eat in Saskatoon, and choosing one to meet up with family and friends can be challenging. Here are five local restaurants to try in Saskatoon that will win anyone over.
Indigenous Cuisine
Bannock Express
Bannock Express is a locally owned indigenous restaurant. It started as a Farmer’s Market stall and now has a restaurant on Avenue B, shared with Botte Chai and Dulce Bakery. The menu features bannock-centric offerings, which all look delicious. If you need to cool down this summer and are downtown, the menu also features various lemonades! The Co-op also sells the restaurant’s signature bannock—so stop in there if you can’t make it downtown. Inside the business is a pinboard that encourages people to donate and provide meals to feed the less fortunate.
Burgers
Ace Burger
Ace Burger began its life as a food truck and transitioned into a restaurant that is located on Broadway. The patio is perfect for summertime meetups with family and friends to enjoy great burgers, hot dogs, poutines, chicken sandwiches and out-of-this-world fries. Modern and cozy vibes fill the space. On your way out, pick up an Ace Burger shirt and hat! They also offer take-out—a nice break from cooking on a hot Friday night.
Farm-to-Table
Odla
Odla is another restaurant gem found on Broadway. The owners of Farm One Forty started the place with their holistic approach to farming and food. The menu consists of high-end meals made with products from local farmers and producers—featuring a vast list of wines and unique cocktails. The atmosphere is casual, yet sophisticated. Check out their patio to relax and enjoy a fantastic meal. If dining in isn’t for you, they also have an extensive selection of “market items” that you can purchase to cook or reheat meals at home.
Korean & Japanese Fusion
Sticks & Stones
Sticks & Stones has a delicious menu with an array of Korean and Japanese fusion eats. It has a casual, yet modern vibe, conveniently located downtown. Stones is the perfect place to enjoy a warm bowl of Ramen and a tasty ice cold drink—exclusively open in the evenings, offering table reservations or ordering online.
Pizza
Thirteen Pies Pizza + Bar
Thirteen Pies is open only in the evenings and is located downtown. The pizza is self-described as “Brooklyn style”—definition: it has a thin crust and is foldable to go down quickly. Their white sauce pizza is terrific, the drinks are divine, and the atmosphere is an upscale pub. If you are wandering downtown on a summer night and are looking for some late-night eats, pick this place—they offer delivery too.
From sushi to pizza, there is something for every taste bud in Saskatoon. Even better is supporting local businesses, producers, farmers and families. I hope that a few of these places spark your interest and you try them out this summer!
If you need help finding real estate close to any of these hot spots, contact your local REALTOR® today!
2022 Design trends to Follow
Interior design trends in 2022 are broad and diverse. Some timeless classics hold steadfast while emerging colour palettes, textures and materials flip-flop. Given the varied array of trends, not only will you be able to make your home unique to reflect you but also in style for years to come. Spending more time inside and our needs are ever-changing, our style and purpose must also be altered at home. Here is a mish-mash list of top 2022 home decor and interior design trends I am sure you will love!
Curvy accents and furniture
The end of modernism of sharp corners, sharp edges and angular symmetry seems to be ebbing away. Be on the lookout for circular mirrors, curvy tables and soft round couches—accent furniture with gorgeous rounded cushions.
Natural Materials
Natural Materials have been a continuing trend over the last few years with a focus on natural materials, textures and shapes. Think of quartz or marble surfaces, whether countertops or accent tables, natural woods, rattan or bamboo furniture. Homeowners are finding quality materials and pieces that will last and keep on-trend for years to come.
Home Jungle
There’s something magical about being surrounded by greenery and the satisfaction of caring for something that grows. Bringing the outdoors in is a great way to boost creativity, productivity and concentration as plants boost a person’s mood, purify the air and can prove to be therapeutic. So, scatter some plants around your house and don’t forget that hanging plants can be a piece of art and that unique planters and macrame hangers add a touch of elegance to any home. For those of us that don’t have time to take care of plants, fake plants add just as much ambience to the space!
Playful Textures
There is no denying that adding texture to a home is visually pleasing–layers of textures create volume and elevate coziness levels. However, try not to limit texture to textiles such as blankets, cushions and rugs. To generate more stimulation, consider adding pieces of furniture with inlays, intricate designs or unique handles. Lastly, rich or flowy natural fibre window coverings help style any space and set the mood.
Warm Colours
Clients are continually embracing natural tones and going away from white, greys and blues. Embracing interesting colour palettes of purples, chocolates and hunter green, which add an individual flare to any home. Or, choose colours that are more subdued with creams, taupes and beige while keeping the colours warm and cozy.
Sustainable Materials
Emerging generations are becoming more conscious of the environment, and home sustainability has changed with it. There is a more significant push to focus on recycling, renewable energy and ethically sourced home decor. To curb waste, choosing natural and organic fibres, materials, paints and dyes over synthetic ones is a must.
Vintage and antique pieces are all the rage! Take joy in making something old new again, whether that be with a fresh coat of paint or stain. Or, simply embrace as is to keep the original lived-in vibe.
New builds emphasize energy efficiency, featuring solar panels, heat pumps and EV chargers. If that sounds a little extreme, adding a low-energy furnace and water heater can significantly impact the environment for the greater good. A word of advice would be to check out the Government of Canada website to see what kind of Environmental retrofit benefits your home can qualify for!
Dual Purpose Spaces
Over the past few years, our homes have had to adjust to our ever-growing needs to be at home for longer periods of time and rooms have transformed into offices, classrooms, gyms and entertainment spaces. Rooms that were once just spare rooms are now an office with a Murphy bed, creating form and function all in one. Organizational containers, shelves, and multi-purpose furniture are the best way to create a comfortable dual-purpose space.
My living room has also become a gym, meditation room, and yoga mats and dumbbells have taken over—a tall decorative basket resolved this issue!
Outside Living
Choose an excellent patio set, barbeque and a few warm throw blankets and bring the party outside. Summer is a great time to enjoy outdoor activities and food. Use the 2022 trends mentioned in this blog as a guide to style your outdoor deck or patio with natural but bold colours, organic fibres, and textures. They should all play a role in your design.
This year’s Interior Design trends are unique yet cohesive and every option on this list is a winner. Put them all together for an Instagram-worthy look! If you are ready to start your interior design dreams and want to find a great new home in Saskatoon to test them out contact me for all you local real estate needs!
Which of these trends will you incorporate into your home this year? Any you’ve already got?
The Official Guide to House Hunting You Didn’t Know You Needed
There’s more to house-hunting than just going to a few open houses, although getting to know the market in advance is not a bad idea. Before you become a serious “House Hunter,” there are some important things to consider. Whether this is your first house or you have just sold an existing home and now need to find your next home, this will be a helpful guide to ensure you’re ready. The following tips will make house hunting a smooth process. Well…as smooth as possible.
Team Building: Finding Your Real Estate Help
Now’s the time to start assembling your real estate team. These are the professionals whose expert knowledge will help focus your house hunt, seal the deal, and get you the keys to your first home.
It’s important to find the right REALTOR® for you. After all, this is a huge decision and having a real estate agent on your team will be a big help. The right REALTOR® will get to know both you personally and professionally, so they fully understand not only your financial goals, but also your plans and how you intend to live in the home.
A Mortgage Specialist works for a lending institution, while an Independent Mortgage Broker is unaffiliated with any one lender. In either case, as a key member of your team, they will walk you through your different mortgage options. Ultimately, it is your mortgage broker or specialist who will determine how much home you can afford. They will provide you with a pre-approval that you can take to your REALTOR® to start your house hunting off with realistic expectations.
Real Estate Lawyers will review the purchase agreement, help negotiate modifications, prepare closing documents, do crucial research on the property and liens, and fact-check legal descriptions of the building and lot. They will also collect, hold, and disburse fees associated with buying a property. Therefore, they are a crucial part of your Team.
Lastly, a good Home Inspector can save you money and stress by identifying problems in a property before you buy. These issues may have you revising your offer or rescinding it altogether.
Before the Hunt Begins
Finding the right home for your budget can be a process. Your REALTOR® will utilize their understanding of your specific situation to help you search for homes that best fit your lifestyle. They’ll save you time by filtering through listings that do not meet your desired criteria.
Some key items to discuss with your Real Estate Agent before you begin hunting:
Size & Space – consider spatial needs now and in three to five years’ time
Lifestyle – consider indoor and outdoor maintenance and upkeep
Community – consider school catchment areas, proximity to amenities etc.
Transportation – consider parking, proximity to public transit, walk-ability, bike-friendliness and travel time to your work
Recreation – consider distance to trails, parks, and rec centres
Start Hunting
Ready to kick off your house hunt? Let your team know since you need to be ready to pounce when the right house comes up. Your REALTOR® will provide information about the markets you’re interested in and help you compare homes and neighbourhoods. They can also provide access to exclusive listing information, preview properties to ensure you’re only shown homes that meet your needs and budget, and make appointments to walk you through homes that interest you.
Buy a Home
Once you’ve found the right home it’s time to let your team take over.
Your REALTOR® moves from Counselor / Analyst / Shopping Assistant to the Negotiator / Administrator, ensuring your transaction goes as smoothly as possible. They will bring together all information, using their expertise, to compile a market analysis report to assist you in deciding on a competitive purchase price. They will negotiate on your behalf to get you the best possible deal.
Your Home Inspector will then provide you with a Home Inspection Report. The report will assist you and your real estate agent in deciding if the home is sound and the purchase price is appropriate.
Your Mortgage Specialist / Broker will prepare your loan documents.
Your Real Estate Lawyer will now begin the legal process, facilitating the transaction.
Whew! That’s a lot to throw at you. But if you follow this guide to house hunting, you will have a great start on your journey to finding your dream home. You’ll find the house you’ve always dreamed of and avoid a purchase you’ll regret. And soon it will be possession day and you can move in!
7 Ways to Boost Your Home’s Curb Appeal for Sale
Curb appeal is one of the most important selling factors for a home. It’s the very first impression potential buyers ever have, and it can even be the make-or-break factor that decides whether they even step inside the door at all. That’s why, if you’re planning on selling your home, it should be one of the first places you focus your home-staging efforts to ensure a quick and seamless sale!
Give It a Good Clean
Dirt and grime on the exterior of a home very rarely accumulate in just one day, so it’s easy not to notice the subtle build-up over time. To us, it may not necessarily feel unclean because we saw it just yesterday and it looked just the same! But to a potential buyer, that slightly “off” tinge can stick out like a sore thumb.
Take a pressure washer to the outside of the home to blast away dirt, grime, and cobwebs. And if you’ve got a paved driveway, don’t forget to give that a spray, too—you’ll be amazed at just how much of a difference a bit of water can make! Don’t forget about the windows and gutters, as well.
Give It a Fresh Coat of Paint
Whether the colour is looking out-of-place for current style trends or the weather has just taken its toll, a fresh coat of paint can always be a good ideal for boosting your home’s curb appeal for sale! To refresh the existing colour, simple scrape off a small bit of the paint and bring it to your local paint store to have it properly matched. Or, to give the house a completely new appearance, find a nice, neutral shade and complimentary colours for the trim and doors that can give it the facelift it needs! No matter which you decide to do, though, don’t forget to prep the surface to ensure long-lasting performance.
Consider Installing Vinyl Siding
While it may add a bit of work to your plate up-front to install, vinyl siding can not only boost curb appeal, but it may even help to boost your home’s value, too! Very durable and incredibly low-maintenance, potential buyers will love how much time they will save when the only upkeep they’ll need to do is a quick spray with a power washer every so often! Plus, if you’re really set on having colour, you can even buy it in a wide variety of hues that will never need a refresh of paint ever again!
Check the Roof
If you’ve had the roof repaired or replaced in the last couple of years, there’s a good chance you might not have to do much more than a quick cleaning job to clear away dirt and lost artifacts that always seem to make their way up there. However, if it has been a while, you may want to bring in a roofing professional to give the proper maintenance that it might need. Not only can this add to curb appeal, but potential home buyers will also be much happier to hear they won’t have to worry about potential costly repairs in the near future should bad weather hit.
Love on Your Landscape
Especially in summer, nothing sticks out more than an un-mown lawn with leaves, sticks, and debris flung across it. It gives the home the appearance that care hasn’t been taken in maintaining the exterior, and almost immediately the mind anticipates that the interior will be much the same.
To ensure your landscape is in tip-top shape to offer the most curb appeal possible, be sure to regularly mow your lawn when in season, and prune overgrown shrubs and trees. If you have a garden, spend some time weeding and mulching to add a polished look, and maybe pop in a few annuals for some colour. If you don’t have any garden space, you can still add some colour with a few potted plants by the door, too!
Other Small Ways to Boost Your Curb Appeal
Consider replacing house numbers. Old house numbers that are weathered and falling off not only make it harder for potential buyers to find your home, but it can take away from all the hard work you’ve done to spruce up your exterior!
Update old hardware. All potential buyers see when they notice a falling apart mailbox or a loose doorbell is more time and money they would have to spend if they were to buy your house.
Check exterior bulbs. It’s easy to forget about the bulbs we never look at once we’re in the house, but if you ever have an evening viewing, it’s hard for buyer’s to miss!
If you want your home to make the best first impression with potential buyers, a little time spent in boosting your curb appeal can make a world of difference. And it doesn’t have to be a terribly costly affair either! Even by doing just a couple of these property pampering projects, you can really amp up the WOW factor to get possible new homeowners excited to get inside and see what it’s all about!
Renting vs Buying: Which is Better for You?
From the day that you move out of your family house, you dream of the day when you finally stop paying rent and buy your first home. But, as you may have discovered, buying a home is not quite as simple as it seems! There is a lot to consider when deciding whether or not to make the move into homeownership.
By buying a house, you’ll be taking on all the pros of being a homeowner versus a renter. But you’ll also be taking on quite a bit of responsibility and giving up on some of the advantages that come with being a tenant. That’s why, before you start your home search, it’s important to weigh the pros and cons of both renting and buying to decide whether or not you’re ready to become a first time homeowner.
Should You Buy or Rent: The Pros & Cons of Each
Repairs & Maintenance
First up in our comparison is every adult’s favourite topic of discussion about the home—repairs. As a tenant, the only thing you have to do when it comes to ongoing repairs and maintenance around the home and yard is call the landlord. They are typically responsible for taking care of any work that needs to be done—unless you’ve discussed an alternate arrangement—so you can just sit back and relax.
As a homeowner, though, repairs and ongoing maintenance are entirely your own responsibility. You’ll need to not only figure out what is wrong all on your own, but you’ll also be in charge of either fixing it yourself or calling in a professional to do it for you, costing you both time and money.
Decorating & Design
If you’ve ever wanted to switch up the light fixtures or even just paint a wall as a tenant, chances are you’ve experienced the headache of getting anything approved with your landlord. Since you don’t own the home as a renter, you need to ask permission from the owner before making any lasting changes. Otherwise, you could end up with a missing damage deposit when it comes time to move out.
If you own your home, though, any decor or design changes you wish to make, you can simply do! That picture-perfect bathroom accent wall you saw on Pinterest? Throw on some coveralls and get to work! The three-tiered deck you’ve been dreaming of? Stop by the hardware store and start building! The sky is your limit in your own house (well…the sky and your budget, of course!).
Flexibility
Decided you don’t like the neighbours and want to make a move? As a rental property tenant, just give your landlord the appropriate notice that you’ll be moving out and leave it all behind! As a homeowner, though, you’ll either need to sell the house to turn it into a rental property of your own to make a change.
Paying Rent vs Paying a Mortgage
While both renting and owning require you to make a monthly payment, they aren’t quite the same. Rent is similar to paying for a hotel room—it is an agreement between you and the property owner that you will financially compensate them for allowing you to stay in their space. A mortgage is more like making payments on your car—the more payments you make, the more of the home you own. This is called equity.
Another difference between the two payments is the amount being paid. Depending on the rental agreement between you and your landlord, your rent could be subject to change at your landlord’s discretion. This could leave you with a rent you can suddenly no longer afford, should an increase happen at the time of renewal. With a fixed-rate mortgage, though, you are guaranteed the same payments for the entire length of your term!
Pet-Friendliness
If you have a furry friend like me, you are no stranger to the struggle of finding a pet-friendly rental property. Most rentals don’t even allow for pets and those that do, often require an additional deposit on top of your down payment. But if you own your home, you can have as many pets as you want, no deposits or approvals required!
Insurance
Every landlord is required to purchase insurance for their rental properties that can cover the home in a variety of ways. This doesn’t, however, include any of your possessions as the renter. If you are renting a property, you have the option of purchasing your own tenant’s insurance to cover your belongings in the home, but it isn’t required! On the other hand, as a homeowner, you are required to purchase home insurance to protect your property.
Other Differences Between Renting & Buying
Tax Benefits – Every interest payment a homeowner makes on their mortgage is a tax deduction later!
Security – Owning a home, the only ones who have a key to your property are those you’ve given them to. As a renter, though, your landlord also has access at any time, along with anyone they’ve given a key to.
Appliances – As a renter, you are subject to whatever appliances are in the home, which may not be quite what you want. As a homeowner, you can choose whatever appliances fit your preferences and budget!
As a renter, you’ll never have the pride and autonomy that comes with home ownership, but there are quite a few advantages to renting that may be better suited for your lifestyle right now. So before making the switch, take some time to seriously consider the benefits and disadvantages of each to decide which is right for you.
And if buying a home is where your heart is at, though, I’m happy to help! Contact me and let’s get started on finding you your dream home today!
The Finances
Mortgage Pre-Approval
The pre-approval step is an important one. After all, it will dictate how much you can spend and will allow you to determine how much you want to spend. Those sometimes are two different numbers. By getting this step out of the way, you are able to make educated decisions based on your financial situation.
Deposit
Once you have decided that you want to make an offer on a property, a deposit is needed to hold your interest in the home. Typically a $5,000-$10,000 deposit is required and the cheque is needed at the time the offer is made. The deposit cheque is deposited once the offer has been accepted and is held in the Century 21 Fusion trust account. This money also counts towards your downpayment and will be forwarded to the lawyers closer to possession day. If you decide not to remove conditions on the home during the conditional period, your deposit will be returned or can be held on to and applied to the next property you find.
Shopping Around
I usually recommend going to talk to your bank and also a mortgage broker to see what the best interest rate is they have to offer you and what other incentives or programs they might have that fit your needs. Remember that a 0.5% difference in interest rates means that for every $100,000 of mortgage amount, you are paying an extra $26 a month. Do the math and this equates to over $7,800 per $100,000 extra in interest costs over the length of the mortgage. Interest rates are important. Also noteworthy – don’t allow too many lenders to pull your credit score. Every time it’s pulled, your credit rating is affected negatively.
Down Payment
A typical down payment for first time buyer’s is 5% of the purchase price. Ensure you have enough money saved ahead of time so you can proceed with finding a home that’s right for you. If you want to avoid paying CMHC insurance fees (which can be substantial), have at least 20% saved up.
RRSP’s
The Government of Canada has a program where qualifying first time buyers can withdraw their RRSP’s and use that money towards their downpayment. It’s called the Home Buyer’s Plan and information on the program can be found here.
Calculating
Use the mortgage calculator link below to figure out different scenarios based on differing purchase prices. You can find out how much of a downpayment is required and what your payment will be along with details on a payment schedule, and you can add in any other costs that you may have. Using an affordability calculator online is a good way to help you work backwards and will calculate a purchase price you are comfortable with based on all other criteria imputed. Click here to access the Mortgage Calculator.
Costs Associated With Your Purchase
Buying a home can be overwhelming, especially when large amounts of money are involved. Here’s what you can expect with costs associated with your purchase.
Inspections
If you’ve decided to hire a home inspector, it will cost you around $400. I can arrange any other inspections as well and depending on what they are, the costs will vary and all will be your responsibility to cover.
Real Estate Fees
As a buyer, you don’t pay for my services. My commissions get paid through the seller of the house you’ve chosen. Once you decide to sell your home, you will then be responsible to pay for both sides of the commission.
Legal
Lawyer fees can vary but here’s what you can expect in fees for a typical purchase:
$800-$1000 + GST + PST for lawyer fees
+ $3/$1,000 of your purchase price for the land titles transfer
+$150 for mortgage registration
+ ~$150 for misc expenses like tax search, courier charges, postage, photocopying, etc.
If you would like a more accurate total, please contact your lawyer and they can let you know a closer approximation of what your total fees will be.
Surveyor’s
A surveyor’s certificate is a piece of paper that shows the outline of your home and any outbuildings (usually a garage) that are within the property lines. It will have dimensions to the buildings and also the lot size with the legal description. Often the seller will have a current surveyor’s certificate available and it gets handed down to the next owner. If it’s not available, or the seller never had one to begin with, you can purchase title insurance for your property. The lawyer requires either one and will make arrangements in ordering one if a certificate is not available.
Taxes
Often the seller pays their property taxes monthly to the City. If your possession date doesn’t fall on the first of a month or if the seller pays their taxes annually instead, there will be an adjustment that will need to be made. For example, if your possession is the 15th and the seller has paid their taxes for that month, you will be responsible in reimbursing them for 1/2 of the month that had already been paid. The lawyer will adjust the amount owing and charge you for any difference.
Hook Ups
If you are setting up new utility accounts, often the service providers will charge you a hook up fee. These will vary for the provider.
Movers
Hiring movers or any other moving expenses you might incur are also something to make note of so you don’t end up with any surprises.
Repairs
If there are repairs that are needed to be done shortly after moving in, plan for that expense as well. Often those things get added to the to do list and never quite get done until you’re ready to sell.
Knowing what the costs will be upfront will make the entire process less stressful and gives you a better idea so that you can be prepared.
While Your Home is Listed
Things to Know While Your House is For Sale
Now that your home is for sale, what do you do in the meantime? Here’s a list of a few points to remember and take note of so you’re not feeling helpless throughout the process.
Be Flexible
Be as flexible as possible with showing times. Make it easy for buyers to come and view your home so you don’t miss out on a potential sale. I realize that there are circumstances when this doesn’t allow but being as flexible as you can without too much of an inconvenience to your schedule will have it’s benefits.
Open Houses
I leave the decision of whether or not to do an open house up to my sellers. I’ve found that in some instances, an open house was useful and resulted in a success. However, more times than not, an open house hasn’t resulted in anything other than the neighbours coming over to visit. I leave that decision entirely up to you.
Be Reachable
I will need to contact you for showings and any offers we get and I will need to be able to get ahold of you on short notice. If you are going away, I’ll also need to know that.
Keep Clean
Try to keep your house as clean as possible during times of showings and open houses. We want to eliminate the objections a potential buyer might have and if your house shows great, then it’ll be that more attractive to buyers.
Updates
Throughout the time when your house is for sale, I will send you weekly updates in regards to the number of viewings your home has had on certain websites as well as any new comparable houses for sale and ones that have just sold. This will help keep you informed about the market in your area and help you make an informed decision about price reductions. I will also follow up with agents when a showing has occurred and what the feedback has been so you know what, if any, improvements can be made on your part.
These few things will help you reach your goal of selling your home for the most money and in the least amount of time.
