5 Key Things to Know When Buying a Home

5 key things to know when buying a homeIn Canada, most of us put off searching for a new home until the spring or summer, when the snow has long melted away. But purchasing real estate in the winter can be a smart move since the market is often cooler and there’s less competition from other buyers. If you do decide to buy this winter, here are some tips from the Ontario Real Estate Association to keep in mind.

1. List your priorities. Before you start searching, write up a list of things that truly matter to you in a home, so you can be sure to get what you want and avoid getting sidetracked with features that may be impractical. Things like public transportation, cultural diversity, entertainment hubs and space for a home office can be deciding factors depending on your unique needs and preferences.

2. Start with an expert. While DIY is a great option for many tasks, finding your dream home is not one of them. Real estate transactions can be complex and often involve lawyers, bankers and surveyors. A Realtor is an expert in matching people to their ideal residences and can help you navigate the process from start to finish. Your Buyer Representation Agreement outlines the details of the relationship with your Realtor.

3. Scope out the neighbourhood. You will want some serious intel on the area you’re going to be calling home. Take some time to explore the neighbourhood — walk the streets, strike up conversations with passersby, eat at local restaurants and check out community amenities like parks and recreation centres. If you have kids, be sure to visit the local school.

4. Get pre-approved. You don’t want to wait until you find the perfect place to make an appointment with your bank to know if you can afford it. Before you book any viewings, schedule a visit with your mortgage broker to get pre-approved for a mortgage and set a realistic housing budget that you can manage.

5. Blend emotion with logic. Our emotions can sometimes play a big role in deciding whether something feels right. Although it’s important that your new home inspire positive feelings, ensure you are making a smart, well thought-out decision. Get an inspection, verify the list price, and ensure your offer is fair and reasonable for the current market.

Find more information at www.orea.com.

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Exploring New Opportunities for Affordable Home Ownership

As more millennials look to become first-time homebuyers and boomers search for housing that better fits their needs, smart solutions are needed to ensure home affordability for years to come.

One idea being recommended by Ontario Realtors is more housing supply. To meet the needs of diverse families, it’s important to add more variety of homes to the market, such as townhouses, stacked flats and mid-rise buildings — and government can support these efforts.

“Over the past year, Ontario Realtors have been sounding the alarm on the lack of housing supply in the Greater Golden Horseshoe. It is imperative that governments work collaboratively with municipalities and developers in reducing the barriers that have impeded necessary growth in the housing market,” says Ettore Cardarelli, President of the Ontario Real Estate Association (OREA).

According to Ontario Realtors, increasing housing supply in the province is the best long-term solution to keep home ownership within reach for young buyers and future generations.

“OREA’s plan for increasing housing supply in Ontario includes speeding up building approval processes, encouraging building more ‘missing middle’ type homes and making sure infrastructure funding is targeted towards water, sewer, roads and transit to land already designated for development,” says Cardarelli.

Find more information at www.orea.com.

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House hunting or selling your home? Check radon levels

House hunting or selling your home? Check radon levelsOne of the biggest mistakes both buyers and sellers make is not testing for hidden health hazards. But if you’re a buyer, you want to make sure that your new home will provide a healthy living environment for you and your family. If you’re a seller, showing that your home is free from certain dangers can help close the deal and offer potential buyers peace of mind.

One hazard that Health Canada is recommending that all homeowners test for is radon, a radioactive gas that comes from uranium in the ground and can get into a home undetected.

Since long-term exposure to radon is known to cause lung cancer, it’s a smart move to check its levels. Testing is simple — you can either purchase a do-it-yourself test kit or hire a certified radon measurement professional. The DIY kit will include instructions on how to set up the test and send it back to a lab for analysis once the testing period is over.

To get a realistic estimate of the radon exposure, all measurements should be made in the lowest lived-in level of the house where people spend more than four hours per day. Potential measurement locations include family rooms, living rooms, dens, playrooms and bedrooms. A lower level bedroom is preferred because people generally spend more time in their bedrooms than in any other room in the house. Similarly, if there will be children in the house, lowest level bedrooms or other areas such as a playroom are preferred.

Health Canada recommends a long-term test for a minimum of three months. If you’re selling, this means you should complete the test before listing your property. If you’re buying, you will need to make sure there is enough time to complete the testing or request that a clause be added to the sale agreement to allow for high radon levels to be fixed. The cost of a radon reduction system, if needed, is very small compared to the cost of the home.

A dream home doesn’t become a nightmare if it tests positive for high radon levels — techniques to lower radon levels are effective, affordable and will improve the home’s indoor air quality. A radon mitigation system can be installed in less than a day, and in most homes will reduce the radon level by more than 80 per cent for about the same cost as other common home repairs such as replacing the furnace or air conditioner.

Find more information at www.canada.ca/radon.

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Buying or Selling a home? Now is a good time for both.

Buying or selling a home? Now is a good time for bothThe second busiest season for buying and selling homes is upon us, but what is it about autumn that causes an upswing in real estate activity?

According to Patricia Verge, president of the Ontario Real Estate Association, a variety of factors may be responsible for the increase in sales. “Much like spring, fall offers a great climate in which to show your home. Also, many buyers are back from summer holidays and getting back to business.”

Some of the benefits for buying a home in the fall include:

• More choices – There is a wider selection of homes available during this period so that you can visit a wide variety of open houses.

• Good weather – Mild temperatures make moving much easier. Assessing the quality of a home’s exterior is less complicated when it’s not raining or snowing.

• Tax breaks – If you purchase a home before the New Year, you can claim deductions on your 2015 taxes.

Some of the benefits for selling a home in the fall include:

• Climate – Mild temperatures and beautiful fall colours create the perfect setting for showing a home.

• More time – Come fall, people tend to settle back into routines, allowing a better dedication for the home selling process.

• Serious buyers – Most buyers want to be moved in and settled into their new home before the holidays and winter hit, so any interest you receive will generally lead to action.

Even with the increase in activity at this time of year, there really is no wrong time to list your home. According to Verge, “If you price your home appropriately and make every effort to present it in a superior way, chances are you will sell your property in a timely manner regardless of the season.”

More information is available at www.wedothehomework.ca.

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