Understanding the Costs of Selling a Home

If you’re planning on moving, you’re probably focused on how much your new home is going to cost. However, it’s also a good idea to understand the real costs associated with selling your current property.

In fact, there are some costs and expenses you may not have anticipated. Here are a few examples:

Home inspection. You might think you’ll only need a home inspection for a home on which you’ve made an offer. However, it might also make sense to have a home inspection completed on your current property in order to identify potential issues that might get in the way of a sale. Buyers feel more confident when considering a home that has had a recent professional inspection.

Cancellation costs. There may be extra expenses associated with cancelling internet services, newspaper subscriptions, home security systems, and even lawn care services.

Repairs. You should budget to get any maintenance issues, such as a broken door handle, dealt with before your home goes on the market.

Staging. Tasks like getting rid of clutter, arranging for the carpets to be professionally cleaned, having the hedges trimmed, and doing other things to make the property look attractive to buyers all fall under the umbrella of “staging”. You can do much of this work yourself, or hire a professional.

Moving. It’s a good idea to budget for the costs of moving. Even if you’re using a friend’s truck and planning to do most of the packing and hauling yourself, there may still be costs such as packaging materials, gas, and perhaps even pizza for your crew.

At the end of the day, these costs may turn out to be negligible when compared to the value of your property. As your real estate professional, I can help you understand all the costs and help make the selling process go smoothly.

Fake News But Sage Advice

I believe this is interesting enough to share. I heard about this article from a reliable online source and that it was apparently written by Bill Gates, the co-founder and former CEO of Microsoft. Knowing that Gates is a great philanthropist who has given and still gives away billions to combat poverty and has been a recent spokesman regarding this virus, I wanted to find out more, so I did some checking see if Mr. Gates really wrote this article, to my surprise it seems that he hadn’t written it at all. I was going to disregard the whole thing with no one to credit but as I re-read it, I realized there were some very profound insights and truths uncovered regarding this pandemic, I thought why not share it anyway. well I guess Bill Gates didn’t write it, but it seems to have gotten a lot of traction. 

A Letter NOT written by Bill Gates:

I’m a strong believer that there is a spiritual purpose behind everything that happens, whether that is what we perceive as being good or being bad. As I meditate upon this, I want to share with you what I feel the Corona/ Covid-19 virus is really doing to us:

1) It is reminding us that we are all equal, regardless of our culture, religion, occupation, financial situation or how famous we are. This disease treats us all equally, perhaps we should to. If you don’t believe me, just ask Tom Hanks.

2) It is reminding us that we are all connected and something that affects one person has an effect on another. It is reminding us that the false borders that we have put up have little value as this virus does not need a passport. It is reminding us, by oppressing us for a short time, of those in this world whose whole life is spent in oppression.

3) It is reminding us of how precious our health is and how we have moved to neglect it through eating nutrient poor manufactured food and drinking water that is contaminated with chemicals upon chemicals. If we don’t look after our health, we will, of course, get sick.

4) It is reminding us of the shortness of life and of what is most important for us to do, which is to help each other, especially those who are old or sick. Our purpose is not to buy toilet roll.

5) It is reminding us of how materialistic our society has become and how, when in times of difficulty, we remember that it’s the essentials that we need (food, water, medicine) as opposed to the luxuries that we sometimes unnecessarily give value to.

6) It is reminding us of how important our family and home life is and how much we have neglected this. It is forcing us back into our houses so we can rebuild them into our home and to strengthen our family unit.

7) It is reminding us that our true work is not our job. That is what we do, not what we were created to do. Our true work is to look after each other, to protect each other and to be of benefit to one another.

8) It is reminding us to keep our egos in check. It is reminding us that no matter how great we think we are or how great others think we are, a virus can bring our world to a standstill.

9) It is reminding us that the power of freewill is in our hands. We can choose to cooperate and help each other, to share, to give, to help and to support each other or we can choose to be selfish, to hoard, to look after only our self. Indeed, it is difficulties that bring out our true colors.

10) It is reminding us that we can be patient, or we can panic. We can either understand that this type of situation has happened many times before in history and will pass, or we can panic and see it as the end of the world and, consequently, cause ourselves more harm than good.

11) It is reminding us that this can either be an end or a new beginning. This can be a time of reflection and understanding, where we learn from our mistakes, or it can be the start of a cycle which will continue until we finally learn the lesson we are meant to.

12) It is reminding us that this Earth is sick. It is reminding us that we need to look at the rate of deforestation just as urgently as we look at the speed at which toilet rolls are disappearing off shelves. We are sick because our home is sick.

13) It is reminding us that after every difficulty, there is always ease. Life is cyclical, and this is just a phase in this great cycle. We do not need to panic; this too shall pass.

14) Whereas many see the Corona/ Covid-19 virus as a great disaster, I prefer to see it as a great corrector. 

It is sent to remind us of the important lessons that we seem to have forgotten, and it is up to us if we will learn them or not.

Real Estate In This New Reality

This new coronavirus has brought life to a near standstill, cancelling gatherings large and small, closing most businesses and keeping people at home. There’s no doubt, this experience is unparalleled in our lifetimes. Things are changing daily with government recommendations at the federal, provincial and municipal levels. People must surely be wondering, just when will things be returning to normal and what about the Real Estate market?

A FEW CURRENT FACTS

·       The Real Estate industry has been deemed an essential service by the Province, but pressure is on brokers and realtors to create protocols to protect buyers, sellers and agents.

·       Properties are still being sold and contracts are still being written, brokers are encouraging that trades should only be done if truly urgent and be done virtually with no in-person meetings. If physical meetings are absolutely necessary, then the individuals must follow social distancing guidelines with safe meeting protocols.

·       There is still a very low housing inventory in Muskoka and Simcoe.

·       The price of gas in Ontario and the world is at an all time low.

·       Mortgage rates are as low as they have been in years.

·       The Canadian Mortgage and Housing Corporation is showing more flexibility in their dealings with their insured mortgages.

·       The Canadian economy has always demonstrated good resilience in the past.

·       In Canada and in the United States, the governments have introduced measures that not only address the pandemic but also stimulate the economy. 

·       Digital marketing today for listings and searching capabilities for buyers has never been easier than it is right now.

·       Remember your professional Realtors are able offer your stability and comfort knowing your real estate needs are still being met in a safe and responsible manner. 

Stay healthy and safe!

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What Type of New Home Are You Qualified to Buy?

When you think about looking for a new home, one of the first questions that probably comes to mind is: "What type of property can I afford?" That's an important question because your price range is a major determining factor in the types and sizes of homes you should be viewing.

You don't want to waste time looking at properties that are beyond your price range. At the same time, you don't want to purchase a less-than-ideal home, only to realize later on that you could have afforded more.

So how do you determine what type of new home you are qualified to purchase?

The first step is to find out what your current property would likely sell for in today's market. I make that calculation for clients all the time. It involves reviewing what homes similar to yours have sold for recently, as well as other data — such as special features your home may have that are likely to boost the selling price.

Once you know the current market value of your home, subtract any outstanding mortgages and estimated selling expenses, and you’ll end up with an amount that can be applied to the purchase of your next home. (You may also have other funds you want to use.)

The next step is to talk to a lender or mortgage broker to see how much of a new mortgage you qualify for. (Call me if you need a recommendation.) It's important to get a Pre-Qualification or Pre-Approval. That makes the offer you make on a new home more credible.

If you want to find out the types and sizes of homes you can get into, give me a call. I'd be happy to show you the possibilities!

Back to school Survival Guide!

I hope you can use this back-to-school checklist to make sure you're ready when the big day arrives. After all, there's a lot to accomplish before school begins! If you start early, you can easily tackle this list in just a few weeks, and the payoff will be a much easier back-to-school season for your entire family.

 

Have a Fashion Show 

Before you head out to the mall for new clothes, have each child try on the clothes they haven’t worn since last year. As you find items that no longer fit, set them aside to bring to a consignment shop or donate them to charity. If you find that you do need to purchase a few items, pay attention to the back-to-school sales.

Fill out all necessary medical forms

If you need to have forms signed by your child’s pediatrician, send them to your doctor’s office as soon as possible. Note that some doctor’s are now charging for this service. Also, if your child has a food allergy, contact your child’s teacher before the school year begins to discuss any necessary precautions.

Purchase School Supplies

You can get a list of the specific school supplies your child will need from the school secretary or teacher. Items you’ll need to pick up may included backpacks, binders, and planners, in addition to the regular assortment of pencils, crayons, glue, and scissors.

 Confirm Your Child care Arrangements

  

Double check that your child care provider knows what day school starts, and understands when you’ll need him or her to be available. In addition, take the time to confirm his or her pay rate and your planned payment schedule.

Consider Purchasing Alarm Clocks for the Kids

If your kids are extremely reluctant to get up in the morning, consider using an alarm clock with gradually increasing sound, or use a timer to make their bedside lamp turn on just before you want them to wake up.

Plan Your Lunches

First, you'll need to decide whether you need to purchase new lunchboxes. If you do, make sure you look for one that says lead-free on the label. Some vinyl lunchboxes give off a lead residue, which you don't want near your kids' food! Also, begin to plan what you'll include in your kid's lunches, and stock up on extra lunchbox staples, like fruit cups and granola bars, when you see them on sale.

Organize your closets

 

This can help to get everyone out the door a little faster in the morning. If you’re gotten behind in doing the laundry, or you have a lot of ironing to do, take some time to complete this task before school begins. Also, consider purchasing a wrinkle-release spray for the kids’ clothes, which may not really need to be ironed on a regular basis.

Update your calendar

Your calendar is a great tool for staying organized and managing the kids’ busy schedules. Take the time to add school-related items to your calendar, like half-days and holidays. Also, fill in your kids’ regular activities, like soccer practice, ballet, or karate. Get into the habit of looking at your calendar each evening to be sure you know what is coming up the next day.

 Create a system for organizing and storing school papers and projects

On the first day of school, your kids will probably come home with 5-10 papers for you to sign. You’ll want to have a space in your home where your kids can regularly leave the paperwork that requires your signature. You’ll also want to have one spot where you can keep information on hand that you’ll need frequently, like the school lunch menu and calendar.

Gradually move the children’s bedtime up

You'll want to be sure your kids are getting plenty of sleep when school starts. If your kids have been staying up extra late this summer, you want to gradually move their bedtimes up by about fifteen minutes a night. This will make bedtimes easier on you when school begins, and it will help relieve the back-to-school jitters and insomnia.

I hope you found this blog helpful.

If you or someone you know may be considering Buying, Selling, Downsizing or Investing in the Muskoka or Simcoe area, I would be pleased to assist with any Real Estate needs.

 Special thanks to my colleague and fellow Realtor Wafa Masri  www.wafacares.com for content!

                

Closing day for a home buying family!

 

 

 

 

 

 

 

 

 

Closing day for a home buying family represents in many ways, a new beginning.  It can also be extremely stressful. Here are 10 helpful hints, to make your closing day a success story.

1.     Know in advance how much money you will need to bring in on closing.  Buyers need to understand the balance owing on closing will not only include what is stated in their purchase agreement, but will also include land transfer tax, legal fees, disbursements and any closing adjustments.  Have this discussion with your lawyer well in advance of closing to ensure that you have sufficient funds available. If you are using funds from your RRSP to complete the purchase, make sure you start the process at least one month before closing so that the funds will be available.

2.     Make sure your lender has completed their appraisal well in advance of closing.  If their appraisal indicates that your home is not worth as much as you paid for it, then they may advance a lesser amount than you are expecting on closing.

3.     Arrange insurance coverage well in advance.  Your insurance company will have to conduct a separate inspection on your home before agreeing to provide insurance.  If the home has out-dated wiring, it may result in a much higher insurance premium.  Make sure you have completed this well in advance of closing.

4.     The agreement provides that you may not be given possession of the property until 6 pm.  Most closings take place later in the day.  Do not plan to arrive at the home earlier or else you may end up paying more to your movers.

5.     If you are selling your home and buying at the same time, you should consider buying your home a few days before your sale.  Your bank should be able to provide you with a bridge loan to complete your purchase, so you only pay interest for a few days, until you complete the sale of your existing home.  This will give you time to clean, paint and prepare your new home before moving in. Those who attempt to sell and buy on the same date invariably have damages done to their home and their furniture as a result of being rushed with their moves.

6.     If your seller is going to remove any chandeliers prior to closing, make sure that they replace any light fixture with a cheaper version, to make sure you have light in the home when you move in.  Bring extra light bulbs with you as some sellers have been known to remove all light bulbs.

7.     Pack your valuables and important documents separately and take them with you personally to your new home. Do not put these into a box while you are packing everything else as you will likely need some of these papers when you visit your lawyer just before closing, and may not be able to find them.

8.     Arrange a pre-closing inspection of all appliances, heating, plumbing and electrical systems as close as possible to closing, to make sure that everything the seller promised will be given to you on closing. Try and make sure that the seller removes all junk from the basement and garage prior to your inspection, so that nothing is hidden from view.

9.     Inform all utility, newspaper, cable, phone, alarm system and internet suppliers of your upcoming move, in advance of closing. You may have to provide security deposits for hydro or gas accounts at your new home before service is provided. After closing, inform any credit card companies, doctors’ offices, and government departments such as for example your driver’s license. Consider preparing and sending “just moved “cards, with all of your new information, for your friends, relatives and service providers.

10.  Check all appliances and home systems as soon as you move in.  Most agreements say that the seller warrants that everything will be working on closing, not one week after closing.  If there are any problems, you need to notify the seller immediately after you move in, to be able to bring a claim later for repairs.

Mark Weisleder is a Toronto real estate lawyer. Contact him at mark@markweisleder.com or direct at (416) 702-2499.

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Canadian homebuyers more experienced, financially prudent moving forward, says RE/MAX

I normally BLOG about more personal  or local issues or outlooks pertaining to Muskoka however I thought this story was timely and may be of interest to most of my followers! According to RE/MAX Ontario-Atlantic Canada - Changing market conditions have triggered a shift in the Canadian homebuyer mix and mindset, a fact identified and confirmed by the RE/MAX Canadian Home buying Trends Survey 2013-2014 released today.

The national survey, hosted on the Angus Reid Forum in December, was conducted among 1,109 prospective purchasers who intend to buy within the next 24 months. From consumer demographics to buyer intentions, the survey provides a snapshot of Canadian homebuyers heading into a period of moderation. Among the key findings:

• Almost one in five purchasers is single
• More than two-thirds are second or multi-time purchasers
• Four out of 10 purchasers between the ages of 18 to 34 have a down payment of 20 per cent or more
• Just over 80 per cent of buyers believe housing values in their area will rise or remain the same.

"Emerging from the survey are some very real indications that Canadian homebuyers—and their attitudes—have changed," says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "Purchasing patterns have evolved, with a more conservative, fiscally-responsible purchaser moving to the forefront. While tighter mortgage rules implemented last July played a role in the transition, the fallout south of the border and overseas drove the message home."

As far as the market in Muskoka and Simcoe, well Its January and Its cold and snowy but the year is off to a great start! So stay tuned for more info as  2013 unfolds. Make those plans Real Estate still a great investment.