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First Time Home Buyer Pitfalls

Tracking Common Mistakes and Misconceptions for First Time Home Buyers




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FENG SHUI AND HOME IMPROVEMENT

The goal of creating a Feng Shui home is to create a positive, loving, supporting, fun and happy home. To create a harmonious feng shui home, you need to sure that there is positive energy flow in each room. Let’s start by covering each part of your home…

1.       Main Entrance: The front door of your house is called “The mouth of Chi”.  Chi means energy; hence your front door or main entrance is the mouth of energy for the energies coming inside your house. Make sure your front door/main entrance’s Feng shui is taken good care of so that only good or positive Chi goes in your house. Now you must be wondering how do I manage to take good care of my front door’s feng shui... well here are couple of things you can do:

·         Make sure your front door has an unobstructed flow of energy; this means there should be no recycling bins, cracked pots with dead plants or anything blocking the flow of energy.

·         The front door should be well taken care of; this means it should open wide with no squeaking noise, painted well, no unused nails etc should be in the door

·         If your front door is facing East (Wood element), then the best colors for your door are green, brown, blue and black.

2.       Living Room:

·         The living room should be as clutter free and neat as it can be. Feng shui and clutter does not go hand in hand. If your living room is untidy and trashy then you will only have negative energies in the living room.

·         The living room should get as much as natural light as it can. Good quality light and good quality air is very important for good energy.

·         Be sure to layer your indoor lighting. What does layering your lighting mean? Simply stated, it means you have several different levels of lighting. So, in addition to a ceiling fixture, you will also have a floor lamp and several table lamps, for example. If you limit your living room lighting to just your ceiling lamp or just a floor lamp, this will tend to create a sad and potentially depressing quality of feng shui energy in your room.

3.       Bedroom:

·         Create a good energy feng shui energy foundation for your bedroom. What does a good feng shui energy foundation mean? It is basically a set of building blocks on which all other good things can be created. There are several factors that make a good feng shui energy foundation in your bedroom. The first one is the abundance of fresh, clean air, second is the quality of natural light, followed by the “no clutter” rule and the “no electrical equipment” rule. These are firm rules like “no computer in the bedroom” or “no cell phone close to the bed”, and definitely “no TV or exercise equipment in the bedroom”.

·         Have access to your bed from both sides and have (no matter how small) nightstands on both sides of bed. 

·         Follow basic feng shui color guildelines. Use earth color tones from deep chocolate browns to light sand colors. and be sure to add sensual, romantic touches in a fire feng shui element colour (red, pink, magenta, lavender or coral orange colours.)

4.       Kitchen: The kitchen was always considered the heart of a home. In feng shui, the energy in the kitchen is also connected to the energy of wealth and abundance. One of the first rules for good kitchen feng shui is to avoid having your kitchen close to the front door or to the back door, where the feng shui energy can easily escape. Good nutrition is good feng shui, so add healthy, organic foods to your diet, especially fresh fruits and vegetables. Besides the high nutritional value, organic fruits and vegetables carry strong healing vibrations from earth; a quality of energy that your body dearly needs.

5.       Bathroom: 

·         8 stalks of lucky bamboo are considered a good feng shui cure for wealth and abundance, so see if a lucky bamboo will look good in your bathroom.

·         Bring a bowl of feng shui crystals - you can use multicolor crystals and combine several crystals such as citrine, pyrite, amethyst and jade for a rich, energizing feng shui wealth cure.

·         Create a luxurious, spa like feel in your bathroom.

·         Last but certainly not least, always keep the toilet seat down to minimize the common feng shui concern with the bathroom in the feng shui money area that lets your money go down the drain.

ARE YOU PLANNING TO MOVE UP? GUIDE TO BUY A BIGGER HOUSE

Are you a move-up buyer? Are you looking to move into a bigger space from what you have now? If yes, then you have come to the right place. Today we will help you with some guidance when you are looking to move up.

·         CAN YOU AFFORD A BIGGER PLACE?

You may be very easily paying off your current mortgage but consider when moving to a bigger place the mortgage payment becomes bigger too. Are you comfortable in paying a bigger mortgage without hampering your living expenditure? Another thing to keep in mind is whether you can get a second mortgage or not. Do your homework. People often assume that because they have an existing mortgage they will have no problem getting another. It is always smart to get a mortgage pre-approval.

·         HOW BIG SHOULD BE THE MOVE-UP?

When moving into a bigger house; the costs related to it will be huge too. There would be land transfer fees, real estate commissions, utility set-up costs and much more. Consider all these factors thoroughly before taking a decision.

·         INCREASED COST WITH HOUSEHOLD ITEMS:

A bigger house means more floors, windows and rooms. Be sure to budget for the upfront costs of buying more furniture or window coverings or putting down new floors, as well as the costs of cleaning and maintenance.

·         SELL YOUR HOUSE BEFORE MOVING INTO A BIGGER HOUSE:

Make sure you sell before you buy owing to that you don’t necessarily want to be carrying two homes at once thus you should plan to SELL BEFORE YOU BUY. You would not want the disadvantage of having to negotiate feeling pressured to accept an offer that is below-market value because you have to meet a purchase deadline. When you have sold your home prior to buying a new home you can make this new purchase with no pressure.

·         WORK WITH A REAL ESTATE AGENT:

It is always wise to choose a real estate agent and go with him. But make sure that the real estate agent you choose is well aware of your area and is enough experienced. Moving to a larger home is a major investment and it’s best to go ahead with an experienced Realtor.

Editor: Neha Charan

10 SUPERB HACKS TO MAKE YOUR HOME MORE STYLISH...

Every home owner wants to live in a beautiful and stylish home. And we try our best to make our home look like a dream home. We move furniture, buy new items from stores... Basically we try everything to make our home look best.

Today we will let you know 10 hacks that will make your home stylish without putting too many efforts or without hurting your pocket.

·         MIRRORS: Use mirrors to make your rooms bigger. Place mirrors on closet doors to create an illusion of a big room.

·         PAINT: You don’t need to buy new furniture. A small change like painting your kitchen cabinets, or walls might change the whole look of your house.

·         CURTAINS: Hanging curtains closer to the ceiling gives an illusion of high ceilings making your room look huge.

·         CREATE A GALLERY WALL: A wall filled with pictures in different sizes is a great focal point for your living room. Cut out the size of each frame in paper and tack them to the wall first. When the arrangement looks good, make a hole where each frame will hang, then put them up.

·         HIDE THE CABLES & WIRES: Try and hide the wires in a neat way behind furniture or use a decorative lid box to hide all your wiring. This will make your home look very neat and modern.

·         NEW LIGHTS: You will be amazed to see the amount of changes in your house if you put new lights. Pick a shade as big as your room allows to make a statement with lighting.

·         GO MINIMAL: Never clutter your home with a lot of furniture. The key is to go minimal. That means cutting back or getting rid of anything unnecessary. Keep the furniture and décor minimal; this in turn will make your home neat, stylish and classy.

·         USE STRIPS FOR FLOOR: If your use strips on the floor it tends to make your floor look longer which makes the room bigger. Just like vertical stripes on clothing, a striped rug will make your room appear longer. Orient the stripes to go the length of the room that is the longest for optimal effect.

·         MOLDING: It’s all in the details when it comes to home decor, and one of our favorite details is molding. Whether you keep your design scheme minimal and white or you go for some fun color blocking, this simple element will elevate your home design.

·         KEEP IT TIDY: One of the most important ways to make sure that your home looks its very best is to keep it tidy. Even the most lavishly decorated property in the world is hardly going to look that way if you don’t make an effort to ensure it’s not covered in old clothes. Step one is to identify the big causes of mess in your apartment and to address them. For most people that means: clothes on the floor, washing up that needs doing, papers strewn on desks and coins. You can solve these problems by giving yourself easy places to hide those items: a dishwasher, a paper tray, a coin jar and a bigger laundry basket for instance. Then you can keep your home tidier while you get around to sorting.

Editor: Neha Charan

TOP REASONS WHY YOU NEED TO HIRE A REAL ESTATE AGENT TO SELL!!

When you are looking to sell your house now a day’s people tend to try and sell it on their own rather than hiring a Real estate agent. Selling a house is a complex and difficult process. Though you might save commission that the agent demands but going through a Real estate agent will save you so much of trouble and get you the best deal you can get.

Here are the reasons why you should hire a Real estate agent rather than doing it yourself.

·         ACCESS TO MLS: A Real estate agent has access to MLS which is the database of current homes for sale. Your agent will provide you with list of potential buyers. He will update your home on the MLS which will make it instantly available for other agents so that they can search for a potential buyer for you and book showings. All this will make the process of selling your home much faster and easier.

·         EXPERIENCE: A real estate agent has much more experience in helping to sell your house as compared to you. He is solely dedicated to work with both buyers and sellers. Selling your house would require you to solicit calls from interested parties, make appointments and answer questions. If you are working on your own, the tendency is that you won’t be able to respond quickly enough. If you have an agent doing that for you, you’d save a lot of time and hard work.

·         NEGOTIATIONS: You might think that communicating directly with the buyer will make the process more transparent. This is probably true–assuming that both the buyer and seller in a given transaction are reasonable people who are able to get along. Unfortunately, this isn’t always an easy relationship. A real estate agent can prevent any bad experience between the buyer and seller that can kill a deal.

·         LEGAL CONTRACTS: Legal contracts are very important. If you decide to buy or sell a home, the offer to purchase contract is there to protect you and ensure that you are able to back out of the deal if certain conditions aren’t met. An experienced real estate agent knows how to deal with contracts and conditions like the back of his hand. They know which conditions should be used, and those that can be removed.

·         AGENT CAN GET YOU A HIGHER PRICE: A real estate agent can negotiate with potential buyers and their agents in your place and get you a higher price as well.

If you are looking to sell your house; call 416-371-3737.

Editor: Neha Charan

TIPS TO SAVE ENERGY AND MONEY IN WINTER

Trying to keep your home warm for the cruel Canadian winter can lead to a huge bill. However with some tips and adjustments, you can surely reduce your bills.

In this blog we will help you plan to save energy and money during the cold winter months.

·         SEAL AIR LEAKS: Examine your entire house and look at all the overlooked gaps, cracks, and opening in the windows, doors and wirings. Seal all the air leaks by caulking or weather-stripping around the windows. For sealing of the wires and electrical fixtures you can use expanding foam sealants. Insulate everything thoroughly.

·         TAKE ADVANTAGE OF THE HEAT OF THE SUN: Open the curtains and windows and let the sun in. Sunlight will naturally heat up your home. Before the sun goes down make sure you close the curtains and the windows to somehow keep the heat inside.

·         USE PROGRAMMABLE THERMOSTAT: Use a programmable thermostat to reduce the wastage of energy. Set the thermostat in a way that it increases the heat when you are home and decreases the heat when you are not home. Sensor thermostat is a good option too. This thermostat senses the people present automatically and adjusts the heat accordingly.

·         UTILIZE THE HEATER ACCORDING TO THE ROOMS USED: Another way of cutting down on your energy bill would be utilizing the heater according to the rooms being used. Try and heat only the rooms that are being used. If there are rooms in your house that are not being used, it is best to not heat them (close the vent and let the air flow to the necessary rooms).

·         ENERGY STAR:We normally spend around 20% of our electricity bill on running appliances. But there is a solution for this as well. If the appliances that is fridge, clothes washer, dish washer etc. can qualify for Energy Star we should replace them. Many major manufacturers like GE and Frigidaire use half of the energy as compared to the regular energy being used by the appliances.

·         USE LESS EXHAUST FANS: The exhaust fans in the kitchen and bathrooms should be used only when necessary. Exhaust fans pull out the hot air out of your apartment or house.

·         UNPLUG ELECTRONICS: When you are not in the house; always unplug all the electronic appliances like TV, DVD, Kitchen appliances etc. This will save a lot of energy in turn saving your money as well.

Editor Neha Charan.

THINGS YOU SHOULD KNOW BEFORE YOU BUY A WATERFRONT PROPERTY!!

Waterfront homes are naturally appealing to buyers. Who wouldn’t want to live right on the water?  Buying waterfront property is the ultimate real estate experience. Perhaps more than any other type of purchase, buying a waterfront home or home site is as much about a lifestyle as it is a real estate investment. Owning a property on the waterfront is a lifelong objective for many buyers. But this ownership dream can quickly become a nightmare for those who don’t complete their research on waterfront property before they buy. There are a number of factors to consider before settling into a home by the water and we’ll tell you all you need to know to make the transition comfortable and for the long-term.

·         FIND A WATERFRONT SPECIALIST REAL ESTATE AGENT: Fortunately, real estate agents who regularly deal with waterfront properties know the ins and outs of this process. Professionals with experience in this unique real estate area can help you understand your maintenance requirements as a waterfront homeowner. They can help you understand how the elements might impact your ownership experience. And they can also help you select that ideal waterfront home within a prized location.

·         CAN YOU GET A LOAN: Waterfront homes are often considerably more expensive than a similar home in a regular neighborhood. Because these homes are pricey, they require bigger loans. Lenders are not apt to give out bigger loans to any but the most qualified buyers. Before you start getting your hopes up about buying a lake house or beach house, check to see that you can get the money to do so. If the location in which you are looking in is fairly pricey you can expect that a jumbo mortgage will be needed. Jumbo loans are used by those who will be taking out a large mortgage. As a buyer you ought to start this process before you start looking for the waterfront property because a Jumbo loan can take a lot longer than a regular home loan.

·         CONSIDER THE PROPERTY MORE THAN THE STRUCTURE: Oftentimes, people fall in love with a house, but after they buy it, they realize the swimming is mucky, the view’s not very good, it’s difficult to get down to the water, or the place is not very private. You can change the house, but you can’t change the location, so buy a property that you really love. When you look at a property, verify that it actually extends to the water. You also need to clarify who has use of your property along the water’s edge, and what roads, docks and other areas might be used by people other than you. The vision you have of owning your own private beach may not be realized in many areas. You will need to look at a survey of the land, a plot map and talk to your Realtor – and possibly a real estate attorney – to get completely clear on what you are actually buying.

·         HOME OWNERS ASSOCIATION: Many waterfront properties are part of a homeowner’s association. If you are considering buying a property governed by an association, it is important that you understand what that association expects of you. You will be obligated to meet requirements for owning a home in the area, requirements that may or may not be OK with you. The last thing you want is to be stuck in a place you are not happy with. This can happen when proper research is not done on what you are getting yourself into.

·         EVALUATE HOW THE PROPERTY MIGHT CHANGE WITH THE SEASONS: While that waterfront home might look great in the peak of the summer, the winter could present its own set of ownership challenges. But buyers should also consider the factors involved in year-round waterfront property ownership. For example, how does the home respond to changing water levels from winter to spring? Does the water quality level change from spring to summer? These are important factors to review when speaking with a specialist about waterfront property ownership.

·         MAINTENANCE COST: Because waterfront environments can cause increased wear on a structure, you can probably expect to pay extra for ongoing maintenance. You should ask what the yearly maintenance costs are, and consider those costs in your purchase. Things like pipes, attachments, roofs and siding may all need to be replaced more regularly on a waterfront home. Even if you can afford to buy the home, can you afford to keep it up so that it remains a good investment and a dwelling that you can depend on?

·         INSURANCE COST: Another important question to ask before buying a waterfront home is if there are any unusual insurance expenses.  Look into this early to make sure you know what you’re getting into. Because waterfront homes are often at increased risk of being damaged by natural disasters, such as hurricanes or floods, they are also typically more expensive to insure. You will also need to include these increased insurance costs in your overall calculations for the cost of ownership. 

·         TALK TO NEIGHBORS: Get insider information from neighbors by asking if they enjoy living in the community, if they have any issues with the property you’re thinking about purchasing, or if there are any waterfront-related problems. They may give you valuable information about what it’s like to work with the homeowner’s association, as well as how the water is used by the area community. Those that live in the local community may also be able to inform you of any bad eggs living in the area. For example you may not enjoy living next to a bunch of teenagers who are constantly buzzing around your backyard on their jet ski’s while you are trying to enjoy a lazy afternoon in your canoe. Or maybe you are the one that loves jet or water skiing and won’t want to bother the old man living next door. You should always have a good understanding on who you will be living with, when sharing a waterfront home. While it does not necessarily pertain to living on a waterfront area, some people like to check if there are any sexual predators living in the general area, especially if they have kids.

·         CONSIDER THE SAFETY ISSUES: For those moving into waterfront property with their families, it’s important to consider the safety issues that are unique to waterfront property ownership. For example, you might have to install a fence surrounding the yard to prevent young children and pets from falling into the water.

·         CHOOSE THE PROPERTY THAT FITS YOUR LIFESTYLE: In the excitement that comes from knowing you can buy a waterfront property, it is sometimes easy to lose sight of why you would want to live on the water in the first place. For instance, a home on the beach may be a long distance from any docks where you can store and use your boat. If you love going out on the boat, but it takes over half an hour to get to it, will you be likely to use it regularly? You may be able to find a home that is not on the water, but that is close to the docks, that gives you better access to the thing you love to do most. Maybe sitting in a canoe or on your dock going fishing in a peaceful environment is your idea of lakefront living. If this is the case the thought of jet skis and other motor boats buzzing by your home might not be up your alley. Focus on the activities you’re passionate about and choose a property accordingly.

The waterfront home ownership experience can help fulfill a life-long dream. To speak with one of our trusted waterfront property agents directly to learn more on moving forward in the property ownership process call 416-371-3737.

Editor: Neha Charan

TOP 10 TIPS WHEN BUYING YOUR FIRST INVESTMENT PROPERTY

When entering into the Canadian Real estate market for investment properties one must have complete understanding of the various elements involved. This is especially true for the Investors who buy properties to boost their income. Unlike purchasing stock, which may cost a dollar or two per share, you could easily pour six figures into your first investment property.

·         IT SHOULD BE FOR YOU: Property owners who have one or two homes often do their own repairs to save money. If you’re not a “get your hands dirty” type and you don't have lots of spare cash, being a landlord may not be right for you. Your first property will take a lot of your time as you learn the ins and outs of being a landlord. Think of it as another part-time job. Do you have the time?

·         LOCAL VACANCY RATES IN THE AREA: As a real estate investor, one of the most challenging roadblocks to success is property vacancy. Understanding the local vacancy rate will help investors to know how much money they will need to set aside for each unit that’s vacant within their property. The higher the vacancy rates, the more difficulty the investor will have in raising rents.

·         CHOOSING THE RIGHT PROPERTY AT THE RIGHT PRICE: Investing in real estate is usually all about capital growth, so choosing a property that is more likely to increase in value is the most important decision you will make, so buying at the right price is absolutely critical. The key for you is to do your research, work out what everything is selling for in and around the area and then you’ll discover that soon you’ll become very good at working out what a property is worth – you’ll know a bargain when you see it. Ensuring that you have a steady rental income stream is also vital because this cash flow will make the holding of the asset more affordable and provide income. It is also important that your property suits the demographics of renters in the area. For example, if it is near a university more bedrooms will be in greater demand than a big backyard for kids to run around. A family home that is close to schools and parks on a quiet street will be more desirable than a property on a busy road.

·         PAY DOWN DEBT FIRST: Savvy investors might carry debt as part of their investment portfolio, but the average person probably shouldn’t. If you have student loans, unpaid medical bills or your triplets will soon attend college, purchasing a rental property may not be the right move.

·        SORT OUT A COMPLETE LIST OF EXPENSES: Many new investors underestimate the amount of expenses involved in running an investment property. This can be a costly mistake and lead to a path of debt for the uninitiated. Expenses such as water/sewer costs, utilities, account services and scheduled maintenance are well known. But what about the costs of legal fees, evictions, office supply products and capital improvements to the property? These hidden expenditures can limit profit for even the most prudent of investor.

·         BEWARE OF HIGHER INTEREST RATES: The cost of borrowing money might be cheap right now, but the interest rate on an investment property will be higher. Remember, you need a mortgage payment that’s low enough so that it won’t eat too heavily into your monthly profits.

·         HIRE A PROFESSIONAL REAL ESTATE AGENT: A licensed real estate agent that is a professional in their field, their job is to keep things in order for you and your tenant. They can help you with ongoing advice and help you manage your tenants and get you get the best possible value from your property, a good agent will let you know when you should review rents and when you shouldn’t. The agent should be able to give you advice on property law, your rights and responsibilities as a landlord – as well as those of the tenant. The agent will also help you find the right tenant, conduct reference checks and make sure they pay their rent on time. The good news is that the cost you pay to your managing agent is usually a percentage of the rent paid, is deducted from the rent and is tax deductible

·         RIGHT MORTGAGE: There are many options when it comes to financing your investment property, so get sound advice in this area as it can make a big difference to your financial well-being. Interest on an investment property loan is generally tax deductible, but some borrowing costs are not immediately deductible and knowing the difference can count. Structuring your loan correctly is critical and this should be done with the help of a trusted financial advisor. Whether you choose a fixed rate loan or a variable rate loan will depend on your circumstances, but consider both options carefully before you decide. Over time variable rates have proven to be cheaper, but selecting a fixed rate loan at the right time can really pay off. Remember that rate usually rise in line with property prices, so increasing interest rates are not always bad news for property investors as they have more than likely had a win on the capital gains front. Most investment loans should be set up as Interest Only (rather than Principal and Interest) as this increases the tax effectiveness of your investment, particularly if you have a home loan, but make sure you try and factor in flexibility The reason Interest Only loans work well for investment properties, is that with a Principal and Interest loan, your negative gearing benefit reduces as you pay down the amount of your loan. You may also want to seriously consider an investment loan that gives you the opportunity of paying interest in advance or has an Offset Account.

·         KEEP A LONG TERM VIEW: Remember that property is a long-term investment and you should not rely on property prices rising straight away. The longer you can afford to commit to a property the better and as you build up equity then you can consider purchasing a second investment property – try not to get too greedy and find the right balance between financial stability and still being able to enjoy life. Financial security is very important but life is not just about mathematics.

Keep your expectations realistic. Like any investment, a rental property isn’t going to produce a large monthly paycheck for a while and picking the wrong property could be a catastrophic mistake. Consider working with an experienced partner on your first property or rent out your own home to get your feet wet.

Looking to purchase your First Investment Property, Call Jeevan Punni 416-371-3737.

Editor: Neha Charan

WHAT YOU NEED TO KNOW BEFORE BUYING AN OLD HOME!!

Older homes are often the ideal property for a range of buyers. They offer unique style and come with a story. Buying an old house is exciting because we love the character that old houses have.  But it’s important for a buyer to pay attention to some key areas when buying an older home.  In this blog we will cover the key aspects as to what you need to know before buying an old home.

·         FOUNDATION: Over time, nature catches up with even the most solidly built homes. Older homes are prone to a variety of foundation and structural problems, such as major cracks or unevenness in the slab or perimeter foundation wall; corrosion, dry rot, or moisture damage in pilings or concrete foundation supports; damaged piers (support footings); and dry rot or moisture damage in above-ground studs. Before confirming the purchase, it’s important to have a professional home inspector examine the condition of the home’s foundation. Homebuyers should ensure their home inspector has experience reviewing older properties and pays close attention to the foundation.

·         GET TWO INSPECTIONS: When you are buying a home, spending another $600 or so on an inspection is not what your idea of well spent money is, but trust me, it is very well spent. Inspectors are human beings, and can make mistakes. Also, if your inspection shows anything structural, get an engineer in there before you buy. This can have some serious dollars attached down the road, and it’s better to know up front. We would suggest using a traditional inspector, structural engineer and a bug inspector.

·         HAZARDOUS MATERIALS: Lead and asbestos are two hazardous materials that were used in residential applications until relatively recently. Lead, a neurotoxic metal that’s particularly harmful to children, is commonly found in exterior and interior paint made before 1978. It’s also found in substantial quantities in pre-World War II plumbing systems, and in smaller quantities in water pipes installed before the mid-1980s. When you buy a home built before 1978, you’re usually required to affirm your understanding that the home may contain lead paint. If you’re uncomfortable with the idea of coexisting with lead paint, invest in professional lead paint removal services. If your home’s plumbing system is very old, it could still contain measurable quantities of lead. The most cost-effective way to deal with this is a water filtration system, either for the entire house. Though direct, prolonged exposure to asbestos is a serious health hazard, insulation tucked away in inaccessible walls is not likely to pose a direct risk. However, removal is recommended if you plan on knocking down walls, expanding your home’s footprint, or attempting other expansive projects likely to uncover asbestos-laden material.

·         ROOF: Older homes tend to have older, possibly deteriorating roofs. This presents numerous problems, including pest infestations, interior water damage, and compromised (less effective) insulation. Problems stemming from a compromised roof, particularly once interior leaks begin occurring regularly, can cost tens of thousands of dollars to fix and may not be covered by homeowners insurance. Before you buy an older home, assess the roof’s age and condition to the best of your ability. Unless the seller put the roof on, he or she might not be aware of when it was installed, so consider hiring a roof inspector ($200 to $500) if there are obvious signs of wear.

·         INSULATION: So heating a big old house is expensive. The insulation within the home will be the material that protects you from the cool Canadian wintertime and seals in the warmth. It’s the material that will also allow you to reduce your home heating bills. Therefore the quality of the insulation and the condition of the roofing space within the home is of the utmost importance to maintaining home comfort and to ensure the safety of family members. Analyze the insulation carefully and try to find old heating bills for the property before you decide to sign the purchase contract.

·         ELECTRICAL SYSTEM: Electrical problems fall into two categories: convenience and safety. First, convenience: Unless their electrical systems have been updated, older homes lack sufficient numbers of electrical outlets to address our collective addiction to electrical devices. Second, and more importantly, safety: The lifespan of electrical wiring itself is basically limited by the lifespan of the wire’s insulation. Electrical service panels and circuit breakers are also prone to deterioration. Service panels last 60 or 70 years, while breakers last 30 or 40. Failing panels and breakers can cause shock, power failure, fire, and other dangers. Note that water damage, fire, pest infestation, and other unusual events can harm some or all of an electrical system’s components, necessitating repair or replacement long before they reach their life expectancy. Electrical work is dangerous and confusing for novices, so avoid taking the DIY route with your electrical project. Instead, hire a licensed electrician.

·         INSURANCE OPTIONS: One cost few buyers consider before their home purchase is insurance. Often, the price to insure an older home is far higher than the price to insure a new property. That’s because older properties have more potential for unseen problems to arise in future. Home inspectors can often provide you with a better understanding on your insurance needs, and may be able to work with you to reduce the long-term costs of insurance. You might also consider upgrading older wiring and other areas of the older property, and balancing these costs against the insurance cost for the property.

Older homes can provide an exceptional living experience within prestigious settings. But research is a critical element of the buying process. Speak with Jeevan Punni at 416-371-3737 to help you move into that stylish older property.

Editor Neha Charan

WHY WINTER TIME IS THE BEST TIME TO BUY A HOUSE!!

People say that summers and spring is the ideal time to buy a house. It is a more pleasant time of year and sellers know their yards look better when not covered in snow. Yet there are some logical and compelling reasons for shopping a house in winter. It actually pays to list your house as a seller in the winter, when buyers tend to have more urgency. A study by Redpin shows that average sellers get offers above their asking price during the months of December, January, February and March than they do from June through November.

Here are some of the advantages that show how you could benefit from house hunting in winter.

·         LESS COMPETETION: Since spring and summer are the most active real estate seasons, many home sellers wait until then to list their homes. That means there are fewer homes for sale in the winter, but the sellers often have strong reasons to sell their homes soon, such as job relocation. These motivated sellers can be a boon to the home buyer. Less competition means you can be more aggressive with less chance of being outbid.  Its simple economics - the low demand will work in your favor. So for the investor looking to find a good deal in the housing market, the winter can be prime time.

·         LOWER PRICE: When you have fewer buyers in the market, supply exceeds demand. This usually results in prices being lower than during the hot or peak season. Just as there are fewer homes for sale during the winter, there are fewer buyers, too. That means less competition and sellers who are more willing to accommodate potential buyers. Use this knowledge to your advantage. Offer a relatively low (but not insultingly low) bid for the home you’ve selected, or ask for perks such as the living room furniture or the chandelier that you admire. The low number of potential buyers also means you have more time to make your decision. In the spring, you often need to choose a home and act quickly, but in winter you may be able to take your time.

·         ASSESSING HOME’S REAL FITNESS: Viewing homes in the winter lets you see how it holds up to the weather. Did you feel cold while looking through the house? Is there a functioning heating system and hot water? Are the windows letting in drafts? A lot of homes seem really nice in summer months but could have issues with heating or insulation but in winter those problems will be obvious. Keep an eye out for signs that things might not be up to snuff.

·         MOTIVATED SELLERS: All the low activity in the winter will result in sellers being far more motivated to sell. Sellers in winter may have a hard deadline on selling their home which means you could get a sizeable amount off the purchase price.

·         YOUR REAL ESTATE AGENT WILL WORK HARDER: Low activity during the winter months also means you will have the undivided attention of your realtor, and he or she will be working harder for you. Agents will have fewer clients and more time to focus on your home search. Lenders will be more accessible for questions and assistance. Some lenders even waive fees during the off-season to encourage borrowers to use their services. Likewise, movers tend to lower their costs during the winter months.

Winter may be the ‘slowest’ season of the four but that doesn’t mean homes can’t be found and deals can’t be made. If you’re looking for a home this winter contact Jeevan Punni today at 416-371-3737.

Editor: Neha Charan

5 MUST HAVES FOR YOUNG FAMILIES WITH KIDS WHEN BUYING A HOUSE

As the home buyer evolves, so does the home. Our demand and choice of a house changes with our age and needs. When we were young a busy area with lots of shops, restaurants, entertainment and culture would match our taste and need. But when we are a young family with a child or two there are some definite must –haves when buying a home.

Here are 5 major must-haves when you are a young family looking to buy a home:

·         GOOD SCHOOLS: When looking for a house, you should be thinking about a school  as much as a house. It may be hard to imagine if you aren't there yet, but someday your life may revolve around telling your kids not to stress over state-standardized tests. You'll find yourself talking, texting, phoning and emailing teachers, school administrators, bus drivers and counselors. If the school is the worst, you may rue the day you bought your house. Check for rankings or with other parents who might have children enrolled and see what their opinions are. Putting in a little extra research makes sense for something as critical as education.

·         SAFETY: When buying a house always consider the safety aspect. Check the local crime statistics. It is very important to feel safe about an area when you would be raising kids in that area. If you feel unsafe in any way then it would be wise to look for a house in a different area.

·         GREENERY: An important part of a child’s growth takes place during the time they spend playing outdoors, discovering the natural world that surrounds them. Providing your family with a yard is one of the safest ways of facilitating this sort of growth, in particular when your kid is young. By taking kids out for long walks in parks early you can teach them the importance of exercise and the benefits of fresh air.

·         WALKABLE NEIGHBOURHOOD/AMENITIES: While schools are important, kids also need stuff to do on their weekends and holidays, so parents need to look into local recreation opportunities – does the neighborhood offer sports programs? A community pool? A good library? Other not-so-fun, but nevertheless necessary, must-haves include conveniently-located doctors’ offices and hospitals. Having local amenities within walking distance can save you an enormous amount of time over the long-term while also letting you stay in good shape.

·         PROXIMITY TO WORK: When you have a family, you want to spend your time with them. If your commute to work takes an hour and a half each way, you are spending three extra hours per day away from your kids for a total of 15 hours per week. That’s a lot of time.

If you are looking for a great place to raise your family which will adhere to all your needs and security, call me today at 416-371-3737

Editor: Neha Charan