The Real Estate Blog - Buying

What to Ask During a Home Inspection?

Many home buyers feel like they know what to expect when finalizing their new home purchase. However, there are many questions a home buyer needs to remember to ask, especially during the home inspection. Knowing what to ask will help reduce the risk of something being overlooked or missing something beneath the surface. This can cause additional out-of-pocket expenses for the buyer after the purchase has been finalized.

During the home inspection, there are some questions buyers need to remember to ask. Here are some of those questions:

Can I see your license?

It is important to have a licensed home inspector conduct the inspection. Do not be afraid to ask to see his or her license and certification.

Who are you working for?

Make sure the…

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How to Avoid Being House Poor

Whether it’s your mortgage, your property taxes, utilities, maintenance or some other expense associated with home ownership, if you find yourself spending too much on your home to the extent where you have limited – or no – spending income for other needs, then you might be what is often considered “house poor.”

While some people may become house poor for reasons outside of their control (i.e. layoffs, pay cuts, death of a spouse, etc.), for many others becoming house poor is self-inflicted – and it all starts with not being smart with the home you choose when you’re in the home-buying process. Read our previous blog post Are You Financially Ready to Buy a Home?

 So how do you avoid becoming house poor? Here’s a look:

• Know the costs of…

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Home Buying Trends for Baby Boomers

The baby boomers are a huge generation, spanning in birth years from 1946 to 1964. The youngest baby boomers are 52, while the older ones are 70, meaning a lot of them are empty nesters and either retired or on the verge of retirement.

With all that said, we’ve put together some of the top trends in baby boomer home buying. Whether you’re a baby boomer wondering where you should put your real estate dollars or the child of a baby boomer helping mom and dad look for their next home, these trends offer good insight into baby boomer real estate.

Downsizing but Upgrading

Since many baby boomers are empty nesters, they are downsizing to less square footage but are upgrading everything else. They often prefer high end finishes that they may not have…

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Different Types of Home Buying Conditions

Buying a home in today’s real estate market can often be stressful. Putting in an offer and deciding how much you’re willing to spend on a home is an incredibly difficult decision, especially when you consider the different conditions that can be attached to your offer.

Conditions are terms that need to be fulfilled before the closing of the house. They can cover all sorts of important things, like financing, home inspections and more. A conditional offer differs from a firm offer because a firm offer means you’ll purchase the home no matter what, without any conditions. A firm offer to purchase a home is preferable to the seller, whereas a conditional offer is preferable to the buyer.

In this week’s blog post, we’re sharing some of the most popular…

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How to Get Preapproved for a Mortgage

Part 2: Mortgage Preapprovals

If you read our previous blog post on mortgage preapprovals, you already know how important it is to have one before you start looking for a home.

A mortgage preapproval lets you know how much house you can afford, makes putting offers in more competitive and also locks in interest rates for a set period of time. Now that you know how important a preapproval is, it’s time to think about what documents and information you will need to gather before actually getting a preapproval.

What You Need to Get Pre-Approved for a Mortgage:

• Photo ID – this one is pretty obvious, but it’s essential to have official photo identification when applying for a mortgage preapproval.
• Proof of income – usually in the form of pay…

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Should I get pre-approved for a mortgage?

Part 1: Mortgage Preapprovals

One of the questions I get asked the most is, should I get preapproved for a mortgage before looking for a new house?

The general answer to that question is yes. A mortgage preapproval comes in the form of a letter and will accurately measure your income, assets, debts and down payment amount in order to let you know exactly how much you can spend on your home.

The biggest upside to getting preapproval is because it gives you a ballpark budget to keep in mind before you start seriously looking for a home to buy. This will ensure you know exactly what you can afford. One of the most common mistakes I see from home buyers is that they fall in love with a home they simply cannot afford because they have not taken the…

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Finding a Hot Deal in Summer

There is no doubt that this spring market has been crazy! There has never been a better time to sell a home, but on the flip side it is becoming increasingly difficult to buy a home (especially in the Cambridge area) without going toe-to-toe with a mob of other buyers. And market value is being thrown out the window in many cases. 

When you’re dealing with a hot market, it can be difficult to get the home you want due to the high level of competition. If you’ve ruled out looking for a home in the winter months, which I would never recommend, then the best time to buy a home is at the very end of the summer. Most people don’t realize that buying a home in the late summer is almost as good as buying a home in the dead of winter!  

Sometimes, in the…

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How to Compete for a Home in a Hot Market

Competing for the house you want is a reality you have to deal with when it comes to buying a home in 2016. This can often be a stressful process and one that makes a lot of people uneasy. The process often becomes even more stressful when you’re in a hot market.

Problems with a Hot Market

When people find themselves looking for homes in a hot market, it can be tempting to make emotional and hasty decisions which might cause you to ignore real facts about a house or neighbourhood. One thing I frequently remind my clients of is, just because you’re competing doesn’t mean you should ignore the market value of the home. It might seem like an easy solution to outbid everyone else who is interested in the home, but this might back fire on you when it…

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How to buy a home and not become homeless in the process

So you’ve decided it’s time to purchase a new home and maybe you’ve even thought about putting an offer in. But now you find yourself holding back because you’re worried about the closing dates and whether or not you’ll find yourself without a place to live during that time.  

During the home buying process, many people are afraid if they sell their house they won’t have anywhere to move to. The thing I tell my clients most is that risk equals reward in a hot market. This problem also exists on the flip side too. If you sell your house before you find a house you want to buy, you’re in an even more precarious situation than you would be if you had found a home, bought it and then listed your own home.  

The best way to avoid this problem is to…

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How to Find Deals in a Hot Market

It’s no secret that Cambridge, and the rest of Ontario, is experiencing a hot housing market right now.

This means that there is more and more competition between buyers for properties in every price range which drives up house prices. It’s definitely to a seller’s advantage when listing their home in a hot market, but as for a potential buyer, how can you find a deal and avoid overpaying for the home you want? It’s not easy but there are a few key ways to identify deals in a hot market so you can have more options.

1. Run ads or distribute flyers. While it’s easy to look for homes online, these homes are seen by many interested realtors and home buyers. A different way to approach this is through direct marketing. This means that you either place…

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