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Posts tagged with: real estate agent

Some things home buyers should do

June 5, 2013 - Updated: April 22, 2014Buying Real Estate

Buying real estate list

    Some home buyers have been sitting on the fence waiting to see what will happen to the Mississauga real estate market ever since the Federal government implemented tighter lending rules.  It’s been about a year now and what we have seen are buyers who took the plunge were rewarded with year over year growth in their property values.  For those who waited now have to pay more as opposed to paying less like they were hoping for.  That said it’s still a good time to buy real estate in Mississauga as interest rates remain historically low and there are plenty of options to choose from including condos, town’s, semi’s and detached houses. 

Consult a real estate agent for advice regarding home ownership. 

Buying a new home especially for a first time home buyer can be challenging.  A realtor or real estate agent can make the process easier as that is what they are trained to do.  The buyer should certainly seek a professional with experience helping buyers find real estate in the area and neighborhood’s they are looking to live in.

Get pre-approved for a mortgage.

    Being pre-approved for a mortgage means the buyer is more serious and really able to make a serious financial commitment.  Many deals fall apart when the client was not pre-approved, but still made an offer and later finds out they really couldn’t get a mortgage in the first place.  Believe me, save yourself, your realtor and the seller and their agent from wasting their time, energy and money by making sure you are financially ready first.

Think about LOCATION!

    There’s an old saying that goes…Location, location, location.  Where your home is located will affect many aspect of your life including your commute to work and the school your children will attend.  Think about if you want a city lifestyle or a country one.  If you are probably going to sell this property sometime in the future, how desirable is the location to others?

What type of home do you want?

    Think about the type of home you can afford and try to buy the best possible for your situation.  Condo vs. town homes or semi vs. detached?  Do you desire a breath taking view or maybe a big backyard?  Can you buy a fixer-upper and do renovations or do you want a home that is ready to live in just the way you want it.  Make a list of must haves and order them by importance.  Your real estate agent will help you find a desirable house meeting most if not all of your requirements assuming you’ve been realistic.

Go on showings.

    The internet is the biggest revolution to the real estate market.  It’s so easy for anyone to simply go online and start to window shop for that perfect next home to buy.  But, remember people spend lots of money on having professional pictures to make their homes look better than what they are.  Always go see the houses for yourself.  Your realtor will assist you to see the one’s you want to see as well can also show you ones you may not have thought of.  If you go to an open house or to a pre-construction condo sales room, remember to always say you have official representation as its important the selling party knows you have a realtor.

Have an open mind.

    Often really good real estate is passed up on because the home owners may not have chosen the right décor and colour of paint.  It’s a fact that some people have a hard time seeing passed the superficial and understanding the house has “good bones”.  Try to see the space and the potential every house has.  Once you move in you can change anything you want and make it yours.

Plan B

    If you like a condo or a house enough to want to put in an offer, there might be someone else who thinks the same.  There is no guarantee your offer is accepted based on price, terms or issues that may come up during a inspection or status certificate review.  Have a backup plan as an alternative so you are not 100% emotionally dependent on plan A.

Get informed.

    Your agent can help you know about how your targeted house compares to previously sold homes and other homes which are currently for sale.  Having a CMA or a Comparative Market Analysis done by your real estate agent will help you understand the relative value of the properties, thus preparing you for making an offer to buy and also setting up how negotiations can play out.

It can help to do some research.

    Take some time to research at city hall about permits that may or may not exist especially if there were big renovations done to any of the critical systems or structure of the house.   If you are planning to do changes to grading or making any significant alterations after purchasing the home, maybe check with the city before you buy to see if what you are trying to is permissible.

Building inspection uncovered a list of problems…don’t panic.

    The job of the inspector is to find everything they can that is wrong with the property.  Usually there are lots of minor issues that are things you would probably overlook.  Even more major things are found that require a fix, find out from an expert an estimate and either negotiate a price reduction or have the seller fix it.  Your real estate agent will help you with any potential amendments to the agreement that needs to be put into place to protect your interests.  But remember this…there is no problem too big or small that money can fix.

By Todd Lee

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Tagged with: buying real estate mississauga real estate agent first time home buyers

Pinnacle Grand Park 2 – Available NOW!

October 14, 2012 - Updated: April 18, 2014Buying Real Estate

 

 

    I have great news for all you out there looking to buy into the Pinnacle Grand Park 2, one of Mississauga’s hottest new condo developments.  I attended the VIP Sales Event Yesterday and I’m able to afford any of my clients the opportunity not only buy into this fabulous condo development, but also the best suites that are available.  Understand that the first phase, Pinnacle Grand Park 1 is almost SOLD OUT with only a small selection of suites available.  Now is the best time to get ownership of this first class condo development, The Pinnacle Grand Park 2!

 
“The lowest pre-construction condo fee in the Square One area.”
Eric Skicki, Realtor.

 

    For those who do not yet know about Pinnacle Grand Park, I will give you a heads up.  This project is being developed by Pinnacle International which is considered to be a leader in Canadian luxury condominiums, hotels and commercial developments.  This is the second phase being constructed in PRIME Mississauga real estate.  The construction site is located near the cross section of Burnhamthorpe Road and Grand Park Drive (between Mavis Road and Confederation Parkway).  The pre-construction advertised condo fee is $0.43, per square foot!  This is considered to be the lowest pre-construction condo fee available today.

    Through me you will get access to the best and most desirable buys for one bedroom, 1 bedroom plus a den and 2 bedroom condo units.  Remember that quantities of the best suites can and will go fast, just like in the first phase.

Contact Todd Lee, Mississauga Real Estate Agent today at:

Email:  info@toddlee.ca

Cell:  416-993-8533

By Todd Lee

Tagged with: pinnacle grand park pinnacle grand park 2 pre construction condos condo mississauga todd lee real estate agent vip

Are you a first time home buyer? Here is what you need to know.

May 18, 2012 - Updated: January 23, 2013Buying Real Estate

   

    I was once a first time home buyer and I can recall my experience to be a little overwhelming even with the help of an experienced real estate agent and mortgage specialist.  So if you feel the same way that’s perfectly normal and don’t worry, you will get through it.

    First you would want to find out what you can afford.  You need to contact your financial institution and find out how much they will lend to you as a mortgage.  Be careful not to let them pull your credit report as the more times they do, it can hurt your credit score.  I suggest acquiring your credit report yourself, it cost around 45 dollars and it does not affect your score.  Bring it with you to the meeting and they will have no reason to pull your report.  It is also important to discuss how interest rates will affect how much you will pay to the bank over time and what options you can get to pay down your mortgage faster.

    Now you have a number in mind as to how much you should be looking for. Should you buy new or pre owned?  There are good reasons to buy either way and I will summarize.  Buying new is really about being able to pick and choose how your property will look and feel like.  New home sellers usually offer a variation of styles and sizes to choose from usually in a subdivision or condo.  Then you can customize your property at a design centre usually at great cost.   New homes usually means newer and better technology and materials and more modern designs.  The potential draw backs are you don’t know your community. 

    As its new there is nowhere to drive or walk around to see your neighbours or schools etc…to get a feel of where you are living. Even after you have moved into your new home, there could still be construction going on for years, and the new home owner has to deal with dust, noise and the settleing of the new home.  There is a Tarion warrantee that helps protect the new homer for defects of the new home.  The home owner still has to take time off from work to be around for the home builder to come by and fix what is broken which may not be too convenient.  Renovations to the property usually have to wait for the home to settle or you may risk voiding warrantee.

    Resale homes offer the new home buyer many more advantages than new home sale.  Firstly the buyer can physically research the neighbourhood they are looking to buy into.  They can walk the parks; visit the schools, shopping malls and hospitals.  There is a saying in the business, location, location, location.  It’s a fact that all the most desirable places to live have already been developed.  Perhaps the new home owner prefers to live close to the city centre or to the lakeshore.  Or maybe they need to be close to the subway or GO station.  My point is buying resale can get you into a neighbourhood that is more convenient to live in and is probably a better investment for when the home owner would like to move on and want to sell.

    Outdated exteriors and interiors can be spruced up and even renovated to reflect the home owners styles and tastes…and usually cheaper than if they were to have bought a new home and customized it at the design center.  If the home owner does not like the layout, walls can be removed to create an open concept feel so long as structural elements are not ignored.  Older properties are usually larger so back yards can be used for greater entertaining or putting in a pool or deck.

    Buying resale has its draw backs too.  Dealing with renovators is not always easy. Monetary and time cost of retrofitting outdated roofs, windows, electrical, plumbing and HVAC can be expensive to make the property more efficient and able to handle new appliances etc…  But consider the purchase price of a resale home in Toronto can be easily $700,000 and the cost of retrofitting it might only be $30,000 which is only just a small fraction of the purchase price.  After the retrofit is done, think about the increase in the value of the home because of it and one can see it might not be as bad as it seems.

    Making a list of needs and prioritizing them is very important and often over looked by the first time home buyer.  I can’t stress enough how making a list can help in keeping the search for a property on track as shopping for a property can be daunting.  The first time property buyer also has many styles of homes(Detached, semi-detached, Town home, condo, bungalow and side split etc…) to choose from and from many different communities.

    I highly recommend enlisting my services because as a real estate agent it is my business to know things that the everyday person would not know about real estate.  Regardless if I’m chosen or not the agent’s job is to understand the buyer’s needs, show them appropriate listings, help the buyer to negotiate the purchase price, act as an advisor regarding any questions the buyer might have, be able to refer the buyer to lawyers and home inspectors and pretty much look after the buyers best interests.

    When viewing potential properties it is my advice to view only during the day where potential defects or problems might be more visible.  Take your time when browsing the property and follow a pattern for which to keep track of what may need to be fixed or what features might be of interest. I generally start looking at the ceiling, then move down ending at the floors.   You might do the reverse, but the point is having a system of inspection keeps things more organized and you’re less likely to miss things.

    Once the buyer has found that just right property they want to own, then preparing the offer to purchase comes next.  The realtor will provide options as to how much to offer based on their knowledge of comparable properties that have sold and which might be currently on the market.  Ultimately it’s the buyers choice as to how much to offer, but they should consider any counsel from their representative.  

    A clause is inserted to the offer of purchase that allows for an inspection to be conducted of the property before closing.  This clause may or may not be negotiated in or out but I always put it in the contract for the client’s best interest.   At the same time there might also be another clause allowing the buyer to first find suitable financing and if the buyer is not able to they can get out of the deal.  These offers can get quite complicated so I won’t get into every situation, but once again the buyer should rely on their representation for advice and clarification.  Be prepared for negotiations to go back and for several times before the acceptance of the offer to buy in accepted.  A deposit which is negotiable is required at acceptance and commonly its $5000 - $15000 where the higher the deposit is the more serious the offer.

    During the time after acceptance of the offer and the closing date, the buyer and seller has specified times to complete the clauses.  This also is a time for the buyer to meet with their lawyer who will check for any outstanding liens and verify ownership and other legal concerns are in order.  They do this at a fee for which the buyer will have to pay as part of what is known as the closing costs.  Other closing costs can be surveying cost, Title Insurance, Land Transfer Tax, Disbursements, Statement of Adjustments, Home Insurance, Mortgage application and appraisal fees and CMHC insurance premiums.

    All that’s left is to take possession at closing.  Make sure to do a final inspection of all appliances as this is the last time you will have any recourse at the vendor as the warrantee ends that day.  I hope this summary helps any of you first time home buyers and if you would like to discuss how I might be able to assist you please don’t hesitate to contact me at info@toddlee.ca or call 416-993-TLEE.

Tagged with: real estate advice new home buyers first time new resale todd lee real estate agent house condo

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