What to Know Before Making Your First Offer
When it comes to buying your first home, making an offer that meets all your criteria is a big deal. You are committing to a huge financial investment, and it needs to be taken seriously. While some things may differ from province to province or from city to suburbs, there are some factors that are important to consider no matter which part of Canada you’re looking to buy in. Make sure your financial situation is where it needs to be. Before you can even start looking, you need to know how much you are pre-approved for so you can consider neighbourhoods and homes in your price range. It’s time to meet with a financial advisor who will go over your financial situation, see exactly how much you have available for a down payment, consider your credit score, income and the type of home you want to purchase in order to calculate how much you will be pre-approved for. Without pre-approval, you run the risk of not being able to put in an offer on your dream home. Pre-approvals only last 60 to 90 days and can be revoked at any time should your income suddenly change. Also, tempting as it may be, don’t accept a pre-approval offer you know you can’t actually afford. No one enjoys being house poor. Ask the right questions. Many provinces are considered “buyer beware,” which means the seller can’t hide active problems on purpose, but they aren’t required to tell you about any past issues. This is why having a home inspection and lawyer-assisted searches before you make an offer are so important. The last thing you want to do is rush into signing anything before you know about any potential problems that aren’t immediately obvious. If a problem was discoverable by a home inspector but you didn’t bother to get the inspection before buying it, you are responsible for the repair cost. But even with an inspection, home inspectors can’t move furniture or get behind walls, so there may still be problems you might end up inheriting despite these efforts. Understand exactly what you are signing. It is vital to read the agreement of purchase and sale thoroughly before signing, so you know exactly what you have agreed to buy. People tend to skim over the section that lists included fixtures (attached items such as chandeliers) and chattels (appliances) and just assume that these items are all included, only to be disappointed to find them missing on closing day.
Behind the Scenes of a Real Estate Transaction
Buying a home is likely the largest financial transaction you’ll make in your entire life. It seems like it should be a personal decision for that reason. However, a decision this big requires many people to make it happen; probably more than you realize if you’re a first-time buyer. Here’s who you’ll want on your team before making the largest purchase of your life. Real Estate Agent An agent is there to guide you through the whole process, and will be the person who not only scouts listing for you and shows you homes, but finds you properties within your budget that fit your requirements in terms of location, size and layout. They aim to give you your dream home, but will quickly clue you into factors like budget that might mean making some compromises. Mortgage Broker A broker is the person who can shop for the best possible mortgage for you. This will not only save you time from doing it yourself, but also protect your credit score since they can request it once and have permanent access without having to resubmit the request. Since the broker is paid for by the lender, they come at no extra cost to you. Insurance Broker Since your home is such a large financial investment, it’s only sane to protect it. An insurance broker will find you the best possible insurance policy to protect your new home, while providing you with the details of the various levels of coverage, from basic to comprehensive. Land Surveyor While many skip this member of the team, it’s a very wise idea to have a land survey done as it’s one of the most valuable items in any real estate transaction. It protects you from any future land disputes with the city or new neighbours by officially confirming the boundaries of your property in writing. Real Estate Lawyer This is the person who will, at the end of the day, hand over your new set of keys to you. Your lawyer will ensure you’re getting a fair deal and that everything is set in stone. They will confirm there are no issues with the property that you might inherit by searching for liens, conducting the title search, reviewing the purchase agreement and calculating land transfer taxes.
How to Maximize Space in Your Laundry Room
Moms since the dawn of civilization have been struggling to contain the massive loads of laundry their families require, and the laundry room has long been a safe haven away from the chaos of the familial home. Despite the enormously important purpose they serve, laundry rooms are typically one of the smaller rooms in your home and can often start to feel cramped. Learning how to maximize the space you do have becomes even more important if you’re looking to sell your home as potential buyers love to see a functional, roomy laundry room. Hang up wire racks for dryer sheets and drying clothes. Wall storage is one of the key tricks to making a laundry room appear more spacious. Rather than laying out lingerie and stray socks on a flat drying rack that takes up floor space, hang a wire hanging rack from the wall. It’s an inexpensive and easy hack that will make your space look both more organized and highly functional. Build some storage shelves. Wall shelves hung directly over the washer and dryer units not only conserve space, but they also make necessities highly accessible. This makes for an easy and inexpensive DIY project that you can do yourself in a few hours, and it will make the laundry room that much more appealing to potential buyers. Shelving is the best way to make proper use of a small space, and there are a variety of options you can consider depending on the size and layout of your room. Popular options include corner shelving, bookshelves and pedestal drawers. Create a folding station. Buyers with busy homes will love this addition as it means they can take care of their laundry right in one single space without having to move to another room to fold the laundry. A folding station doesn’t have to take up too much space, but adding a small table where laundry can be ironed and folded will not only make the space look larger, but provide it with additional functionality.
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