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.

What’s the big deal with Thanksgiving

Well happy thanksgiving everyone! Most of my posts have something to do with Real Estate or things pertaining to Muskoka or Gravenhurst. I really do feel blessed living and working in Muskoka.  I am thankful for my clients and seeing them happy when they either sell their property or acquire a new home. So whats the big deal with thanksgiving? How did it start? How do most folks celebrate it in 2012? And how about those childhood memories? 

I remember my first experiences with Thanksgiving weekends, fond memories having dinner at my Grandma & Grandpa Pilger’ up the road. They would always put on a great feast.  My dad and brother would contribute by supplying a few partridge (Grouse) and Grandma would work her magic on producing the best gravy. We usually had turkey As well. Mom would often augment the meal with her own specialties…….. One of my favorites….. Pumpkin pie. 

Through the years things changed a bit but it was always a time for family and friends. It’s always a special time of the year, with fall colours, good food & good company. So I hope all of you enjoy your own memories and create new ones at this very special time of the year. 

Here is a little tidbit in the Toronto Sun regarding Canadian vs. American Thanksgiving……..  Canadian vs.American Thanksgiving 

Have a great one!

 

 

Must Knows for Successful Cottage Buying

So you want to buy a cottage or recreational property. There’s more to it than just touring around, looking at listings if you’re going to find the right property, at the right price, and in the right location, with the amenities that best suit your lifestyle. Plus, you want to do all this in a reasonable amount of time!

The best way to reach your goals? Work with a realtor who understands the market, has deep knowledge about the municipality, and can address the unique challenges of acquiring waterfront properties.  Most importantly, your realtor must recognize and work to understand your needs and wants, and make sure you and your family are well prepared for all that cottage ownership entails.

Making sure you have all that you need includes being able to recommend local lawyers. If you use a lawyer who isn’t from the area, they may not be familiar with regional issues and regulations. It is also advisable to use a mortgage broker from the area. And get pre qualified so you know a realistic price range in advance. These mortgage specialists are available evenings, weekends and week days.

Buying a Cottage Checklist

There are lots of things to think about when acquiring cottage property, and I’ve outlined some of your most important considerations below.

• Distance From your permanent homes. Set your limit, but remember that an extra 30 minutes away could mean a better price. Making a small concession on travel time could mean you’ll get what you’re looking for within your budget.
• Size of Lake: Lake size often dictates the kinds of activities you can take part in there. A small lake means there will be less boating and fewer large motorized boats and it will be a lot quieter. Medium lakes tend to be fishing lakes, often with organized lake activities put on by the lake association. Larger lakes are often deeper and the size allows you to travel a lot further in a day. They also tend to be a bit more expensive.
• Shoreline Type: What kind of shoreline do you want or need to have? Do you want a sandy beach without a steep drop off, or some rock with a few weeds that could be a great fishing spot?  Maybe you’d like to be able to jump off a rock or dive into deep water from the dock!
• Exposure or View:  Choose west for sunsets or east for sunrises. An elevated setting usually means a better view, but the downside could mean stairs down to the water (the young people don’t mind a bit of a climb, but we all grow older!).  And are you content with a small bay, or do you want to look a distance across the lake?
• Privacy:  how private do you need your property to be? How close do you want your neighbours? Will a tree line buffer suffice?  Do you want to be on a busy lake with lots of activities, or a quiet one with a limited number of cottages on it?
• Ease of Access: Some cottages are water access only and are generally less expensive; but then, you’ll have the added cost of marina expenses and it can be less convenient to bring guests over. If you want to use your cottage year-round, you should try to buy one either on a year round municipal road or a year round private road. If the road is not maintained, you could end up having to use a 4X4 or snowmobile to get there at certain times of the year.
• Three or Four Season Cottage: Many of the older cottages were never designed to be used in the winter, but many folks, after spending a few hundred thousand dollars, want that option. Some have already been converted but lots are still three season only.
• Shore road allowance (SRA): Find out if the seller owns the waterfront or SRA. Many lakes in Muskoka had SRA (It’s usually a 66-foot strip of land above the high-water mark) at one time owned by the local municipality.  Many cottage owners have purchased that SRA over the years but some are still open. This becomes extremely important if there are docks or structures on it and or you wish to expand or build. Rules and costs for acquisition vary from one municipality to another, and can take a bit of time to sort out.
• Environment: Be mindful of what is or could be near any prospective cottage. Are you down in a hollow and have no access to Internet or wireless communications? Is the old beaver pond right behind the cottage one that overflows in the spring? Another example could be that there is a hydro high voltage transmission line nearby.
• Grass or not much grass.  Some people when they head to the cottage want a more traditional cottage with very little grass. Others don’t mind spending a little time mowing and tending gardens.
• Square footage and layout. Space and layout can be rather important depending on the size of your family and  of friends that you may wish to entertain. Also, do you want something you can enjoy right away or are you happy to do a little renovating?
• Zoning: It is imperative that you fully understand the municipal zoning associated with your proposed purchase. This will include permitted uses, accessory buildings, minimum setbacks (Front, Side, and Rear), Maximum lot coverage and building height. It may be OK as is but any future development requiring a building permit could initiate a surprise if you don’t do your due diligence.
• Systems: How old is the septic system?  How do you get water at the cottage (drilled well, dug well, from the lake)? Is there a woodstove that will need a WETT inspection? These are things that a qualified home inspector can answer for you.

When you find that one that fits…

Perhaps you’ve already narrowed down some interesting listings and you are going to do a tour and see if you like them. One of the first things you will want to do is have a look at the view. Can you picture yourself there sipping your morning coffee and looking out over the lake? Now, go down to the water to have a look, or even step in. What’s the shoreline like? Is it rocky, sandy, hard packed clay, or silty? Will this property suit your needs now and in the future? How is the cottage situated relative to the shoreline? Is it easy enough for you and guests to get back and forth? Where is the sun? Where will it be in the morning, at midday or in the evening?  

If it all feels right, and your realtor has shown you all properties that really meet your requirements, then you will have found a cottage in which to create lasting memories with your family and friends. Congratulations!

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Patchwork Boathouse Rules!

Well we got what we asked for I think! Hot sunny weather! Time to build that boathouse right! Or you are looking to buy a cottage or sell one and you want to know the rules around building on or near it should be simple. If you are in Muskoka one would think the rules should be fairly constant but not so. I came across this article in WHAT’S UP MUSKOKA ……Muskoka employs patchwork rules…   http://goo.gl/jz5TS.

 I was actively involved as a municipal councillor with the Town of Gravenhurst and District of Muskoka, for many Years and as such have a good working knowledge of the area as well as local municipal Planning policies, zoning by-laws and, minor variance practices. Even with my background the rules are hard to keep up with. We have six municipalities plus the upper tier (The District) there are seven official plans and six different zoning bylaws. If you are building on or near the shoreline, you absolutely have to do your due diligence and consult with your local planning and building departments. That’s the one with their name on your tax bill.

I’m always looking for comment or feedback so if the urge should strike you, Drop me a line.

It’s always a great day in Muskoka!

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