BRIAN BAIRD-REAL ESTATE SALES

Dubai World Rescue Plan

2009-12-15T15:14:00.001-05:00

North American equity markets opened the week on a positive note, benefiting in large part by improving risk sentiment. Over the weekend, it was announced that Citigroup would be repaying $20 billion in TARP monies to the U.S. government. Additionally, and more importantly for risk assets, the Dubai government announced that Abu Dhabi had pledged $10 billion to help Dubai’s troubled holding company, Dubai World. The move was universally seen as a positive, as concerns over the potential domino effect that could have occurred as a result of the announced debt moratorium have been quelled. The improving risk appetite pushed the USD lower which, in turn, helped metals prices move higher during the day. Bonds were the clear loser on the day, as North American rates sold off across the curve. Canada managed to outperform on the downtrade.
U.S.: There were no economic data releases in the U.S. today. However, tomorrow the calendar becomes quite busy, with a handful of 2nd tier releases on the docket. PPI for November will be released, and the market is looking for a move higher during the month. In addition, the widely followed industrial production and capacity utilization reports for November will be released, and market consensus currently expects a monthly improvement in both reports. Lastly, the NAHB housing market index will be released tomorrow, and to the degree that this report is often overlooked by the market there shouldn’t be too much of a reaction. Having saidthat though, the strength in the existing home sales market as of late should give way to positive momentum in the new residential sector, which should feed through to builders’ sentiment.
There are no Fed speakers on the docket for tomorrow as they are currently operating in ‘blackout mode’ ahead of Wednesday’s FOMC interest rate decision.
CA: The data calendar in Canada was very light today, with only one 2ndtier release worth noting. In Q3, Canadian capacity utilization declined to 67.5% from 67.7% in Q2, articulating the large degree of slack currently in the economy, and quite a bit lower than the 85.0% pre-crunch level.
Tomorrow, the November leading indicators report should show another monthly improvement, rising by 0.8% M/M. Additionally, new motor vehicle sales for October will be released, and the market is looking for a 3.0% M/M advance.
There are no speakers scheduled from the Bank of Canada tomorrow, though Bank of Canada Governor Mark Carney will be speaking in Toronto on Wednesday.

HOUSE BUYING COSTS

2009-09-01T09:27:00.002-04:00

Mortgage costs

Most banks no longer charge a fee to set up a mortgage or do a mortgage-related appraisal, but it is worthwhile to verify this when you are shopping for your mortgage.

If you are borrowing more than 80% of the purchase price of the home, you will need to obtain mortgage insurance from the Canada Mortgage and Housing Corporation. The CMHC's scale is as follows:

80–85% of purchase price: 1.75% of mortgage, plus PST
85–90%: 2% plus PST
90–95%: 2.75% plus PST
over 95%: 3.1% plus PST
Mortgage insurance also applies to extended-amortization mortgages (over 25 years). For every extra five years of the amortization period, the premium is increased by 0.2%. The maximum amortization you can obtain is 35 years.

If you are arranging your mortgage through a mortgage broker, you may be charged a finder's fee as well; usually, the lender pays this fee to the broker, but if you are considered a high-risk mortgagee, it may apply to you as well.

Home insurance
All mortgage companies require you to carry home insurance, and if you ever have a fire or major theft, you'll be thankful for it. The cost varies widely depending on your coverage and the company you insure with; just as with car insurance, it's worth shopping around to get the best price. Some companies offer discounts if you insure both your home and car with them.

Legal costs
There are a slew of miscellaneous but necessary legal documents that a house sale generates, which can only be processed by a lawyer. However, by law the maximum a lawyer can charge you for his services is 1% of the purchase price or $1,200, plus GST and disbursement costs (more about that in a moment). The lawyer will generate the following searches and documents for you:

Title Search, which verifies that the vendor legally owns the property and can sell it;
Searches with the utilities, tax departments and building department to verify that there are no liens on the property;
Registering the title deed and mortgage;
In the case of a rural property, septic tank and potable water searches.

On top of the lawyer's fee, there are also disbursement costs, which are the miscellaneous fees of doing the search, such as office faxes, phone calls and mail costs, and other costs of doing business.

Title insurance
Title insurance is not mandatory, but most lawyers highly recommend it these days to protect you against mortgage fraud, identity theft and forgery, a growing crime especially in large urban areas. As Clapp notes, many computerized municipal records are surprisingly vulnerable to fraudulent hackers. The cost on a $450,000 home is a few hundred dollars.

HOME INSPECTORS-LIMITED BUYER PROTECTION

2009-07-29T10:08:00.005-04:00

The buyers entered into an agreement of purchase and sale conditional on a satisfactory report from a home inspector. The inspector gave the buyers a card that said, "Written reports performed to ASHI standards." He also presented the buyers with an authorization form, which they signed, stating that the report would be based on a visual inspection of the accessible features of the building. The inspector's report identified several problems, including electrical system problems, but noted that the concealed electrical components were not inspected.
The buyers bought the house, but major electrical problems were later found by a contractor they hired to do renovations. The buyers attempted to sue the inspector, alleging that he breached the standards required for a home inspection because he didn't complete the inspection in a competent manner and in accordance with standards set by the American Society of Home Inspectors (ASHI). The buyers incorrectly believed the inspector was a member of ASHI.The court does not stipulate whether ths inspector did perform to the ASHI standards as his card stated.(The court decision seems to indicate that he did.)

The buyers lost because the court decided that the usual home inspection was general in nature and done by visual inspection. The home inspector did report problems that he could identify visually and could not be held responsible for a problem that was not noticeable by visual inspection. Furthermore, the court found that the inspector did not misrepresent himself to the buyers because his card did not state he was an ASHI member.

If your buyer clients submit an offer conditional on a home inspection, you should advise them to:

1) Carefully read the home inspection contract
2) Ask questions about what the final report will and will not include ie.what are the limitations in terms of what an inspector will look at.(the furnace heat exchanger,pools and septic systems are other areas that may not covered by a general inspection.)
3) Find out what the inspector's qualifications are
4) Find out what standards will be followed. 5)Ask what recourse is provided if there is an error in the inspection.(Sometimes the contract states the inspector will refund up to the amount paid for the inspection.)

Home inspectors in Ontario:

Not licensed or controlled by a specific statutory law relating to home inspection.
The 1995 Ontario Home Inspectors Act allows home inspectors to be self-regulated and to set ethics and education standards.
Two organizations in Ontario: Ontario Association of Home Inspectors (OAHI) and Provincial Association of Certified Home Inspectors (PACHI) offer membership subject to professional and educational requirements. Members of OAHI may use the Registered Home Inspector, or "RHI", designation; members of PACHI may use the Certified Home Inspector or "CHI" designation.
Both OAHI and PACHI offer information to assist REALTORS® when buyers request a home inspection as a condition of sale.
The following websites offer more information on the standards set for home inspectors:

http://www.oahi.com/
http://www.ashi.com/
www.cahi.ca/
http://www.pachi.ca/

BOTTOM LINE -DO NOT CONSIDER A HOME INSPECTION TO BE A WARRANTY ON THE CURRENT AND/OR FUTURE CONDITION OF THE PROPERTY.

"CAVEAT EMPTOR" (LET THE BUYER BEWARE)IS STILL PART OF ANY REAL ESTATE TRANSACTION.

RETIREMENT PLANNING

2009-06-29T16:15:00.002-04:00

Planning for retirement is one of the most important actions that you can take to secure a comfortable future for your family.

For most Canadians, retirement is a major financial goal that requires considerable financial commitment. 49% of Canadians hope to retire before the age of 60. (Statistics Canada, Summer 1997 Perspectives and Labour Force Survey). Whether you have already established a Retirement Savings Plan or are just beginning, it is never too late to begin saving.
There are many questions surrounding how to plan for retirement. We have compiled some key information and planning tools to help you start saving successfully for your retirement:

What should I do first?

Retirement Planning is a primary financial goal for most Canadians. Whether you have a savings program in place, or are interested in one now, visit our RSP Contribution Calculator. Use this tool to determine how much will be available for your retirement.
To go a step further in planning for retirement, Your Retirement Strategy is a personalized, easy-to-read retirement plan. Simply complete the short questionnaire and we will advise you of the savings amount required to meet your retirement goal.

What next?

Remember these three "s" words. Save now, Start now and Stay invested. Begin by investing what you can and try to increase this amount every few months. Remember, small amounts can accumulate significantly over time. No matter when you start investing, the key is to stay invested as long as you can. The longer you hold your investments, the more they will benefit from compound growth.

What is diversification?

Diversification is the financial equivalent of not putting all your eggs in one basket. You spread your risk by investing in several different investments, therefore reducing the impact of one poor performer in your portfolio.
Act now. There's an RSP investment that is just right for your retirement goals.

LET THE EXPERTS HELP YOU

2009-05-25T15:13:00.002-04:00

Buying or selling a home is a big business transaction. That's why it's so important to select, in advance, an experienced team of experts and professionals you can trust.
These skilled and knowledgeable individuals can vary, but usually include the services of a REALTOR®, a lender, a lawyer, a home inspector and an insurance agent.

REALTOR®: In Ontario, a REALTOR® is a licensed real estate professional who is a member of a local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA). This individual has successfully completed an intensive course of study and has skills, knowledge and experience that most buyers and sellers don't have. He or she must adhere to provincial law and abide by a National Code of Ethics, ensuring you a high level of service, honesty and integrity.
The REALTOR® you select should be someone that knows the neighborhood you live in or want to live in and who can provide you with sound, effective advice. A REALTOR® also acts as a mediator during the real estate transaction and can advice you on when to bring in the other experts or professionals.

Lender: Few people buy a home for cash. Most home buyers usually combine savings with money borrowed through a financial arrangement called a mortgage. Before looking for a lender, ask your REALTOR® to explain the many mortgage options available today.
When deciding which financial institution or lender to deal with, start with your own bank, credit union or trust company. They already know who you are. Then shop around and compare what different lenders have to offer. You should begin your search for a lender when you start your search for a home.

Lawyer: Whether you are buying or selling, a lawyer will represent your interests. It's a good idea to have one on stand by from the start. Documents such as the agreement for purchase and sale are complex and should be reviewed by an experienced lawyer. It's also a good idea to have a lawyer review an offer to purchase before signing anything.
When an agreement is reached, your lawyer will ensure you receive valid title to the property and that it is clear of any registered claims. He or she will also calculate any taxes and adjustments that will compensate the seller for money already paid on services and other matters related to the property.

Home Inspector: As a buyer, you can avoid expensive surprises by bringing in a home inspector as a condition of your offer to purchase. The older the home, the more likely there will be problems. Being aware of any structural defects, will help you decide whether to buy the property at all, or negotiate a lower price to compensate for anticipated major repairs.

Insurance Agent: Creditors and mortgage lenders, almost without exception, require insurance on the home you buy. This insurance must be in place before any purchase can be finalized. Although you may be able to negotiate a better rate using the same insurance company you have other policies with, it still pays to shop around.

WHATS NEW IN ROOFING

2009-04-27T15:27:00.002-04:00

We've come a long way from the thatched roofs that many of our ancestors used to cover the shelters they called home. Traditional and new roofing materials are better than ever and available in many varieties and price ranges. Regardless of the material used, a new roof will add curb appeal to a home and increase its resale value.
When buying a home, one important feature to consider is the condition of the roof. Generally, if the roof is more than 15 years old, chances are you'll have to replace it soon. This cost should be factored into the purchase price of a home.
Whether you are purchasing a home or concerned about the condition of the roof on your existing home, spring is by far the best time to do an inspection. This is when winter damage is fresh and the dryer weather ahead will provide the conditions needed to replace, patch or re-roof.
Depending on the roofing materials used, look for obvious damage - cracked tiles, missing shingles, warped or gapping wood shakes. With asphalt roofs, look for thin, weather-worn shingles. On a warm day, gently bend a few shingles back. If they're not flexible, or if they crumble, consider re-roofing.
Before re-roofing with asphalt shingles, lift a few shingles that are located away from the edge to see if there's another layer of shingles below. If there is, you'll need to have all the layers of old shingles removed before re-roofing. However, if the roofing material is less than 15 years old and there are only a few bad spots, you may only have to patch these up. Asphalt shingle repair is simple and inexpensive. This is a job you may want to do yourself.
Roofs can be deceiving. Sometimes you can't spot the damage from the outside. If you suspect a problem, inspect the roof from the attic or crawl space. Check for dampness and dark water stains.
What's up in roofing materialsWhen it comes to roofing materials, asphalt shingles still offer the greatest versatility and continue to be popular among homeowners. Available in a vast array of colours and textures, asphalt shingles can conform to any roof shape. Compared to some roofing materials, they are inexpensive, easy to install and repair.
As a roofing material, wood shingles and shakes are less popular these days. While many homeowners prefer the bold, traditional, sculptured look wood shingles and shakes give a home, concerns have been raised about how well they can resist fire.
Also popular, especially in warmer climates, are both cement and clay tile which comes in a variety of colours, shapes and textures. However, these can be both expensive and heavy and not the best choice for many homes.
Some companies now offer high-tech alternatives to traditional roofing materials. These combine versatility, light weight and durability with high fire, weather, insect and mold resistance properties.
Lightweight aluminum roof shakes, for example, also help lower energy costs by keeping your home warm in winter and cool in summer. Other high-tech roofs use fibre-reinforced cement that weighs about the same as wood or premium shingles and comes in slate, shingle or wood shake forms.
Some use earth stone granules and acrylic resins bonded to aluminum or galvanized steel bases to capture the pleasing look of tiles or the rich textures and strong lines of wood shingles.
These new roofing materials often come in a variety of colours, shapes, textures and sizes. They are generally more expensive than traditional asphalt shingles. But, in most cases, the extra cost is well worth it. Some are backed by a 50 year guarantee. Most will look as good 20 years and more from now as the day they were installed.
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MAKE YOUR HOME MORE SALEABLE

2009-03-26T10:18:00.001-04:00

Does your home need a tune up?

Just like you take a car for regular tune ups to ensure it continues to run smoothly, your home also needs some special attention. There's a lot more to keeping up a house than cutting the grass and clearing snow from the driveway. Ensuring your home "looks" good and is in proper working order, not only makes it more attractive and comfortable, but it can also increase the market value of the property.
Homeowners who plan to move within a few years are often reluctant to invest time and money on improvement projects that may not pay them back. But unless these improvements are very specialized, any project you choose - from fixing leaky faucets to installing new energy efficient windows - will start to pay you back in energy savings and comfort long before you sell.
The wisest improvements you can make to any home are those that keep it running smoothly and bring it up to the standards of other homes in the immediate area. And these don't need to break your budget.
Easy maintenance, repairsStart with simple repairs that don't cost a lot and you can do yourself: securing loose tiles, adjusting a door, installing a lock, repairing a leaky faucet or pipe, and so on.
It's also a good idea to locate and read your gas, electricity and water meters on a weekly or monthly basis. This will help you gain an understanding of seasonal increases and decreases in consumption and enable you to take measures to become more energy and water efficient. The savings could be substantial.
You should have your furnace inspected and serviced annually to ensure there are no problems and change or clean the filter regularly. Also, inspect the smoke and carbon dioxide detectors around your home. You want to be certain that these will work in the event of a fire or other emergency.
Bigger upgradesWhile replacing leaky faucets can drastically improve a bathroom's appearance and cut down on water usage, sometimes it takes a lot more than that to bring an old bathroom, for example, to an acceptable standard.
A bathroom tune up can pay big dividends. The first items to replace should be the fixtures -- the sink, faucets, vanity, bathtub, shower, and toilet. This is where you will add value and save money by opting for a water-efficient fixtures and energy-saving devices.
The floors, walls and accessories are not an essential part of a bathroom tune-up, but you can save time and money when you do the complete overhaul at once, rather than one piece at a time.
If the decor in your home is bothering you, don't decide right away to rip everything out. All it may take to make your home look more attractive and in better repair are small improvements such as: refacing cabinets and counter tops, changing the colour scheme, repainting, hanging new wall coverings and installing new lighting.
Other good major home improvements include replacing old carpets and flooring with new, more durable products; adding a garage or a carport if your home does not have one; installing central air conditioning; repairing or adding a fireplace; upgrading your basement space; replacing old windows with new energy-efficient ones; adding terraces, wooden decks and fences that add privacy; and investing in landscaping that adds value and is easy to maintain.
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CLOSING THE DEAL

2009-02-26T11:08:00.002-05:00

It's an exciting time. Your offer has been accepted. You can't wait to move into your new home. But don't start celebrating yet. There is one final stage involved in purchasing a home -- closing the deal.
Closing is the point at which ownership and usually possession of the property is transferred from the seller to you. It takes place after the parties involved agree that all legal and financial obligations have been met. Your lawyer and your REALTOR® will do much of the work, but here's a checklist that will show you what to expect as the process unfolds:
Make sure a copy of the signed Agreement of Purchase and Sale is sent to your lawyer right away. Your REALTOR® will usually do this for you. Your lawyer needs to see any conditions that exist, and the date you and the seller have agreed to close. The lawyer will ask you how you (and others involved in the purchase) want to be registered on the title to the property.
Immediately begin satisfying any of the conditions of the agreement that require your action. These have definite dates attached to them and if you miss one you may have to arrange an extension or possibly risk losing the entire deal. As each condition is met, the REALTOR® will fill out a waiver form for signatures. Note that most lawyers won't be doing many of the tasks they need to do for closing until the conditions are waived.
Upon your direction and after the conditions have been met, your lawyer will begin searching title to the property. This is an exercise of going back through government records to ensure a clear title that is transferable. Electronic registration and title insurance have significantly changed the way titles on properties are transferred.
If you decide to have the home inspected, your offer should contain a condition that the property passes inspection.
If no current land survey exists on the property, arrange for one soon. Your lender may require it, and you'll want it for your own peace of mind, anyway.
Contact your lending institution to begin the process of finalizing mortgage documents. Ask if your lawyer can draw up the documents; this will usually save money.
Your lawyer will contact the seller's lawyer with any questions or issues regarding title and costs.
Your lawyer will check with local utilities (hydro, gas, water) to ensure there are no outstanding claims and to get final meter readings on the day of closing. You should contact the utilities and telephone and cable companies well in advance to arrange for services in your name.
Meanwhile, your lawyer is busy making sure that property taxes on your new home are up-to-date, local zoning and building restrictions have been met and there are no liens on personal property, such as appliances, to be sold with your house. You want your lawyer to make sure that what you've agreed to buy is what you'll get -- nothing more or less.
Well before closing; contact your insurance agent to arrange homeowner's insurance coverage to become effective on the date of closing. Your agent can give you a "binder" letter, certifying coverage is in place. If you're moving from your current owned (rather than rented) home to another, your agent will handle the homeowner's insurance transfer for you.
Your lawyer will review and verify the draft deed, statement of adjustments and other closing information provided by the seller's lawyer, and will deal with any problems as they arise.
A day or two before closing, you'll meet with your lawyer to go over and sign the closing documents. Bring the certified cheque(s) to cover costs involved. Your lawyer will let you know the amounts in advance.
The big day arrives. You don't need to be present, usually. The lawyers for both parties exchange documents, keys and cheques and then register the deed and mortgage. Soon thereafter you'll be given the keys to your new home.

Now the celebration begins!
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CREATING CURB APPEAL

2009-02-02T16:21:00.002-05:00

They say you can't judge a book by its cover. But when it comes to houses, the exterior can be just as important as the interior if selling or buying.
When selling, it is the outside, or the home's curb appeal that often determines whether the inside is ever seen. How a house 'shows' from the street can tell a potential buyer a lot about what it may be like inside. Even if the inside is the sparkling, charming, structurally sound dream home they've been searching for, a buyer is not going to forget a cracked driveway, fallen shutters, overgrown grass and flower beds.
That's why most REALTORS® recommend a house not be seen for the first time at night. If you have no choice but to view homes at night, always be sure to drive past them during the daytime before making any final decisions.
For sellers, there are many ways to enhance the exterior of a home to achieve the curb appeal necessary to attract prospective buyers. Start by taking a close, objective look at your home from the curb. Be sure to view it from different angles. Ask friends and neighbors for their unbiased opinions. What are the appealing features? What's not so appealing? What can you do to improve its appearance?
Are the shrubs untrimmed? Are there broken doors and windows, loose screens and railings? Does the exterior trim, or entire surface, need a paint job?
The interior may be clean, without a leaky faucet, cracked floor or loose door hinge in sight. But if the exterior roof, gutter, walls, driveway, garage and yard look dirty and untidy, chances are you're not going to get a lot of potential buyers knocking at the door.
Creating curb appeal is making your home inviting from the outside -- where first impressions begin. This doesn't mean spending a great deal of money remodeling and renovating. Adding a new front verandah might add a lot of curb appeal, but so will a couple of wicker chairs and potted flowers by the front door - at a lot less cost.
Here are some more tips for making the outside of your home attractive and inviting:
Clean up the yardMow the lawn, trim the hedges, weed the flower beds, get rid of dead trees and shrubs; get rid of any broken lawn furniture; shovel the walk and driveway in winter; rake the yard in the fall.
Repair any problemsIf the roof is damaged, repair it. Also repair any doors and windows that have loose hinges or other damage; fix storm doors and window screens; caulk window exteriors; clean and repair sidings and other structural flaws.
Eliminate clutterIf you have yard and construction debris piled up along the side of the house, or elsewhere, get rid of it. The exterior of your home should be as uncluttered in appearance as the interior. This includes cleaning out the garage - a major breeder of clutter. Be ruthless. If you haven't used something in a year, give it to charity or recycle it.
Give siding a fresh new lookCleaning the exterior surface is all your home may need for a fresh new face. Before rushing to paint siding, try washing it. For painted wood siding and aluminum siding, use a solution of one cup strong detergent and one quart chlorine bleach in three gallons of water. Be sure to wear rubber gloves, goggles and other protective garments. Work from the bottom up and rinse thoroughly.
To spruce up vinyl siding, hose it down, sponge it with a mild liquid detergent and rinse.
Use paint to brighten, re-proportion exteriorA paint job can do wonders for the exterior of a home. A low house can look more graceful and tall from the curb by emphasizing its vertical features. Paint elements such as doors, shutters and corner trim in a color that contrasts with the siding material or color. On a high home, emphasize horizontal by using a contrasting paint color on window sills and fascia boards. You can also make a tall house look lower by painting it a dark color, provided that the roof is dark too. Conversely, a light color will make a home look larger.
Co-ordinate the exterior 'look'The more co-ordinated your house looks from the outside, the more appealing it will be. Co-ordinate the 'look' of your home by painting the garage, tool shed, playhouse and other outdoor structures with the same color schemes as the house. If your house is a mixture of conflicting textures - vertical siding, shingles and brick, for instance - try painting them all the same color, or in two related shades of the same color, to create a harmonious look. Dark tones work best when working with conflicting textures.
Use flower powerWell-placed flowers, trees and shrubs can really make the outside of a home look inviting. Not only does attractive landscaping invite buyers, it can increase the value of a home. Even without major landscaping, flowers can make a yard look colorful and pleasant. Plant them in garden beds, hang them from railings and porch ceilings, add flower boxes to window sills. There is no limit to the power of flowers.
At night, highlight garden features with spotlights and floodlights. Well-lit paths and entrances promote safety, discourage burglars and are an added feature to any home. A pretty wreath on the door and a welcome mat will finish things off.

MOVING ON UP ^^^^^

2009-01-12T15:26:00.002-05:00

Is it time to "move up?"

Chances are when you bought your first home you were thinking of it as a "starter home" and dreamed of owning a larger and better home one day.
With today's mortgage rates in the lowest range they've been for almost 30 years, you might be pleasantly surprised that you can afford that "move up" house now. Using the equity you've built up in your current home, your carrying charges may not be much larger than what you've been used to paying. If you're curious to find out, ask a REALTOR® to help you calculate carrying costs on a "move up" home.
There are many reasons why you may wish to have a larger home including a growing family, the desire to have more bedrooms so the kids can have their own space. Or maybe you want a larger yard, a garage or a home with a private driveway. Whatever your reasons, moving up to a new home can be very satisfying.
It's also a smart move because the equity in your home will continue to grow and the value of a bigger and better home will be ultimately greater over time. As well, the pride of ownership in a bigger house will probably be even greater than you had when you bought your first home.
When you decide that moving up is the way to go, be sure to enlist the services of a REALTOR®. Your options can be confusing at times, but a REALTOR® can help you make the right choices.
He or she will help you determine the market value of your current home and therefore the price range you should be considering in a move up home. You'll need to determine where you want to move. Do you want to stay in the same neighbourhood or move on? There are almost as many individual choices on location as there are homes. A REALTOR® is skilled and knowledgeable in all aspects of a real estate transaction and can ensure you make a smooth move.
Moving up to meet your changing lifestyle and needs can be an exhilarating experience. Your home is probably the best investment you'll ever make so why not take advantage of current market conditions and enhance your investment today.

THE RIGHT NEIGHBOURHOOD

2008-12-08T11:02:00.002-05:00

Choosing the neighbourhood that's right for you

When buying a home, the neighbourhood you select will not only play a pivotal role in your family's life, but in the resale value of the property.
One person's ideal neighbourhood however may vary greatly from another's. But, regardless, there are some needs and wants that generally do not change. The distance from your new home to schools, churches and shopping, for example, will not only affect how you and your family settle into your new home, it will also draw or turn off a perspective buyer.
A good first step is to enlist the services of a REALTOR® who works in the area you are thinking of moving. REALTORS® are very familiar with the communities in which they work and can answer many of the questions you will develop during your search.
Check the lifestyle .A home is a part of a larger community. And some are more desirable than others. Some communities are geared more to young families, others to older adults and still others to singles or an eclectic mix of residents.
Never buy in an unfamiliar community or neighbourhood unless you have spent some time there both during the week and on weekends, day and night. Drive and walk around. Talk to store owners and people you meet on the street. Ask what they think of the neighbourhood.
If there are vacant tracts of land where you plan to buy, check with local authorities to see what the proposed land use might be. The last thing most homeowners want is the development of a mall or a high-rise office building across the road from their newly-purchased property.
Don't let particular things in a home that appeal to you override its location and potential subsequent resale value. When analyzing a potential property, ask yourself if you can imagine living -- not just in this home -- but in this neighbourhood for quite a long time.
Remember that someday you may have to sell your home to someone else and things that may not be important to you -- such as distance to schools, shopping, doctors and work -- may be important to other buyers.
Location, locationIn addition to finding the right neighbourhood, consider the immediate homes around the particular property you want to buy. Are they well maintained and worth the same or more than the home you are considering?
Is the location a quiet area or a major traffic thoroughfare? What kind of privacy does the backyard provide? Does it get the morning or afternoon sun? If there is no house behind you, who owns the property and how will it be developed?
Homes located further away from the centre of an urban area are generally cheaper. Are you prepared to invest the time and money it takes to commute and how long of a commute are you prepared to commit to? Is there public transit and good access to major highways nearby?
If you have kids in school, what kinds of schools and services are available? Will your kids have to be bused to their school? If a school is close by, will they have to cross any major intersections?
Being close to a school, on the other hand, may have some drawbacks -- few owners want the noise and disturbance of being located right next door.
Finding malls, grocery and specialty stores in urban, residential areas is rarely a problem. But in neighbourhoods further away from urban areas, you may need to drive to the nearest convenience store. And getting to the local grocery store, pharmacy and other support services may require an even longer trek.
It's great to be located near parks and recreational facilities, but few homeowners appreciate the high cast of tennis court lights beaming into their back yard. If the home you are considering backs onto such property, drive around the area and see how often the baseball diamonds, soccer fields, swimming pools and skating rinks are being used and when.
More serious concerns are having such things as gas stations, airports, railway tracks, commercial developments, major highways and cemeteries very close by.
Finally, if your heart is set on finding that one-of-a-kind 150-year old Georgian home, you're not going to find it in a newer development. If you want large bedrooms and bathrooms, narrowing your search to an older part of town where homes are generally smaller, may prove disappointing.
Before making any decisions, think of your lifestyle and how a particular location would enhance or detract from it.

2008-10-15T11:00:00.001-04:00

Education keeps REALTOR® standards high

When consumers choose a REALTOR® to help them buy or sell a property, they are placing their trust in someone who is knowledgeable and who will protect their interests. A REALTOR'S® role is to provide clients with sound, effective, timely advice and professional service.
More than ever, in today's fast-paced, high-tech world, REALTORS® are being challenged to continually improve their professional standards by keeping informed of developments and trends in real estate. Buying and selling a property today is a complex undertaking that involves large sums of money, stringent legal requirements and a tremendous depth of knowledge and experience. Along with accountability and high moral conduct, education has become a cornerstone of the real estate profession.
Real estate licensing changesRealizing the need for real estate education that emphasizes consumer protection and the development of increased skills and knowledge, a new integrated learning system for real estate licensing education was recently introduced in Ontario. The new system, spear-headed by the Ontario Real Estate Association, recognizes the need to standardize learning across all provinces and incorporates innovative techniques, new program designs and diverse delivery systems.
Already serving as a model for other provinces, Ontario's new system includes a Real Estate Encyclopedia and CD Rom (which integrate all textbooks and materials into one easy-to-use resource), course changes and a new curriculum. The system places an emphasis is on multi-media communication and hands-on learning.
Keeping standards highPublic expectations of the real estate profession today are higher than ever. Ontario's new approach to real estate licensing education and emphasis on ongoing educational development by real estate practitioners continue to uphold the profession's commitment to fair dealing and high integrity.
The individual receiving his or her real estate licence today has been through an intensive process of interactive learning, self study and examination. People are going into real estate today with ever-increasing levels of education. A recent U.S. study showed that 30 per cent of people entering the real estate profession had a college degree and 20 per cent had a graduate degree.
The purchase or sale of property is a business transaction of tremendous complexity. There are distinct advantages to having a REALTOR® who is well-educated, knowledgeable, experienced and sincere. A REALTOR® also has access to an array of services, including the Multiple Listing Service, which can provide you with instant, thorough and accurate information on properties that might interest you or issues that concern you.
If you are selling, a REALTOR® will not only fairly assess your property, but listen to you and develop a marketing plan that best meets your needs. He or she will give you tips on how to improve the marketability of your home and make a first good impression to potential buyers.
If you are buying, a REALTOR® will act as an intermediary and help you deal at arms length with potential vendors. He or she will assess what you can realistically afford, target appropriate neighborhoods, provide facts on the costs of running a home and what to look for when considering a particular property.
A REALTOR® can also provide you with a list of lenders, lawyers, mortgage brokers and other professionals whose expertise you may require to complete a real estate transaction. In addition, he or she can help you evaluate all the mortgage options available today to help you obtain financing at the most attractive prevailing rates and terms.

HOW CREDIT SCORES AFFECT YOUR INTEREST RATE

2008-09-17T10:07:00.002-04:00

Each year thousands of prospective homeowners are shocked to discover their credit history will hinder their ability to own their dream home.
The very first thing that your loan officer checks when you apply for a mortgage or any kind of credit is your credit score. You are rated in terms of the score which in most cases influences the amount you can borrow. Understanding your credit score in a better way enhances your chances to develop a higher score and thus benefit from loans at better terms and conditions.
A credit score consists of many factors: your payment history, your credit card balances, bank accounts, including savings and checking accounts, and any other form of credit including all outstanding personal loans, mortgage loans, store credit cards, etc.
Credit scores are calculated from many different forms of credit data in your credit report. Each credit reporting bureau has their own standards and formulas that they use for the purpose of calculating a consumer’s credit score. The following is a generalized classification of a credit score rating:
Excellent credit rating - No late payments, no collection notices, no bankruptcies or repossessions.
Good credit rating - May contain a late payment within the last two years.
Fair credit rating - More than one late payment. May or may not have a bankruptcy or repossession in the last two to three years.
Poor credit rating - Recent collection attempts, late payments within the last year, bankruptcies and/or repossessions within the last two to three years.
The reason why a credit score is important is that it will determine your eligibility for a loan. A low credit score may hinder approval, and it will also impact the interest rate you will have to pay for the money that you borrow.
Since individuals with less than perfect credit traditionally present more of a risk of defaulting on a loan. Lenders are able to justify charging more interest to those consumers. The extra interest the lender earns on the loan is intended to compensate the lending agency in the event the consumer defaults on the loan. Over the course of a 15 or 30 year mortgage, those extra interest points can add up to an astounding amount of money.
Your credit score is the indication of your financial health. You should do your best to avoid damaging your credit history with late or missing payments, too many outstanding loans or too many loan requests. Watching your credit score closely especially before you make any major purchases will help you avoid unwanted surprises.

The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice.

ELECTRICAL SAFETY AROUND YOUR HOME

2008-01-07T10:53:00.000-05:00

To most of us, electricity is simply flicking a switch or turning a dial to light up a room, cook supper or get instant entertainment. We take it for granted -- that is, until there’s a power failure and we have to scramble to find flashlights, candles and matches in the dark.
Making your home safe and comfortable takes a deeper understanding. Let’s start by remembering that the electricity we receive in our homes is part of a powerful, intricate system made up of power lines and generators. It generally enters our homes through power lines to a main switch at 120 to 240 volts. The main switch is clearly marked with an “on” and “off” position and controls all the power in the house.
All lighting or general use circuits in a home are protected by either “circuit breakers” in newer homes or fuses in older ones. You should always disconnect the power by moving the main switch to the “off” position when changing fuses or doing electrical work around the house. Never open the door of the main switch -- if you sense something is wrong, call your electricity supplier.
The panel box or fuse box from the main switch is the one that splits the power into circuits that go into all the rooms in your home. If you overload a circuit, say by plugging too many things in, the fuse may blow or the circuit breaker may trip, stopping the flow of power to that particular area.
In the basement If you’re looking for the breaker panels or fuse boxes in a home, you’ll usually find them in the basement. They require little if any maintenance. Fuse boxes require the right type and size of fuses. Overloading circuits could cause power loss, or even lead to a fire.
If you detect rust in the fuse box, or if a fuse repeatedly blows for no apparent reason, if there is overheating, discoloration of fuses or flickering lights, contact an electrician to solve the problem.
Fuse changing
Use a flashlight if the area where the fuse box is located is dark.
Never change a fuse while standing on a wet floor.
Unplug appliances on the overloaded circuit and turn off the main switch.
Install the proper size fuse--most lighting and general use circuits are fused at 15 amps.
Keep the fuse box or breaker panel cover closed to protect children and prevent dirt from accumulating.
Look after your cords
Pull the plug when removing from electrical outlet. Pulling on the cord will wear it out and may create a shock hazard.
Keep cords away from heat and water, which can damage the insulation and create a shock hazard.
Never run electrical cords under rugs, through doorways or anywhere subject to excessive wear. This may lead to a fire hazard.
Never break off the third prong on a plug so it can fit into a two-prong outlet. This will create a shock hazard.
Regularly inspect all cords and plugs. To avoid fire, short circuits or shocks, discard all cords and plugs that are worn or damaged.
Plugging several cords into an outlet, or using an extension cord as permanent wiring, indicates that your home wiring is outdated for your needs and that you should have more outlets wired in.
Prevent pets from chewing electric cords by rubbing the cords with a bar of strong laundry soap.
Use electrical appliances carefully
Before buying, make sure it has a certification mark or seal ensuring electrical safety when the appliance is used properly.
Follow all the manufacturers instructions.
Never use any electric appliances around water. Even if your hands are wet, or you're standing on a wet floor, you cold get a shock or other injury. For example, be careful when using hair blowers and radios in the bath area.
Don't pry toast from a plugged-in toaster with a knife or a fork. If you want to avoid a shock, unplug the toaster first.
Never touch plugged-in appliances when your hands are wet. Always unplug them before cleaning.
If an appliance sparks, overheats or stalls, pull the plug and have it checked by a service person.
Other safety tips
Never touch power lines yourself or with any equipment. Take extra care when working near them. Before doing any digging, call your local hydro company to locate underground power lines. Cutting through one is dangerous and could black out an entire area.
When planting trees around your home, make sure they won't grow up into power lines. Don't attempt to prune or fell any trees near power lines yourself. Call your local hydro company. A tree falling into a power line can be very dangerous.
Power tools should have a three-prong plug or double insulation. Keep them in good condition and never use power tools on wet grass or other wet surfaces. If you need an extension cord, use a proper, three-prong, grounded cord.