What are the costs involved in buying a home?
When purchasing a home, typically there is a one-time cost as well as monthly expenses to consider. The down payment usually represents between 5 to 25% of the purchase price of the property and will be your largest one time expense. Besides your monthly mortgage payment, there are monthly expenses such as property taxes, utilities, insurance and maintenance.
At time of closing however, there may be some additional expenses as noted below.
DEPOSIT - Once an offer has been accepted a certified deposit cheque or bank draft representing 2.5-5% of the selling price of the home will be required by the listing company to be held in trust until the closing date.
LEGAL FEES – Legal fees vary according to every lawyer but most will charge a flat fee. It is a good idea to clarify what the fee includes ie: title search etc. and to get a few quotes from a few lawyers. In general, the fee will be from $600.00+.
LEGAL DISBURSEMENTS – Also charged by your lawyer for fees that could include: tax certificates, deed registration, title search and miscellaneous fees for postage, photocopies etc. Please clarify these amounts with your lawyer prior to closing.
SURVEY or TITLE INSURANCE - For financing purposes an up-to-date survey may be required, if not available to ensure the property does not contravene municipal zoning by-laws and regulations. Title Insurance is also available in situations regarding minor title problems. Depending on your situation, you need to know a new survey can cost from $750+ and title insurance from $300+.
HOME INSPECTION – An imperative decision when purchasing a home is have a home inspection done on the property by a qualified home inspector. A home inspection will provide buyers with peace of mind, as it will show if the home is structurally sound and in good repair. The cost of a home inspection is approximately $350.00+ depending on the size of the home, age and location. As your real estate representative, I can provide you with the names of reputable home inspection companies.
Though not an exhaustive list, these are some of the most common expenses you will incur when purchasing a home. We will discuss land transfer tax in another post. However, to learn the whole story and read all of the costs associated with buying a property feel free to download a free copy of my Buyer’s Guide and let me help you make the dream of home ownership a reality!
Toronto Spring Real Estate Market
Here we are in the midst of the spring real estate market, the GTA, New Toronto and Mimico are just poised for some incredible opportunities for selling houses! For the month of March, we experienced very little inventory in terms of houses for sale which is good news for those of you thinking about selling. The average days on market it took a home to sell in the New Toronto and Mimico neighbourhoods was 8!
But we know, listing your house on the market is more than just putting a “For Sale” sign on the lawn. There are many factors to consider such as marketing your property and most importantly, preparing it for sale to appeal to the widest range of buyers. In order to get as many people through the door as possible, your home has to stand out!
That’s where the expertise of an experienced real estate professional comes in. There are a myriad of items to consider when preparing your home for sale and I can help you with all of it. I can point out areas of your home that will attract buyers and help you play up other important and unique selling features. I know what buyers are looking for, I work with them every day and I can help you see your home through the eyes of a buyer providing you with a very honest viewpoint.
Taking the time to address necessary repairs, maintenance items and updates that will remove any buyer objections is also another important strategy that is often overlooked by sellers. Where to start? Please download a free seller’s guide from my website or just give me a call to schedule an appointment.
If you have any questions or comments regarding this article or real estate in general – I would love to hear from you. It’s my intention to continue building lifelong relationships one client at a time and remain your personal real estate consultant for life. If you have someone who you care about who could use my help, be sure to contact me. Your personal referrals are the greatest compliment I can receive.
Helping You With Your Home Sale
Placing your home on the market requires objectivity and potentially significant preparation. As your chosen real estate professional, I will guide you through the preparation process to help you:
- Appreciate the impression your home will make on potential buyers
- Deine improvements that you can undertake to sell your home faster and at the best possible price
- Outline suggested interior and exterior preparations for cleaning, repair and organization
Want to know what else I can do for you? Call me today and I’ll be happy to go over some of the other ways I can help you prepare your home for sale. I always offer no obligation phone consultations to help you understand how I work, what is involved in selling your home and getting to know you to understand your situation to see if we would be a good fit.
My Spring Cleaning Tips without using Chemicals!
Let Spring Cleaning Come Naturally
Did you know that your home can sparkle this spring without using any chemicals? Choose from a wide array of eco friendly cleaners on the market or simply make your own with household ingredients such as vinegar, baking soda, and lemon juice. Here are a few tips to help you become a natural when it comes to spring cleaning:
The Bathroom Want to bring out a natural shine to your sinks, toilets, and tubs? Create a gentle scouring paste by mixing 4 tbsp baking soda with 1 tbsp water. Generously sprinkle either table salt or baking soda into the sink or tub and use the cut end of half a fresh lemon as a scrubby-pad. Rinse with hot water and your ceramics will be gleaming! Undiluted lemon juice can also be used to dissolve soap scum and hard water deposits.
The Kitchen Vinegar, a natural antibacterial, has a high acid content which makes it an effective alternative to caustic cleaners for the kitchen. Mix together 1 part water to 1 part vinegar in a new spray bottle and you have a natural solution that will clean stovetops, appliances, countertops (except marble), and floors. For troublesome stains, add a touch of baking soda to the mix.
To help remove finger marks from stainless steel appliances use a microfibre cloth or try a dab of baby oil on a clean cloth. For microwaves, put a few slices of fresh lemon in an uncovered bowl of water and cook on high for about three minutes. Grease and dirt should wipe away easily.
Windows Let the sunshine in by washing away winter’s grime. Fill a bucket with 25 per cent vinegar and 75 per cent warm water. Put on rubber gloves and soak an old cotton towel in the solution. Rub on windows, and then scrunch up some old newspaper to buff up a shine. If there are any streaks, simply finish off with a dry cloth.
Fabrics and Carpets
Have a stubborn fabric stain? Dab white vinegar onto the stain followed by a mild soap solution such as all natural dishwashing liquid and water. Rinse with a clean damp cloth and blot with a dry towel. Salt can also be used to soak up fresh carpet stains such as red wine, coffee or ink. Simply pour salt on the wet stain, let dry, and then vacuum. Natural ingredients can not only get rid of stains, they’ll help eliminate odours from fabrics too!
Tight Market Drives Double-Digit Price Growth in Toronto
April 4, 2012 — Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS system in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.
“The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” said Toronto Real Estate Board President Richard Silver.
“The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”
The average selling price in the GTA was $501,614 in March – up by 10 per cent in comparison to March 2011.
“The number of new listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
What do you think of the current toronto real estate market? Are you interested in learning more and being kept up to date on new listings as soon as they come on the market? I’d love to hear your thoughts so let me know!
Q & A – Any tips on upgrading my bathroom?
Throughout my real estate career, I am often asked a lot of questions from buyers and sellers seeking my advice. You wouldn’t believe it but, I get asked everything under the sun and sometimes not all questions are real estate related! But, I’m here to help in any way I can and I’m happy to answer any question you have for me.
I thought I would take the time to answer some of the more common questions here on my blog. Hopefully it may provide you with some insight and possibly answer a question or two of your own!
Question: I’m thinking about updating my bathroom and not sure which improvements will pay off and which will not?
Answer: Home improvements increase your home enjoyment, but they also affect your home’s value – bathroom renovations can yield a 75 to 100% return on investment at resale.
These tips will help you plan for your bathroom improvement needs with a focus on resale value:
Function – Consider the household’s bathing and personal grooming needs, including related storage and any additional comforts like heated flooring or a steam shower
Space – Contemplate altering the current layout for improved ergonomics, particularly before moving walls to enlarge the space
Fixtures – Choose durable and easy-to-clean cabinet, countertop, toilet, shower, tub and basin materials in a neutral colour and contemporary style
Flooring – Consider durable and easy-to-clean neutral-coloured options that perform well in wet, heavy traffic conditions
Plumbing – Replace older galvanized steel or lead pipes and ensure drains and vented and traps are installed
Electrical – Determine if new electrical circuits are required, like a dedicated whirlpool bath circuit and ensure outlets near water have ground fault circuit interrupters
Lighting – Balance ceiling, cabinetry and countertop lighting for the right mix of energy-efficient ambient and task lighting
Moisture Barrier – Reduce potential moisture damage with an adequately powered exhaust fan and ensure all bathroom materials are moisture and mould resistant
Water Wise – Investigate low-flow toilets, showerheads and faucets to reduce water usage by as much as 40%
Accents & Decor – Apply neutral paint and accessory colours that compliment fixtures and keep decorative items to minimum to avoid clutter
Interview at least three contractors, ensuring they are licensed. Insured and agreeable to obtaining any required permits. Depending on the style and quality of materials and installation, your bathroom improvement has a minimum life expectancy of 15 years.
Common Mistakes First Time Home Buyers Make
Watch Mark Weisleder’s Global TV Intervew as he counter many of the “experts” claims the Canadian Real Estate Market is heading for a crash.
Mark Weisleder is a Real Estate Lawyer, Author and Speaker
For more information visit www.markweisleder.com
Tight Market Pushes the Average Price above $500K
Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.
“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.
Click on the latest issue of Your Cizmar Report to read the rest of the story and to see what the market is doing in New Toronto and Mimico.
Q & A – Do you have any Spring Maintenance Tips?
Throughout my real estate career, I am often asked a lot of questions from buyers and sellers seeking my advice. You wouldn’t believe it but, I get asked everything under the sun and sometimes not all questions are real estate related! But, I’m here to help in any way I can and I’m happy to answer any question you have for me.
I thought I would take the time to answer some of the more common questions here on my blog. Hopefully it may provide you with some insight and possibly answer a question or two of your own!
Question: Now that spring is arriving I know there are certain maintenance items to take care of arround the house, but I have no idea where to start? Do you have any spring maintenance tips I could use?
Answer: Yes! Home maintenance is so important to maintain and even increase the value of your home. The best way to organize your maintenance tasks is to arrange them by season. Here are my top tips for the exterior work that you can do right now as we enter the spring season. If you are looking for more tips, please sign up for my newsletter here to receive timely information when you need it!
- Clean and store winter tools
- Turn on outdoor water pipes
- Clean dead plant material from lawns and gardens
- Clean and sharpen gardening tools
- Clean out debris from under decks and porches
- Prune overgrown trees, bushes and shrubs
- Edge flower beds and turn soil in empty beds and garden
- Add leafy materials to compost
- Add compost, manure and mulch to garden beds
- Repair or replace any damaged planters
- Rake, aerate and reseed lawn if there is thatch build-up
- Fertilize lawns and perennial beds
- Plant annuals after danger of frost has passed
- Check roof for damage or leaks, clear out gutters and downspouts
- Check siding or stucco for winter damage, repair as necessary
If you take the time to maintain your home every season (or get help to do the tasks you are unsure of) you will reap the benefits of a home well cared for. The added bonus of keeping up with regular maintenance occurs when it is time to sell your home. You will have less work to do to get your house ready for sale and a home that is well maintained has more perceived value in the eyes of many buyers. It will definately pay off for you in the long run!
Do you have a question for me? Send an e-mail to milana@mcizmar.com and let me know how I can assist you today!
Toronto Real Estate Market is a very hot market in the spring!
I wish you LUCK this Spring! Helping you, your friends, and your family buy or sell a home makes me feel lucky! I appreciate your continued support and hope this March and the rest of the year brings you health, happiness and a dose of good luck!
So far this year has been really lucky in terms of sales in Etobicoke and Toronto West. For the month of January and February we had brisk house sales with houses selling in an average of less than 14 days!
We were also really lucky to have such a mild winter. I hope it gave you a head start on your spring projects and getting your houses ready for sale. Are you ready for the spring real estate market? Believe it or not, the spring market is upon us, as the first day of spring is on Tuesday! Woo Hoo!
Traditionally the Toronto Real Estate Market is a very hot market in the spring. This is the time when the majority of home owners put their homes up for sale. With interest rates staying at all time lows, home affordability and low mortgage payments are allowing first time home buyers to get into the housing market and current home owners to sell and trade up to bigger homes or different neighbourhoods. You will start seeing open house signs popping up on street corners every Saturday and Sunday afternoon now. Don’t you want yours to be one of them?
