Maya Garg
Broker

Royal LePage Signature Realty, Brokerage
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Search By Category:  Home buying tips
WHAT TYPE OF NEW HOME ARE YOU QUALIFIED TO BUY?
Posted on Thu, 07 Jun 2018, 04:05:00 PM  in Home buying tips,  My services,  Home Decor-Home Staging
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PROPERTY TYPE

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

 

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A Home Inspection Can Protect Your Investment
Posted on Mon, 13 Feb 2017, 05:30:00 PM  in Home buying tips,  Home Inspections,  Real Estate Home Tips

home inspection

 

A Home Inspection Can Protect Your Investment

Home inspections are commonly used to help buyers assess the condition of a house before purchase. However, they can also be very beneficial for homeowners – even if they are not intending to sell in the short term. Getting an informed professional opinion about the state of a home can be invaluable in determining priorities for future renovations or ongoing maintenance decisions. The report will give you an objective opinion on the status of the critical elements of the construction and operation of the house, such as its foundation, structure, roofing and drainage, as well as its HVAC, plumbing and electrical systems.

 

This thorough checklist can also be used to request and compare contractor quotations when it’s time to act on the inspector’s recommendations. Furthermore, it can provide a basis for discussing the current and potential market value

 

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An Additional Property May Be More Affordable than You Think
Posted on Mon, 13 Feb 2017, 05:15:00 PM  in Home buying tips,  Creating Wealth from Home Equity
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property investment

 

An Additional Property May Be More Affordable than You Think

 

Generally speaking, most homeowners give little consideration to the purchase of a second property, often citing economic limitations for either a down payment or for carrying an extra mortgage. But sometimes an open-minded approach to the idea can create true opportunities.

For example, your current property may have enough equity to enable you to secure an additional loan. You may also discover that specific real estate investments have the potential to generate dependable income. It takes homework, but properties in areas where rental units are in demand can generate steady cash flow, that can contribute to their monthly upkeep.

Another option might be owning your own cottage, chalet or resort condo. Rather than taking an expensive family trip this year, imagine using that money towards a vacation property, which can be rented out on long weekends or during the peak season.

 

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Making an Offer in a Competitive Market
Posted on Sat, 11 Feb 2017, 01:15:00 PM  in Home buying tips,  Home Inspections
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Making an Offer in a Competitive Market

Imagine finding a home you love, making an offer, and then finding out there are other competing offers on the table. Ouch.

If you’re looking for a property in a competitive market, it is likely that there will be multiple offers. Even just one can create the risk that you’ll lose the home. So how do you make sure your offer is enticing enough to win over the seller? Here are some ideas:

• Don’t make a low-ball offer. If you do, it might be dismissed and you probably won’t get another chance to bid — especially if the other competing offers are near the listing price.

• Have a pre-arranged mortgage and include that with your offer. This reassures the seller there won’t be any money issues. (Most lenders will provide you with a pre-arranged mortgage certificate for this purpose.)

• Go in with a price high enough that the seller will be interested, but not so high as to be leaving money on the table. This is tricky and requires a savvy knowledge of the current market.

• Have a REALTOR® present the offer on your behalf. A REALTOR® will know how to do so professionally, and in a manner that gives you the best chance of getting the home.

In a competitive situation, working with a REALTOR® who is an expert on the local market — and a skilled negotiator — is crucial.

Looking for a REALTOR® like that? Call today.

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Are you ready to move up to a better home
Posted on Wed, 02 Nov 2016, 03:05:00 PM  in Home buying tips,  My services,  Real Estate Home Tips
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Are You Ready to Buy Up?

 

No matter how much you love your current property, you may be dreaming

of the day you can buy up into a better home in a better neighbourhood.

Is that day today, or, is it a few years down the road?

Here’s a quick way to make that assessment.

First, make a list of all the practical reasons why it might be time to move

up. Those reasons might include features such as: more bedrooms,

proximity to work and school, a larger backyard with trees, nearby parks and

walking paths and better access to things you enjoy like theatre.

Next, make a list of the emotional reasons for making such a move. Those

reasons might include memorable get-togethers with friends on a more

spacious deck, an easier and less stressful commute to work, more family

time with the kids and enjoyable Saturday golf at a nearby course.

Finally, take a financial snapshot to determine if you can afford to move up.

You’ll need to get a good idea of what your current property will sell for in

today’s market, average price of homes in your desired neighbourhood, and

how much mortgage you’ll need.

Once you have all that down on paper, you’ll have a clear picture of your

readiness. If the practical and emotional reasons for buying up are

compelling, and you can afford to make the move, then you have your

answer.

The time is now!

By the way, if you need help in making this determination – especially

figuring out what your home will likely sell for, call today.

 

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Three ways to viewing a home before you make decision to Buy
Posted on Tue, 02 Aug 2016, 06:05:00 PM  in Home buying tips
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How Much Time Should You Spend Viewing Homes?

 

 

Figuring out how much time you should spend viewing properties for sale is a little like asking, “How long should I spend trying on shoes?” The answer seems obvious: As long as it takes to make a decision!

Buying a home is significantly more complex than purchasing shoes – and the stakes are higher too! You need to make sure you have all the information necessary to confidently make the best decision.

There are basically three stages to viewing a property:

1. Macro

2. Micro

3. Professional

When you view a home on a macro basis, you’re looking at it from an overall perspective. For example, you may do a general walk-through to get a first impression and determine if the property has the basic features you need, such as the number of bedrooms and the size of the backyard.

Macro viewing is often the fastest stage in the viewing process and can sometimes take just a few minutes. If you like what you see, then it’s onto the micro stage. At this stage you take a closer look at the details of the property. You might, for example, spend extra time in the master bedroom imagining how your furniture would look and fit.

The micro stage takes longer simply because the home is now on your shortlist. You’re interested and are considering making an offer.

Finally, the professional stage involves getting a qualified home inspector to go over the property with a fine tooth comb. That typically occurs after you’ve made an offer. As your REALTOR®, I will guide you through a viewing so you’ll know what to look for and can make a smart, informed decision. Call today.

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Why we recommend a home inspection when purchasing a home
Posted on Tue, 05 Jan 2016, 08:35:00 PM  in Home buying tips,  Home Inspections,  Real Estate Home Tips
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What Home Inspectors See that You Can’t

When you make an offer on a home, it’s a smart idea to have a professional home inspector check it out from top to bottom. This inspection will ensure that the property doesn’t have any unexpected “issues”. After all, you don’t want to buy a home only to discover that the roof needs to be replaced, immediately, for thousands of dollars.

That being said, you might question whether you really need to invest the few hundred dollars it costs for a professional home inspection. “The home we want to buy looks like it’s in very good shape,” you might be thinking. “I can’t see anything wrong with it.”

However, a professional home inspector can see things you can’t. When you view a property that’s on the market, you might be able to notice obvious issues, like a crack in the foundation or a dripping faucet. If you’re experienced with home maintenance, you might even notice roofing tiles that look like they’re overdue for replacement.

But you won’t pick up all the issues a home inspector can.

A home inspector will, for example, use a special device to check for moisture build-up in the washrooms – which can be an indication of mould. He or she will also inspect wiring to make sure everything is safe and compliant with the building code.

That’s not all.

Like a determined detective, a home inspector will investigate the property’s structure, electrical and plumbing systems, insulation, and other components — and then report the findings to you.

In the end, a professional home inspection gives you peace-of-mind and protects your investment. So getting one is highly recommended — even for recently built homes.

A good REALTOR® can recommend a trusted home inspector for you.

Looking for more ideas on making smart decisions when buying a home? Call today.

 

 

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When considering buying a home, ask about recent renovations and who did them..More Tips Here
Posted on Wed, 16 Sep 2015, 05:45:39 PM  in Home buying tips,  Home Inspections
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Discovering that a home you like has “issues”

Say you’re viewing a home and are impressed with how it looks. The walls are freshly painted. Everything seems bright and new. You’re considering making an offer.

Then, while standing on a mat in the kitchen, you hear a squeak below your feet. You lift the mat and see that some tiles are broken. Obviously the mat was there to, literally, cover up that defect.

A few broken tiles are not a big deal. But now you’re thinking, “What else might be wrong with this house?”

There’s no reason to worry that every home will have maintenance issues hidden from view. However, it’s smart to do your due diligence to ensure the home you’re considering is truly as good as it looks.

One way is to have a professional home inspector check out the property as a condition of your purchase offer. He or she will inspect the home from top to bottom, inside and out, and point out any issues you should address.

It’s also smart to ask questions. Find out the age of certain features, such as the roof, furnace, and appliances. Ask about any recent renovations, and determine whether they were done by a professional or by the homeowner.

Most importantly, work with a good REALTOR® who can provide you with information on the property that you would have difficulty getting on your own. Your REALTOR® has a stake in making sure you buy a home with your eyes wide open — knowing all the potential maintenance issues you’re likely to encounter.

Want to talk to a good REALTOR®? Call today.

 

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The Importance of Walking the Neighbourhood Before you Buy..
Posted on Tue, 16 Jun 2015, 02:22:34 PM  in Home buying tips,  FOR SALE IN CHURCHILL MEADOWS MISSISSAUGA
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Will the neighbourhood go up in value?

When you purchase a home, you’re hoping it will continually go up in value

— just like a good investment.

However, there’s something else that you want to see go up in value as

well: the neighbourhood. In fact, the neighbourhood plays a key role in whatthe home will be worth in years to come. If the neighbourhood goes down in terms of desirability, so will the market value of the home.

That’s why, when shopping for a new home, it’s important to get a feel for the value of the neighbourhood, and whether or not it’s on the upswing.

How do you do that? One way is to simply take a walk. Look at the properties. Are they well maintained? Is the landscaping groomed an attractive? Those are signs of “pride of ownership” — a clear indication that owners value their homes and the neighbourhood.

Another way is to do some research. Has crime gone up in the neighbourhood? Are there improvements planned, such as new parks? Is the neighbourhood attracting the kind of people you want as neighbours?

How does the neighbourhood school rank?

Some of this information may be difficult to get on your own. A good REALTOR® can help you. Call today

 

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THE IMPORTANCE OF READING AND UNDERSTANDING AN OFFER
Posted on Tue, 19 Aug 2014, 04:00:12 PM  in Home buying tips
The importance of reading and understanding an offer When you make or receive an offer to buy a property, it's important that you read and understand every clause. It is especially important to understand any conditions or any changes that are made to the standard offer. An offer may contain several types of conditions. The most common are "conditional upon arranging financing" and "conditional upon passing a professional home inspection." However, there may be other conditions as well. You should be aware of – and fully understand – all of them. In addition, the wording of an offer may change during the back and forth negotiations that often happen. Aside from changes to the price, other clauses may be added, removed or reworded as well. A good agent will always ask you to initial changes. This is done primarily to ensure you know and approve of what you're signing. A recent newspaper article tells the story of a buyer-seller legal dispute that resulted in a six-figure judgement against the seller. This was due, in part, to a lack of understanding of one of the clauses in the agreement. You don't want that to happen to you. Take the time to carefully review and understand an offer. Want to make sure everything goes smoothly with your next move? Call ME
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