Maya Garg
Broker

Royal LePage Signature Realty, Brokerage
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Helpful Tips For Buyers

 

Moving Checklist

Use this handy reminder to help make your move as easy as possible.
 
 
Before you move:
 
• Notify the Post Office
 
• Email or mail change of address cards to any subscriptions you may have.
 
• Notify charge account and credit card companies.
 
• Notify banks – transfer funds including chequing accounts.
 
• Notify property insurance company and give them a lot of time.
 
• Inform service and utility companies (water, gas, electricity, fuel, telephone, cable television, internet service provider) of the date you will be leaving. Arrange for any refunds, deposits or credits.
 
• Inform new utility and service companies of the address and date to start services.Inform deliveries and home services – newspaper, diaper service, lawn care, etc. ◦ Bell Canada 416-310-2355
 
◦ Rogers Cable 1-888-764-3771
 
◦ Hydro One 1-888-664-9376
 
◦ Enbridge Consumers Gas 416-492-5100 or 1-888-492-5100
 
◦ Water 416-338-4829
 
 
• Health information – ask doctors and dentists for referrals. (Check sources as to whether it's better to transfer medical records, prescriptions, and birth records before or after moving).
 
• Transfer memberships to church and civic organizations. Ask for letters of introduction.
 
• Obtain your pet's medical records from vet. Find out about transferring licenses and records.
 
• Refer to moving company web sites for helpful packing tips.
 
 
When You Move:
 
• Leave the house keys with your lawyer.
 
• Set aside jewellery, records, important family and financial documents, precious family photos and any other items that you should personally carry with you.
 
• Arrange for transportation of pets if you are not taking them with you in the car.
 
• Movers suggest you pack sheets and towels in a dresser to avoid a frustrating search through boxes the first night in your new home.
 
• Double check rooms, closets, drawers, shelves, outdoor areas and garage to make sure you have taken everything.
 
• Pack clothing you will need for the drive, toys for the kids, books, and anything else that you want to take with you or that you do not want to go with the movers.
 
• Give your new phone number and an alternate contact number to your mover before they leave.
 
 
Day Before the Move:
 
• The packing crew usually arrives the day before the van is loaded. Be sure someone is on site to supervise the packing.
 
• Pack all valuables that you want to take with you.
 
• Make sure fragile items receive special attention. Label each carton with the contents and location in the new home.
 
• Notify a close friend or relative of your itinerary in case of an emergency.
 
 
Day of Move-Out:
 
• Check the mover’s inventory to be sure you agree with the mover’s judgment on the condition of your household goods. Take photographs in case there should be a dispute.
 
• Make sure you get a copy of the inventory.
 
• Load items you are taking with you on the trip, including luggage.
 
• Search every room before the van leaves.
 
• Check the Bill-of-Lading for completeness before you sign it. Retain a copy for your records.
 
• Record the van driver’s name and give him contact numbers at the destination.
 
• Confirm directions to the new residence with your driver.
 
• Turn off the water heater. Set the thermostat at 15 degrees.
 
 
Day of Move-In:
 
• Arrive at your new home before the movers to avoid any waiting charges in the event that you are late.
 
• Contact utility companies to verify start dates.
 
• Check appliances, furnace and hot-water heater. Contact a repair service if something is not working.
 
• Check the condition of each carton and household item, as it is unloaded. List all missing or damaged items on the inventory form.
 
• Since you will probably do some unpacking after the movers leave, make a note on the inventory form “subject to inspection for loss or concealed damage.”
 
 
In your new home:
 
• Ensure that utility services are on and in working order: telephone, gas, electricity and water.
 
• Turn on the pilot light on the stove, hot water heater, and furnace.
 
• Ensure all appliances are working (refrigerator, freezer, washer and dryer, etc.).
 
• Contact Post Office to see if they are holding any mail for you.
 
• Register your car and complete a change of address for your driver's license once you have moved in.
 
• If you have children, register them in school.
 
• Contact city/municipal offices to find out about garbage pick-up, recycling facilities and local regulations and information
 
 

Choosing Right Agent to Represent you

You want to find the right home, in the right location, at the right price - and you want to do it quickly, with minimum hassle. The best way to do that is to work with a professional realtor who understands your wants and needs, your time frame and your financial boundaries.
 
 
Why work with an agent?
 
• You'll save time. An agent can pinpoint homes that fit your needs and dismiss those that don't.
 
• You benefit from an experienced negotiator. Your agent will manage your offers and counter-offers, ensuring that you get the best possible price for your home.
 
• You'll get the right information. Your agent knows the neighbourhood and can give you accurate information on local real estate values, taxes, utility costs, services and amenities.
 
• You can always count on great advice. Because your agent is familiar with the entire home purchasing process, he or she can advise you of your legal and financial options, and recommend appraisal, home inspection and contracting services.
 
 
Choose an agent who understands your needs
 
Here are a few questions to ask to help you determine if an agent is right for you:
 
• Will you be representing my interests?
 
• Do you have access to MLS information?
 
• Will you provide market evidence to support the price?
 
• Will you look after closing and possession details?
 
• Can you be contacted at any time?
 
 
 
 
Working with an agent
 
Let your real estate agent do the searching for you. The best buys aren't in the newspaper ads; most great opportunities are on "hot sheets" that are available every morning to salespeople with access to MLS information.
 
 
An agent's job is to:
 
• Provide information on the property and the area
 
• Negotiate a price and terms that are agreeable to both buyer and seller
 
• Help arrange a source of financing
 
 
As a homebuyer, you must work with your agent to find the home that's right for you. Communication is key - tell your agent what you want, and be specific.
 
• Offer a detailed description of your property needs and wants. If you will absolutely not consider a house without a hardwood floor, say so. And if air conditioning is a "nice to have" rather than a "must have," communicate that, too.
 
• Be specific about where you want to live. If you refuse to live outside a certain area, it might take longer to find you a home, but your agent will know not to waste your time with anything not in your chosen neighbourhood.
 
• Tell your agent what you can afford. He or she can help you get a pre-approved mortgage so you know for sure what your price range will be.
 
• Communicate your likes and dislikes for each property you see. It will help your agent narrow down the possibilities.
 
• Commit to one salesperson.
 
• Respect and perform the terms of the purchase agreement.
 
• Keep an open mind. Agents know about those charming little areas that you've never even heard of. You might find your dream home in a completely unexpected place.
 
 
 
 
The elements of an offer
 
Here's a quick reference to everything you need to know about making an on offer on a property.
 
 
1. Price
 
Depends on the market and the buyers, but generally, the price offered is different from the asking price.
 
 
2. Deposit
 
Shows the buyer's good faith and will be applied against the purchase price of the home when the sale closes. Your agent can advise you on a suitable amount to offer.
 
 
3. Terms
 
Includes the total price the buyer is offering as well as the financing details. The buyer may be arranging his/her own financing or may ask to assume your existing mortgage if you have an attractive rate.
 
 
4. Conditions
 
These might include "subject to home inspection," "subject to the buyer obtaining financing," or "subject to the sale of the purchaser's property."
 
 
5. Inclusions and exclusions
 
These may include appliances and certain fixtures or decorative items, such as window coverings or light fixtures.
 
 
6. Closing or possession date
 
Generally, the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified (except in Manitoba and Quebec).
 
 
 
Qualifying for a mortgage
 
Your Royal LePage agent can arrange to have you pre-qualified for a mortgage before you start shopping for a home. It's easy, and you'll avoid possible disappointments down the road if you fall in love with a place, then find out you can't afford it. Plus, once you do find the perfect home, it will mean you can make an offer immediately.
 
 
Here's how mortgage approval works: the amount of money you qualify for, plus the amount of cash you can put down equals the amount you can afford to spend on a home. Most lending institutions won't allow more than about 30% of your income to support a mortgage. If you have other debts, they usually won't allow your debts and your mortgage to exceed 40% of your income.
 
 
Finalizing your mortgage
 
Once you've found the home you want to buy, you'll need to finalize your financing. You'll need to provide your lender with the following documents:
 
 
1. A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see the architect's or builder's plans and details on lot size and location.
 
2. A copy of the offer to purchase or the building contract, if this document has been prepared.
 
3. Documents to confirm employment, income and source of pre-approval.
 
4. If you have a pre-approved mortgage, it's a simple matter of finalizing a few details with your mortgage specialist.
 
 
 
Choosing a neighbourhood
 
You're not just buying a home - you're buying a location. And even the most perfect house won't feel right if you're in the wrong neighbourhood. Educate yourself about the area so you'll choose wisely - and end up being happy with your decision.
 
• Are you close to shopping and recreation? Being close to stores, parks, recreational facilities, a post office and dry cleaners will save you time.
 
• Do people in the area take care of their homes? Explore the neighbourhood, keeping an eye out for signs of neglect (overgrown lawns, houses in need of paint, trash and junked appliances littering yards). A run-down neighbourhood can drive down your property value.
 
• Are there schools nearby? If you have children, the proximity and quality of schools is key. Some schools will provide data (i.e. average test scores) that can determine quality. Talking to neighbours with children can be helpful, too.
 
• Is there good access to transportation? Living near public transport and/or major highways can mean an easier commute to work.
 
• Is it safe? Check with the local police department - they may be able to provide statistics about break-ins or other crimes.
 
• Will the home increase in value over time? Homes in some neighbourhoods appreciate faster than others. Research the selling prices of homes in over the past decade or so to predict future trends. Your agent may be able to provide helpful data.
 
• Is it quiet? Listen for traffic noise, barking dogs, airplanes and any other noises that might bother you. Return to the neighbourhood at different times of the day to get an accurate impression.
 
 
 
 
Protect yourself with a home inspection
 
That gorgeous house on the corner lot may look great, but it could be hiding all sorts of expensive, annoying problems, from a leaky roof to faulty wiring to a mouldy basement.
 
 
Make sure your home is solid and secure inside and out before you buy it. A home inspector will determine structural and mechanical soundness, identify problem areas, provide cost estimates for any work required, and generate a report. It's a great way to avoid headaches and costly problems that can turn a dream home into a money pit.
 
 
If you decide to go ahead and buy a home with issues that have been flagged by your inspector, you can base your offer on how much potential repairs and upgrades may cost.
 
 
Home inspection costs range according to size, age and location of the home. Your Royal LePage sales representative can recommend a reputable home inspection service or arrange for an inspector to visit your property.
 
 
 
 
 

Home in Peel Affordable Ownership Program – Up to $10 000 in Government Assistance!

First Time Home Buyers living in Peel may be eligible to receive government assistance up to $10 000 for a down payment.
 
Take advantage of this new program to acquire new customer relationships and make home buying more accessible for your potential first time home buyers.
 
Details
 
The Ontario Government has designed an Affordable Home Ownership Program to help provide low-to-moderate income residents who are currently renting the opportunity to qualify for down-payment load assistance when they buy a home in Peel Region (which covers Brampton, Caledon and Mississauga)
 
This program will assist eligible applicants who have a total annual income of $75,800 or less and a purchase price that does not exceed $247,000.
 
Qualifying applicants can receive up to a maximum of $10,000 in assistance.
 
Who Qualifies for this Government Assistance Home Ownership Program?
 
o
 
Applicants must be 18 years of age or older
 
o
 
Applicants must not own or have an interest in another residential property
 
o
 
The home must be the sole and principal residence of the purchaser
 
o
 
The applicant must currently be renting and looking to buy a sole and principal residence
 
o
 
The applicant must have a total household income not exceeding $75,800
 
o
 
The applicant must be able to obtain a mortgage and demonstrate sustainability
 
o
 
Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage
 
o
 
The applicant must be able to pay all additional closing costs
 
o
 
The applicant must supply all necessary documentation to the Region of Peel
 
Eligible Properties
 
Properties not eligible
 
Resale detached homes
 
Duplex
 
Semi-detached
 
Triplex or
 
Row homes
 
Mobile homes
 
Town (condo or freehold) stacked homes
 
New Homes (Due to unpredictability of closing dates,)
 
High-rise condo units
 
Terms of the Loan
 
The down payment loan is for a 20-year period and no interest is charged if:
 
o
 
The home remains the sole and principal residence of the owner.
 
o
 
The home cannot be rented, leased or sold in the 20-year period.
 
o
 
On the 20th anniversary date of the agreement, the loan is automatically forgiven provided there has been no default.
 
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Repayment of the loan is required when:
 
o
 
The home ceases to become the sole and principal residence of the owner.
 
o
 
The home is sold before the 20-year affordability period.
 
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If the home is sold before the 20-year affordability period, and there is a value increase, the down payment loan must be repaid plus five per cent (5%) of the capital gain (appreciation). .
 
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If the home is sold for less than the original purchase price, the owner does not pay appreciation and the principal is forgiven (the sale must be at fair market value and must be an arm’s length transaction)
 
Participants on a first-come, first-serve basis.
 
Applications and further program information can be obtained at www.peelregion.ca/homeinpeel, by calling 905-453-1300 or via e-mail at homeinpeel@peelregion.ca.
 
Any Questions?
 
Please contact Maya Garg if you have any questions.
 

Bi-weekly and weekly payments

Most mortgages have the option to allow payments to be made on a weekly or bi-weekly basis. This option may be desirable for two reasons. The first is it can save you money as you can expect to pay off your mortgage about 4 years sooner. This can save you dramatically over the life of your mortgage. The other reason why these options are so popular is that if your employer pays you on a weekly or bi-weekly basis, you can simplify your budgeting by making the payment line up with the way you paid.
 

Making Extra payments

Paying extra amounts on your mortgage can make a big interest saving over time. When we select a mortgage company, privilege payments options are something that we look for. A 20% privilege payment will allow you to pay off up to $20,000 per year on a $100 000 mortgage. It is important that the privilege payment also be flexible to allow you to pay smaller payments on the mortgage and as often as you wish. An extra $1000 periodically paid on a mortgage can help you become mortgage free faster.
 

Reducing the CMHC fees on your purchase

When you require a mortgage for more than 80% of the purchase price of a property, that mortgage must be insured by Canada Mortgage and Housing (CMHC) or GE Mortgage insurance. The premium charged by these company`s decreases as the down payment increases. When you finance your property at 95%, a premium of 3.75% is added to the mortgage. By increasing the down payment to 10% of the purchase price the premium can be reduced to 2.5%. If you can put down 20%, you can avoid any additional insurance fee. Depending on your situation there are ways that you can structure this financing to avoid the CMHC or GE insurance premium.
 

Advantages of Bigger Down Payments

As mentioned above, when you put a 25% down payment on your purchase you can avoid the CMHC premium. More importantly the larger the down payment, the lower the amount of interest you will pay over the life of your mortgage. It is important to note that it may not be wise to stretch yourself to increase your down payment and end up borrowing on credit cards or a line of credit at a higher rate.
 

Short Term Rates vs. Long Term Rates

The options for mortgages available can be very confusing for most mortgage shoppers. Terms for mortgages vary between variable and fixed rate, 6-month terms to 10 year terms. Taking a variable or floating rate mortgage can have savings. Typically the shorter the term or guarantee of the rate, the lower the rate will be. This does not always happen, depending on the market place and the economy, but history has shown that short-term rates tend to be lower than long-term rates. The up side of variable rate is the strong potential for interest rate savings. The down side is the fact that you are accepting the interest rate risk without a guarantee. If you are considering a variable rate mortgage you need to look at your own risk tolerance, and your cash flow available to deal with potential increased payment. Considering projections of rates and where we see interest rates heading can also be important in this decision. Make sure you talk to an expert when you are making this decision.
 
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