5 Disastrous Mistakes To Avoid When Buying Your First Home

Tanya LaRose 0 comments 01.12.2021

1. Unrealistic Expectations – Securing your first home and your dream home in one shot is nearly impossible. In fact, very few First-Time Home Buyer’s fall in love with their property at the beginning. Sometimes they have very old finishes, shingles that need replacing, or some other item(s) that need updating. Be prepared to be underwhelmed but remember that most homeowners level up every five years or so and get closer to a home that has everything on their Wish List!
2. Shopping Mortgage Brokers – While it is recommended that you review your options for lending institutions, as well as interviewing the mortgage associate directly, it is not recommended that you complete a full mortgage application process with each one. Each time you complete a mortgage application, your credit will be pulled therefore damaging it more with each additional application.
3. Using Numerous REALTORS® – You will end up exhausted, confused, and there will be a lot of wasted time. The importance of using one professional is that there is one strategy that is being utilized to bring your real estate dreams to reality. You have full confidence in that professional and they understand your objectives clearly. You may even run into one of the other REALTORS® you were using during negotiations, so you lose your negotiating leverage.
4. Furniture Shopping Before Possession – Picture this… you bought your dream home! Your possession date is in one month, so you decide to go furniture shopping and complete a full charge at your favourite furniture store. New couches, new bedroom set, table and chairs, your new home will look stellar. A week later, your possession date rolls around but it is not completed because your debt ratio is no longer approved by your mortgage lender.
5. Viewing Homes Before Your Mortgage Qualification – You are wasting your time, your REALTORS® time, the sellers time, and the selling REALTORS® It is like going to a golf tournament with no clubs, it makes no sense and is an act in futility. You are also setting yourself up for disappointment in the event where you fall in love with the home, but you cannot make an offer because your finances are not in order.

For more tips on how to make your first home purchase a success, contact Tanya LaRose at 306-380-7325.

Why Saskatoon? 5 Reasons Saskatoon Real Estate is an Excellent Investment – In A Nutshell. (Part 1)

Tanya LaRose 0 comments 01.09.2021

1. POST-SECONDARY – Saskatoon attracts students from all over Canada and further. From the University of Saskatchewan to the Saskatchewan Polytechnic to the Saskatchewan Indian Institute of Technologies, many post-secondary options are available which produces a high demand for student housing. Multi-unit developments, suited homes, and homes with multiple bedrooms are in constant motion in on the Saskatchewan MLS® making it easy for investors to capitalize on this demographic.
2. CURRENT ATTRACTIONS – Did you know some of the artifacts found at the Wanuskewin Heritage Park are older than the pyramids? Saskatoon truly has some gems that are unique all on their own. Search the list created by the team at Tourism Saskatoon and you will be impressed: https://www.tourismsaskatoon.com/things-to-do/
3. UPCOMING ATTRACTIONS – Between a state-of-the-art library and a $12.9 million downtown festival venue, Saskatoon is coming out of its shell in a big way. It is no surprise that Saskatoon’s average population increase has been consistent at 2% annually. Read more about some planning here: https://saskatoon.ctvnews.ca/saskatoon-city-councillors-to-mull-12-9-million-downtown-festival-site-1.5304032
4. FESTIVAL CITY – Let the good times roll as Saskatoonians thrive on festivals and celebrations that take the city by storm almost every month of the year in Saskatoon. The most concentrated number of festivals take place during the summer including RibFest, Food Truck Wars, YXE Beer Wars, Fringe Festival, Jazz Festival, Taste of Saskatchewan and so much more! Look at the list, although many are continuously added on a regular basis, and choose your favourite: https://www.todocanada.ca/festivals-in-saskatoon/
5. REAL ESTATE REBATES – The City of Saskatoon offers numerous rebates to home-owners and home builders. Many of them are incentives for continued growth, and geared toward the new development sector, however if that is an option for you as an investor, the value tied into these rebates are worth taking advantage of. The details of these programs can be viewed here: https://www.saskatoon.ca/business-development/land-development/rebate-program

 

10 Things To Do In The First Year After Buying Your Home

Tanya LaRose 0 comments 01.09.2020

1. Walk-Through – First and foremost, you will complete the walk-through on the very first day of owning your home. It is during this time that you will ensure that the home has everything you were promised during negotiation and no new damage is found on the property. You can also take this time to ask your REALTOR® any last-minute questions.
2. Change All Locks – Most homebuyers will change the locks as soon as they take possession of a home because there is no guarantee that more original keys are not in circulation. While you are at it, you can install a keyless entry for added convenience. Or you can call a security company to review other home security options such as alarms and video surveillance.
3. Update Your Information – You should have already updated the appropriate entities for heat, water, and power by the time you take possession of the home. Swing by a local insurance company and update the address on your Driver’s License, among your other major ID suppliers. Do not forget to redirect your mail too! Canada Post offers some impromptu options for that at https://www.canadapost.ca/cpc/en/personal/receiving/manage-mail/mail-forwarding.page
4. Check Electrical Outlets – Most home inspectors will check this, but if you did not get a home inspection you will want to make sure all electrical outlets are grounded. Grounded electrical outlets will prevent painful electrocution or even death if you were to somehow drop a hairdryer into your bathtub. You can either call an electrician to check this for you or you can go to your local hardware store for an Electrical Test Kit. The big box stores sell them for around $30 as shown here https://www.homedepot.ca/product/klein-tools-electrical-test-kit/1001411954.
5. Verify Air Quality – Make sure you have smoke detectors on every floor of your home and that the batteries are all functioning. You will also want to verify the presence of carbon monoxide detectors throughout and test their functionality as well. Lastly, and often overlooked, take the time to pick up a radon test. It is estimated that radon kills around 3,000 Canadians a year. Radon test kits are typically user friendly and about $50 to purchase at https://radonkit.ca/.
6. Furnace Health – If a major season change just took place, you will want to book a duct cleaning. The furnace can be serviced at this time as well. It typically costs a few hundred dollars but will substantially add to the lifespan of your furnace. Look at the furnace filter too and pick up a few of those as you will want to replace them every three months, give or take, depending on the amount of people and pets in your home.
7. Emergency Contacts – You are now in charge of an entire house so that means you need to know who to call in case of an emergency. Local plumbers, electricians, emergency restoration services, the fire department, etc. should all be in an easy-to-find location.
8. Emergency Kit – In case of natural disasters, or even just a power outage, you will want to ensure your family is safe and comfortable. Create your own emergency kit with items like the following: flashlights, fire distinguisher, portable heater, cash, water and non-perishable food. https://www.businessinsider.com/home-emergency-kit-products#:~:text=15%20items%20everyone%20should%20have%20in%20their%20at-home,roll%20of%20heavy-duty%20duct%20tape.%20More%20items...%20
9. Inspect Your Homes Exterior – Especially with the extreme seasons Canada has, the inspection could potentially save money and problems in the future. Look at the condition of the shingles, the cleanliness of the gutters, the quality of the windows, and any abnormal holes in the house. A proper inspection can save you money on heating in the winter, while proper shingles and clean gutters will prevent water damage in the spring. Take care of those pesky holes too which allow for pesky pests in the house!
10. Create A Tradition – Many people create “New Home Traditions” and it adds to the special experience of really making the house your own. Whether it is hosting a housewarming party or everyone in the family choosing a paint color for their room, the comfort level in the home increases. Often if the property is extremely old, the homeowners will also take the time to burn sage in the home, have a pastor visit to pray over the home, or have an energy clearing of the home. The first year in your new home can be overwhelming so your new home tradition something meaningful and ceremonial. For example: http://www.housewarmingblessing.com/celebrities-smudge-with-sage/

COVID-19 Safety Precautions: Home Buyers & Home Sellers Edition

Tanya LaRose 0 comments 01.05.2020

HOME BUYERS

Home Buyer Strategizing – It is more important that now
than ever to be strategic with your real estate goals and going about them any
way less is foolish. Take the right first step and begin your home buying
journey with a Home Buying Counseling session with Tanya LaRose, REALTOR®.
You will find out exactly what you are looking for, how to get it, and what to expect
along the way.   

Efficient Showing Selection – It is a very dangerous
time to be the looky loo so if you have a tendency to do this, please share it with
your REALTOR®
and they can help you remain focused. Many more media mediums are being incorporated
into listings now so you can view much of the home virtually. When you have selected
homes that require a closer look, ensure they have much of the criteria you are
looking for and therefore are genuinely attractive before you ask your REALTOR®
to schedule the showing.

Perfect Your Finances – The Bank of Canada is taking
strides to strengthen the economy by dropping mortgage rate substantially. Take
advantage of this by asking your mortgage specialist to lock in a rate so your monthly
payments are as low as possible. A mortgage rate can be locked in for up to
three months! Many lenders are also extra meticulous with each files completion
so make sure you have all of your ducks in a row when preparing with your
mortgage broker.    

Protect Yourself During Showings – Gloves, mask, and
hand sanitizer are all tools that you can use to protect yourself and others
during showings. You will also want to avoid touching anything in the home that
you do not need to during the showing. Many homeowners will leave the lights on
and interior doors open for you before they leave and close everything back down
when they return so you do not have to touch anything.

Buyer Client Waiver – The Saskatchewan REALTORS® Association
has taken the initiative to compose a COVID-19 Buyer Client Waiver to do our
part in reducing the spread of the virus. It is a short document that will make
up part of the precautions being practiced by your local real estate industry as
an essential service, in addition to our basic responsibility to humanity.

HOME SELLERS

No Open Houses – The Saskatchewan REALTORS® Association
set national precedent by banning all open houses, therefore it is not optional
to host any open houses for the public or REALTORS®.

Leased Revenue Properties – Remember that currently
the Office of Residential Tenancies (Rentalsman) is not issuing eviction notices
so if you accept an offer outlining possession of a vacant home, you are
accepting a very risky liability.

Tenants During Showings – If you do have a trusted
relationship with your tenants and you proceed with putting your property on
the market, specify with your tenant that they will need to vacate the home
during all showings. Tenants staying home during showings was always frowned
upon but is now unacceptable with the current health concerns as a potential
buyer may refuse to enter the home at all with a tenant present.

Preparing Your Home Before Showings – Before you
leave your home for a scheduled showing, be sure to leave all the lights on,
with all interior doors open, so the contact required by the potential buyer is
minimal. If possible, but not mandatory, you will also want to leave the home for
a extended time period beyond what was scheduled.

Seller Client Waiver – The Saskatchewan REALTORS® Association
has taken the initiative to compose a COVID-19 Seller Client Waiver to do our
part in reducing the spread of the virus. It is a short document that will make
up part of the precautions being practiced by your local real estate industry as
an essential service, in addition to our basic responsibility to humanity.

For more safety precautions and best practices, please contact Tanya LaRose at 306-380-7325 to further discuss details on how you can safely and successfully proceed with your 2020 real estate goals.

The First-Time Home Buyer Incentive Cheat Sheet

Tanya LaRose 0 comments 02.09.2019

All outlined details are accurate as of September 2^nd, 2019:

• Available across Canada starting September 2^nd, 2019 until March 31^st, 2024 -OR- when the 1.25 billion dollars allocated for this program has been depleted.
• “The Incentive” is a Shared Equity Mortgage Loan.
• The Government of Canada will share in the upside and downside of the property value upon repayment.
• Canadian citizens, permanent residents, and non-permanent residents may apply.
• The property must be in Canada, available for full-time occupancy, with 1-4 units.
• Applicants must have a total household income less than $120,000 to qualify.
• Your total borrowing limit is up to four times the qualifying limit ($480,000)
• Your down payment + incentive is less than 20% of the property value.
• At least one applicant must be a first-time homebuyer, defined as the following:
• Never purchased a home before
• You recently experienced a breakdown of marriage or common-law
• You have not occupied your “family home” in the last four years
• “The incentive” is a second mortgage on title. There is no principal payment, no interest, and it has a maximum term of 25 years.
• It may be switched to a different financial institution without having to repay “the incentive”.
• No prepayment penalties. Repayment can be made on the sale of the property, at the end of the 25 year term, or at any time through voluntary repayment of the full incentive amount (no partial payments).

If you have additional questions, please contact your trust mortgage expert. For assistance in procuring your home, please contact Tanya LaRose at 306-380-7325 to begin the home buying process.

3 Simple New Year’s Resolutions to Owning Your First Home In 2019

Tanya LaRose 0 comments 01.01.2019

1. Get The Right Representation – Buying your first home (or any home) without a REALTOR® is like playing Russian roulette. Make sure your agent is licensed with a reputable brokerage, has experience in the local market, is readily available to you, has good reviews from past clients, and is technology literate for proper logistics. Buyer’s representation is traditionally paid for by the seller so there is no reason to refuse the service.
2. Find The Down Payment – Whether you need to buckle down on your savings or borrow from your RRSP’s there are always options for a down payment, some just take longer than others. Speak with an experienced mortgage broker to find out your down payment options. Also remember that it is okay to ask your mortgage broker how much experience they have in the field because an inexperienced broker may not be covering all of the bases.
3. Lock In The Rate – Mortgage rates are always changing and can make a difference of hundreds of dollars on your monthly mortgage payment. When you get pre-approved for your mortgage, your broker can lock in the optimal rate for up to three months. Even if the rates go down within the three months, you can still opt for the better rate, but at least you are protected if they go up.

BUYER BEWARE: 4 Detrimental Tricks Of The Trade For First-Time Home Buyers

Tanya LaRose 0 comments 03.12.2018

1. Searching listings - Not all home search engines carry all of the available listings, many will only carry their own brokerages listings or listings that have been purchased so you may be missing out on some great options. For full access try REALTOR.ca which will give you access to all listings, but the right REALTOR® will give you access to even more homes for sale.
2. Subscriptions - You do not have to sign up to a brokers website to look at a single listing. If you know the address, go to a generic website like REALTOR.ca and search the address there.
3. Paying too much - You may be inclined to take matters in your own hands when pursuing your dream home but remember that the listing agent is representing the seller and a “For Sale By Owner” is representing themselves. So who is representing you? Always have your own buying REALTOR®, they will ensure you are not paying more than the home is worth. Accept buyer's representation, it's free!
4. Being too private - When you first consult a REALTOR® regarding your home purchase, they will have a lot of questions. Each question comes with a purpose and refusing to answer or giving a false answer may derail your home purchasing success. Trust your choice in REALTOR® and remember they are legally obligated to protect your best interest and keep all of your information confidential.

Purchasing your first home carries much more risk and liability, call Tanya LaRose at 1-306-380-7325 for professional buyer's representation.

The “Lucky 7” Resolutions To Buying Your First Home In 2018

Tanya LaRose 0 comments 02.01.2018

1. Consult A Reputable Mortgage Broker – Your current situation will be evaluated (free of charge) and you will be given instructions on how to get approved for a mortgage.
2. Monitor Your Credit Score – You can log onto a credit score website like Equifax to evaluate your score without penalty, then increase your score by working out a payment plan for any outstanding payments or keeping up with minimum payments on current credit cards.
3. Do Not Take Out Any New Credit – Forget about financing a new vehicle or getting another credit card, these will work against your debt ratio and credit score.
4. Consider Options For Your Down Payment – There are many options for a down payment like a borrowed down payment, gifted down payment, RRSP contribution, vendor assisted down payment, grant program assistance, as well as good old fashion saving.
5. Consolidate Your Debt – You mortgage broker may recommend consolidating your debt to better organize your finances and lower payments.
6. Save For Additional Costs – The down payment is not the only upfront cost to purchasing your home, you will want to have extra money available for the lawyer fee, title transfer, home insurance, and any other unexpected costs that may come up.
7. Consult A Reputable REALTOR® – It is important to have counsel on how to prepare for purchasing, and what to expect, once your finances are in order and you are ready to start looking at homes.

How To Find All Of The Best Listings

Tanya LaRose 0 comments 01.11.2017

1. Contact Your REALTOR® To Connect You Directly To The MLS® System – Instead of sifting through hundreds of listings, you can get all of the listings within your criteria automatically emailed to you. It is the ideal way to keep an eye on the market, becoming familiar with what to expect in in the different price ranges and value per neighborhood.
2. Avoid Depending On Local Search Engines – The vast majority of local search engines do not carry all of the properties listed for sale. In order for a website to have access to all of the listings on MLS® they require authorization from the local real estate board.

(Note: www.tanyalarose.com is equipped with a complete IDX search engine for user access to all listings)

3. Opt For National Search Engines – However you must be aware they do not reflect listing history. What appears to be a new listing may have been previously listed a number of times. Other details such as previous sales, amount of price changes, etc. are not accessible on these search engines either.
4. Follow The Various Multi-Media Streams Of Your Favorite REALTOR® – An active agent will advertise all of their newest listings as soon as they hit the market, or sometimes even before they hit the market. Facebook, LinkedIn, and Google+, for example, are a great place to cherry-pick.
5. Ask Your REALTOR® To Find A Specific Listing For You – Many great properties get sold before they ever make it to MLS® so be sure to have an industry insider looking for exclusive listings and back pocket listings on your behalf.

5 Ways To Win Big In A Buyer’s Market

Tanya LaRose 0 comments 01.08.2017

1. Be Prepared – Attractive buyer’s hold the most power in any real estate transaction. These ideal buyer’s are pre-approved for a mortgage and have no other home to sell or have an accepted offer on their current home. By preparing accordingly, it increases your chances of getting the property you want on the terms you want.
2. Be Watchful – Even in a down market, nice homes that are priced well do not last long. Your real estate agent can connect you to the MLS® system so that you will automatically receive new listings within a desired criteria. Receiving this information in real time will give you an upper hand over other competing buyer’s not utilizing an agent or this service. Combine this with a readily available real estate agent and you will secure your new home in no time!
3. Be Informed – Before deciding on an amount to offer, you will want to know what other similar properties in the area have sold for so you are not overpaying. Real estate agents have such statistics at their fingertips, so be sure you discuss fair market value with your agent before submitting an offer.
4. Be Strategic – Once you have found the property you would like to further pursue, find out how long it has been on the market and how many times it has been listed without selling in the last couple of years. This information is easily accessible to your real estate agent and is vital in negotiations.
5. Be Creative – There is more than one way to increase monetary value in your real estate purchase than through price alone. If you are buying a house and the seller will not budge on price, your real estate agent can negotiate other inclusions such as a replacing old windows, re-shingling a roof, or improving another feature unique to the house. The implications of this negotiating technique can be tricky, so you will need to work closely with your real estate agent on this one.

For more information on how to successfully maneuver in a buyer’s market, contact Tanya LaRose with RE/MAX Saskatoon at 306-380-7325.