- 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.
- 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.
- 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
- 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.
- 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/.
- 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.
- 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.
- 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
- 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!
- 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/
Tag : Buying
- Government Issued Photo ID – Ensure it is not expired and has your current address.
- Proof Of Address – You may need your address history, depending on your current living circumstances.
- Proof Of Income – T4, pay stubs, child tax, etc.
- Contact Information For Your Employer – A longstanding employer is always best but your employment history might be required.
- Proof Of Down Payment – It should reflect the exact amount and where it came from (gifts are allowed as well).
- Any Outstanding Current Debt – You will need to include all financial obligations and anything that may have damaged/ing your credit.
- Proof Of Assets – Other real estate, savings, vehicles, investments, etc.
Disclaimer: Mortgage pre-approvals vary from person-to-person and financial institution-to-financial institution so other items may be needed. It is also important to note that you may get a rejection from one mortgage specialist and an approval from another. Call or text Tanya LaRose at 306-380-7325 for a highly-skilled mortgage specialist contact.
All outlined details are accurate as of September 2nd, 2019:
- Available across Canada starting September 2nd, 2019 until March 31st, 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.
- 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.
- 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)
- 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.
- 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.
- 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.
- 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.
- 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!
- 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.
- 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.
- 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.
- Know the difference between SHOPPING and HUNTING – Shopping is a pleasure, a hobby, a way to pass the time between other life obligations and this includes home shopping. Hunting is goal-driven and time-oriented. REALTORS® are hunting guides, not shopping partners.
- Use one REALTOR® only - Find a real estate agent that you like and be loyal to them. Don’t ask five different agents to show you five different houses. Not only are you wasting their time, but you are also sabotaging the results of your home search because none of these agents know your objectives so you will not be receiving effective assistance.
- Don’t ask to look at houses that don’t meet your criteria – You are wasting your agent’s time, the home owners time, the owner’s agent’s time, and your time.
- Accept your REALTORS® advice – If you have chosen a true professional, they are advising you with expertise they have accumulated from working day in and day out surrounded by all things real estate. It may not always make sense, or you may not like what you hear, but there are reasons behind every piece of advice.
- Don’t get mad if you are told something you weren’t expecting – You might have been approved for a mortgage much less than you were expecting or submitted an offer that was refused with no counter-offer, either way it’s not worth wasting energy being upset when you should be focused on getting the house you want.
- Be honest with yourself and others – Whether you have good credit, bad credit, are quitting your job, have a tendency to lose your temper, are bad with money management, changed your mind about what or when you want to buy, you need to communicate this with the people helping you buy a house (eg. Mortgage broker, REALTOR®, etc.)
- Don’t expect everyone to be on your timeline – There are deadlines on contracts, and there are other buyers looking at the same houses as you. When your REALTOR® tells you that time is of the essence, few things are more accurate in the real estate industry.
- Keep on schedule – If you request a showing, don’t cancel 20 minutes before, or not show up at all, unless it is a life threating emergency. The homeowner may be a mother of five who spent all day cleaning the house so you can look at it, so be respectful of other people’s efforts.