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Best Home for You and Your Family
Thinking of a better home for you and your family? Families grow quick and before you know it you have a bunch of little children running around. If you're rapidly running out of space, or if you're planning on having a family, then up-sizing to a larger home could be your best bet. However, there are a lot of other things you'll have to consider when moving your family from one place to another.
-Discuss: Make sure you plan this out well-ahead of time so you know that you're making the right decision. First, make sure that you have the resources to move, if you don't, then you may have to save up before you can do so. Discuss to your spouse about the possibility of a move, and see what they have to say. Once you and your spouse have discussed it, then talk to your children. Your children should have a say in this decision, and reinforce the fact that a new home would be better for everyone.
-Looking for the best home: When looking for a home, bring your children along with you. Hire the expertise and assistance of a real estate professional and check out a few homes. Ask your children what they like about the home, and ask them what room they would like best. If you don't have children yet, carefully check out each room and try to imagine a family living in there.
-Look outside the home: You're going to have to take a look around not only inside the home, but also what surrounds it. First, check out the backyard and see if they it is child-safe and big enough for children to run around (remember, children like to play outside).
-Afterwards, take a stroll around the neighbourhood. Walk to the nearest park and check it out, and if there are parents already there, ask them how the neighbourhood is. As well, take a drive to the local schools, malls, grocery stores, community centre and parks, and take that all into account for your decision.
-Using your real estate professional: Without a doubt, your real estate professional has sold homes to families before, so ask them what they think is the best home for you and your family. They can show you and teach you a lot more things than you know.
-Keep up constant communication with your children:Even though some children would be excited to move into a new home, that doesn't mean they fully understand why or feel good about leaving the only place they've known as home. Explain to your children, and reassure that the move is for the better.
Older children and teenagers may be a bit rebellious and angry because of a move, especially if they are leaving their close-knit social circles. Never fight with your child and understand their frustrations, and try to keep up communication as much as you can. This should be a fun and exciting family experience, not a stressful one.
After you have done all your research and made a decision, make sure everyone in your family is on board and start the packing. Remember, don't forget to ask your real estate professional for help and advice, that's what they are there for.
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How to Make an Offer
When you have found a home you are interested in buying, your Sales Associate will walk you through the process of drafting an offer to purchase. Your sales associate will communicate the offer to the seller or the seller's real estate agent for you. Some properties are in demand and you will not be the only interested party making an offer. Your Sales Associate will assist you in generating an offer that is reasonable and protects your interests using specified terms and conditions.
An offer can be drafted with or without conditions; an offer without conditions is known as a firm offer and one with conditions is known as a conditional offer. A conditional offer represents the party with the placement of certain conditions on the purchase. Some of these conditions could be "subject to financing approval", "subject to the strata council allowing pets", "subject to the buyer's house selling", "subject to an approved home inspection", among many others.
The seller may accept your initial offer, reject your offer or present a counter-offer. The counter-offer may differ from your original offer in respect to price, conditions, the closing date or any other items. Offers can be countered back and forth between the parties until one of you accepts or rejects, ending the negotiations.
There are many components of an offer that you should be aware of and understand. Your Sales Associate will answer your questions and explain the entire process to you so that you are comfortable with the steps involved.
Terms
An offer includes certain "terms", which specify the total price offered and how the financing will be arranged, such as if you will arrange your own with a financial institution or mortgage broker or if you wish to take over the seller's mortgage (assumability).
Inclusions and Exclusions
These are specifications within the offer that detail the items to be included or excluded from the purchase of the property. Typical inclusions are appliances, window coverings, fixtures and decorative pieces.
Deposit
A deposit is provided from the buyer to the seller as a token of the buyer's assurance and intention to buy the property involved. The deposit is applied against the purchase price of the home once the sale has closed. Your RE/MAX Sales Associate can assist you in proposing a certain and appropriate amount for the deposit.
Conditions
Items that are usually put in place to protect a party's interests upon selling or buying the property and refer to things that must occur or be in place before the sale closes.
Closing Date
This is usually the date that the legal ownership of the property transfers from the seller to the buyer and, unless otherwise noted, when the funds for the purchase are concluded.
Possession Date
When the buyer takes possession as specified in contract oif purchase sale.
Purchase Price
This is the amount that the buyer is offering to pay for the property. The price is usually dependent on market conditions and may differ from the seller's current asking price.
Legal Needs
Purchasing a home involves a lot of paperwork, most of which are contractual documents that will legally bind you to the numerous terms and conditions. For this reason it is important to have a good lawyer or notary public acting for you. Someone to protect your rights and interests.
Finding a Lawyer/Notary Public
If you don't have a lawyer or notary public, you can look for a referral from friends, family or business acquaintances. Look for someone with real estate experience and discuss their fee scales. Your Sales Associate can help you locate a reliable professional, whom you feel comfortable working with.
Lawyer's/Notary Public's Function
You will need a lawyer or notary public to process your purchase and ensure the terms are met:
- the correct property is purchased
- transfered title to your name
- ensureed title is free and clear of prior owners encumbrances
- your mortgage is registered properly on title
The legal process varies from province to province within Canada. Specifically, you will need to consult with your chosen legal professional and he/she will explain the process and the steps that need to be completed before you get the keys to your new home.
Your lawyer/notary public will prepare a "Statement of Adjustments" outlining all the financial aspects of your sale.
Legal Fees and Disbursements
The difference between legal fees and disbursements is analogous to the parts and labour you pay when fixing your car. Your Sales Associate can help you locate a reliable professional, whom you feel comfortable working with.
Home Inspection
A home inspection is an objective visual examination of a home's structure and systems.
Why get a home inspection?
There are a number of reasons why we recommends a home inspection including:
- To ensure you are not surprised by major defects
- So you can be advised about the various elements of the home including - heating and cooling systems, structure, electrical and plumbing
- To learn about how the mechanical systems work and need to be maintained
- Most homeowners are not expert in the numerous components of house construction
- A third party can be objective as there is no emotional attachment
Who should you hire?
Home inspectors are often referred by family or friends. Your agent can also provide you with a list of inspectors. Look for one that is trained and certified by a national organization such as Canadian Association of Home Inspectors (CAHI) or National Institute of Building Inspectors (NIBI) and who has errors and omissions insurance. Do not hire someone who will do any suggested work due to the conflict of interest.
When should you call?
Order the inspection after your offer has been accepted. The contact will stipulate the length of time you have to complete the inspection.
What is involved?
The home inspection will determine the structural and mechanical soundness of the home. Your home inspector can identify existing and potential problem areas, suggest possible solutions and provide estimates for the cost of the work required. You will receive a report outlining the inspection findings. You should accompany the home inspector during the inspection or arrange to meet them at the home so they can walk you through the report. If as a result of the inspection, you have further concerns, have a specialist in that area conduct a more extensive examination.
What does it cost?
Costs vary depending on a number of factors including:
Size and location of the home, features, age, and services required. Additional services may include radon, septic and well testing. Your agent can assist you in obtaining a quote from a potential inspector before you enlist his/her services.
Mortgage Information
Mortgage lending is a highly competitive field. Information on mortgage rates, which can change daily, is available in local newspapers, through mortgage brokers, from individual lenders and of course through conventional financial institutions. When you are shopping for a loan, interest rates tell just part of the story. You will also need to study the various fees lenders charge and many mortgages today are almost custom-tailored to individual needs with many options available.
Ask your Agent
Your real estate professional can recommend lenders to check with prior to beginning any serious house hunting so you will know exactly what you can afford.
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