1. Make sure that you get a pre-approved mortgage commitment with an agreed-upon five-year interest rate when you commit to a Condominium.
2. Don’t rely upon anything unless it is in writing. If you have any concerns, make sure you have these concerns answered in writing.
3. Be flexible on your closing date. Don’t expect new condominiums to be finished on time.
4. Don’t purchase a condominium with the expectation of being able to flip it on or before closing for a profit.
5. Do your homework. Compare the price per square foot for new condominiums with resale’s in the area.
6. Don’t be pressured into making a decision. A lifetime real estate opportunity presents itself with every new condominium built
7. Buy what you can afford. Factor in commuting costs, taxes, common area maintenance and closing costs.
8. Make sure you know the area that you are buying. Visit it at night. Commute to and from the area to test traffic patterns during rush hour.
9. Research the history of the builder. Rely on printed material rather than spoken material.
10. Make sure your communications are via email. Email is not legally binding because it can be altered, but at least both parties will have a written email trail if a disagreement should arise.
10 Important Tips for Buying New Condominiums June 7, 2011
10 Steps to Selling Your Home: Step 3 – Sign a Listing Agreement August 17, 2010
Step 3: Sign a listing agreement
The “Listing Agreement” authorizes your REALTOR® and their brokerage to market and sell your home. This agreement serves three purposes.
- It defines your relationship, including the limits of your REALTOR’S® authority.
- It provides detailed information about your home which can be placed on a real estate Board’s MLS® System to help potential buyers find you.
- It forms the basis for drafting offers on your home.
Highlights of the Listing Agreement
- Authority
This describes the legal relationship between you and the real estate brokerage, and sets a time limit for the REALTOR® to sell your home. - Exclusive or Multiple Listing Service?
“Exclusive Listing” means that only your brokerage can find a buyer for your home. REALTORS® generally recommend a “Multiple Listing”, which allows them to put your home on a real estate Board’s MLS® System – a great tool to market your home and help find a buyer. - Price
You have the final say over this magic number, but your REALTOR® may have very useful advice on what price will attract buyers. Learn more about choosing the right asking price in Step 4: Determine your home’s asking price. - Real estate commission
This is usually a percentage of the final sale price that you only pay once your REALTOR® has found you an acceptable offer. The percentage is agreed upon between you and the individual brokerage. This can also be a fee arrangement. - A physical description of your property
Your REALTOR® will itemize the lot size, your home’s age, the style of construction, number and size of the rooms, and any outstanding selling features such as “backs onto ravine” or “fabulous kitchen renovation”. - Legal information
This includes the lot number, land surveys and the zoning code. - Financial information
Let people know the numbers like the minimum deposit you require or if you have a low-interest rate mortgage that can be assumed. - Completion date
This lets everybody know how long you need to move out, once your home is sold. 60 or 90 days is standard, but if you can be flexible be sure to make note. - How the home will be shown
Your REALTOR® can make the arrangements for viewing appointments. Any specific instructions, such as “make sure the cat stays in” can also be noted. - What exactly is included in the price? Chattels and fixtures
Chattels are moveable items like washers and dryers, microwaves and window blinds. They’re not automatically included in the sale, but sellers will often include them to sweeten the deal.Fixtures are permanent improvements to a property like central air conditioning, installed lighting and wall-to-wall carpeting. Fixtures are assumed to be included in the sale of the home unless you note otherwise. Maybe the dining room chandelier is family heirloom that you wish to take with you. The line between chattel and fixture can get blurry, so go over every item with your REALTOR®.
The importance of a Seller Property Information Statement
Many real estate Boards now request a Seller Property Information Statement that lists any recent renovations, improvements, major defects and faults with the home.
Honesty is always the best policy
A major defect does not mean your home will not sell. List the defect and state how your home’s price has been lowered accordingly. This can actually be attractive to some buyers, especially if they have experience with the required repairs!
*This article was taken from: http://bit.ly/7kbT7a
10 Steps to Selling Your Home: Step 2 – Find a REALTOR® who is right for you August 16, 2010
There are many reasons why a REALTOR® can be a great asset when selling your home. But don’t simply go with the first REALTOR® who suggests the highest asking price. There’s a REALTOR® out there that’s best for you.
The REALTOR® who helped you buy your current house is a good start
Sticking with a REALTOR® you know just makes sense. If they did a good job helping you buy your home, they’re probably the best candidate for helping you sell it.
Think locally
- Ask your local friends or nearby family to recommend a REALTOR®.
- Visit one of the local real estate offices who know your area.
- Jot down the names and numbers of REALTORS® on “For Sale” signs.
Interviewing candidates
Don’t be afraid to ask questions. Finding the right REALTOR® is about a partnership – so screen a few before deciding. Make sure you feel comfortable with them and that they show a genuine interest in helping you. Here’s a list of questions you can ask.
*This article was taken from: http://bit.ly/aaxVm5
Keep Heat Outside with Window Films August 16, 2010
Check out this article, I really enjoyed it.
Keep Heat Outside with Window Films
May 15 2010 at 9:53 PM EST
Heating and cooling is the number-one culprit for energy consumption and costs in the home. And according to the Department of Energy, as much as one-third of the average home’s heat loss occurs through windows and doors. While keeping heat inside is essential to winter comfort, with summer upon us, the tables have turned, and we must now keep that heat out. It’s not always an easy task with that summer sun blasting through barely defensible windows.
Caulking and weather-stripping are by far the best efficiency upgrades you can perform on a window. Air can move much faster and freer through an open crack or punctured seal than through window glass. But glass is not impermeable, and barring any open holes in the home, is the biggest reason for solar heat gain and rising cooling costs in the summer, especially in warm climates with long cooling seasons.
Window films are designed to allow in visible light while blocking infrared light, thus minimizing heat gain in summer and often helping to hold in warm air in winter. In addition to caulking and weather-stripping, applying window films is one of the easiest, cheapest and highly rewarding energy efficiency upgrades you can make to your home. And in many cases, you can apply the coating or film yourself. However, for maximum effectiveness and aesthetic quality, it’s usually advisable to consult a contractor. Some films are manufactured and designed to be self-installed.
Where to Use Window Films
Not every window in the home should have a window film. East- and west-facing windows are the best candidates, as they see summer sun from dawn to dusk. South-facing windows are possible candidates, although the film, even if it helps to hold warm air in during winter, may block solar heat gain in the cold months when the sun is in the low southern sky, thus offsetting efficiency gains realized in the summer. North-facing windows almost never need window films.
High-Reflectivity Window Films
The best films for blocking summer heat gain are reflective window films. They are silver and mirror-like, stemming from the metal oxide used in their production, and are more effective than transparent, colored films. But they will, however, block solar heat gain in winter, impair visibility outside, increase the need for artificial lighting and produce unwanted reflections. For this reason we see reflective films less on residential homes and more often on skyscrapers and other large commercial buildings, where architects love the mirror-like quality of the resulting facade and tenants enjoy dodging the blast of solar heat that would no doubt result from such high-up and exposed windows.
Nevertheless, reflective films are a successful treatment, especially in climates with long cooling seasons. They are available anywhere from big-box building centers to local hardware stores and contractors. Reflective films are designed both for DIY and professional installations, depending on the product in question.
Tinted Window Films
Tinted films are old technology. They utilize a dye or pigment that darkens the window and actually absorbs light waves. This causes the dye to warm up and unfortunately still allows some of the heat to pass to the interior room. They also block a lot of visible light from entering, increasing the need for artificial lighting and further nullifying energy savings. These days, most homeowners and window manufacturers have moved on to new low-E films.
Low-Emissivity (Low-E) Films
By far the most eco-friendly window film in terms of effectiveness, low-e films are fast becoming a standard in new window manufacturing. These low-E films help keep you warm in the winter and cool in the summer, and are currently the sun-stopping juggernauts of energy efficient window products.
Low-E films use special metallic coatings so thin that you can see through them. They are designed to allow maximum visible light transmittance while blocking infrared and ultraviolet light (sources of solar heat gain). While no window film can do this perfectly, low-E films are the best to date, allowing as much as 80 percent of visible light to enter while blocking up to 60 percent of UV and infrared light.
Applying the Films
Window films are constructed mostly of clear polyester and some tinting agent. On one side of the film is a tough acrylic coating, and on the other an adhesive by which the installer glues the film to the interior side of the window. Exact installation of a given film will vary from manufacturer to manufacturer. Again, some are designed specifically to be installed by professionals.
Gila Window Films, available at most Lowe’s stores, are geared toward DIY installation. In fact, the company’s website boasts that, using their “consumer-friendly product,” the average window can be filmed in less than 30 minutes.
Vista Window Films, on the other hand, are designed for contractor-installation only. Their new EnerLogic window film can allegedly increase window efficiency up to 92 percent.
Remember that energy efficiency upgrades, including window films, are eligible for federal tax credits under the American Recovery and Reinvestment Act of 2009 (ARRA). Now up to 30 percent or $1,500 of total cost for window upgrades. At this point the credit only lasts until the end of 2010.
Dan Hardingis a well-versed veteran of solar critique, commentary and reporting. He has published well over 1,000 articles on a wide variety of solar industry topics, ranging from cutting-edge technology and gadgetry to political satire and powerful editorials. CalFinder is proud to tout Dan as our resident solar expert. He holds a B.A. in English from Michigan State University, and enjoys reading, writing and home construction.
10 Steps to Selling Your Home: Step 1 – Deciding When to Sell August 12, 2010
Step 1: Deciding when to sell
In real estate, timing influences your home’s selling price. Working with a REALTOR® can help make timing work for you.
A buyer’s versus a seller’s market?
When lots of people are looking for homes but not many are for sale, it’s a ‘seller’s market’, because the seller has something everybody wants. When there are lots of homes for sale and not many people buying them, it’s called a ‘buyer’s market’ because buyers have more power of choice.
How quickly do you need to sell your home?
In a seller’s market, top price and a fast sale can go hand-in-hand. In a buyer’s market, more sellers are competing for your potential buyer. If you have to sell right now, consider lowering your asking price a bit to speed up the sale. A REALTOR® can help you figure out the right price-to-speed ratio.
Seasonality. Do home sales get frostbite?
It’s true. Winter sales tend to be slower, and spring sales are more brisk. Regardless, there are always people looking to buy, and seasonality is only one of many factors to consider.
What if you’re also buying a home?
If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price. If you are upgrading to a larger home, this actually works to your advantage. If you’re downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market.
To buy first or sell first? The eternal question
Many people are able to time their sale and purchase so they happen on the same “closing date”. As a buyer, you can make your offer “conditional” on the sale of your existing home, to make sure you’re not left paying for two homes. As a seller, you can try to extend the “closing period” to give yourself more time to find your next home. A REALTOR® can provide advice and counsel during these kind of negotiations.
What if you find your new dream home before you’ve started to sell your old one?
Talk to your existing mortgage lender about “Bridge Financing”. This is when your lender (the bank) agrees to lend you the down payment for your new dream home, while you still cover the mortgage on your existing property.
*This article was taken from: http://bit.ly/bLRt3T
10 questions to ask when hiring a REALTOR® August 4, 2010
10 questions to ask when hiring a REALTOR®
Home owners should interview a few potential REALTORS® before deciding on one to sell their home. Here are some smart questions to ask:
1. How long have you been in the business?
A freshly-licensed REALTOR® can do a wonderful job and will have up-to-date training; those in the business longer bring more practical experience to the table.
2. What is your average list-to-sales-price ratio?
A listing REALTOR® should hold a track record for negotiating sales prices that are very close to list prices.
3. How will your marketing plan meet my needs?
Specifically, how will you sell my home? Where and how often do you advertise? Will you show me a sample flier? How do you market online?
4. Will you provide references?
Ask if any of the references are related to the REALTOR®. Ask if you can call their references with additional questions.
5. What separates you from your competition?
Key phrases to listen for: assertive, available by phone or e-mail, analytical, able to maintain a good sense of humour under trying circumstances.
6. May I review documents that I will be asked to sign?
A good REALTOR® makes forms available to you before you are required to sign them. Ask to see agency disclosure, listing agreement, seller disclosure.
7. How will you help me find other professionals? Ask for a written list of referring vendors. Get an explanation if you see the term “affiliated”. It could mean the REALTOR® is getting compensation from vendors.
8. How much do you charge?
You don’t have to ask if the fee or commission is negotiable, since all real estate fees are negotiated.
9. What if I’m unhappy with the service?
If you sign a listing agreement with the REALTOR® and later find that you are unhappy with the arrangement, will the REALTOR® let you cancel the agreement?
10. What haven’t I asked you that I need to know?
Pay close attention to how the REALTOR® answers this question, because there is always something you need to know – always.
*This article was taken from: http://bit.ly/aU8y5U
Hidden treasures and easy recycling July 31, 2010
Hidden treasures and easy recycling
Submitted by GreenLiving on Tue, 05/12/2009 – 15:58
In my family, a garage sale is not a spur-of-the moment decision. It’s an event that has been planned for weeks, spending evenings hauling old items out of the garage and into the house to be cleaned and priced. Thinking back to garage sales in the past, I can honestly say that it’s one of the best days of the summer for my family. We get to hang out with our neighbours and also be earth-friendly, by diverting a whole lot of items from landfill; instead, they go to other homes in the community.
Here are a few tips for figuring out what to sell and how to make the most of this opportunity to clean house:
1. Advertise your sale online. I put up an ad on Kijiji and have already had people emailing me with questions about the sale.
2. Go through your house and consider the items in it—have you used the item in the past year? If not, consider putting it up for sale. Maybe someone in your community would absolutely love it, and yet it’s just sitting in your basement!
3. Make a ‘FREE’ box. When looking at some of the stuff in my old bedroom, I realized that maybe nobody would want my old collection of Happy Meal toys! But if a child walking past wants to take one with her, I’d be happy to give them to a good home.
4. Get helpers! I know that if my family tried to organize this sale by ourselves, it would be chaos. If any friends are willing to stay in the city for a weekend, ask them to help out and then treat them to dinner with the proceeds.
5. Have fun! At the end of the day, you will have de-cluttered your home, spent the day in the sunshine (hopefully), and helped the planet by doing the best of the “3 R’s” : Reuse!
-Katie Edmonds, Editorial Intern
