Friday, January 15, 2010
Thursday, January 7, 2010
Wednesday, January 6, 2010
Wednesday, December 30, 2009
Thursday, October 15, 2009
Bidding Wars
This week my team and I participated in three bidding war situations. In the first scenario we represented the buyer and were up against nine other offers. We were fortunate in that although our client did not have the best offer in terms of price we had a “clean," non-conditional offer.
In this instance, our buyer had arranged for a home inspection to be done before submitting the offer.
In the second scenario, we represented the buyer and were up against two other offers. Although we submitted a non-conditional offer we were not successful as one of the other offers came in with a much higher price.
In the third instance, we represented the owner of two properties that were available for lease.
We received two offers on one of the properties and the result was that we were able to secure a leased price in excess of the listing price. The other good news for this owner was that the second buyer decided to lease the other property that was available. In the end -- a win/win situation for everyone!
Bidding wars are a reality, particularly in a hot real estate market as we are seeing now.
Winning a bidding war is a lot like gambling -- the stakes are high and you need a bit of luck to win! However, there are a number of ways you can prepare yourself before entering the bidding war process:
- Get mortgage pre-approval -- know how much you can afford to pay for a home. Arrange to put down the largest deposit you can as this will show a seller that you are serious about purchasing their home and are acting in good faith.
- In general, a “clean” offer will win over a conditional offer in a bidding process. For example, don’t make your offer conditional upon the sale of your current home. Additionally, you may consider doing a home inspection before submitting your offer.
- Know the fair market value of the home you are interested in. This is where an experienced Realtor will be invaluable to you. They will prepare a comparative market analysis for you so that you can submit an offer with a price that is realistic.
- Remember, in a multiple offer situation homes go for in excess of the asking price. You must feel confident that you are not over-extending yourself to purchase the home. On the other side of the coin, if you do not win in the bidding process you must feel comfortable that you submitted an offer with the highest price you were willing to pay
Wednesday, April 22, 2009
Celebrate Earth Day Every Day!
Undoubtedly you have seen many ads, campaigns and events to promote Earth Day, April 22, 2009. As a homeowner, you can celebrate Earth Day every day, by using any of these earth friendly tips to help your home go green!
Water Consumption can be minimized by installing low flow toilets and faucets, or using kits sold at a minimal cost by the City of Toronto to modify your existing appliances.
Organic Waste can be composted. Many residential areas of Toronto have organic waste collected by the city, but you can save even more gas emissions by composting these materials in your own yard. For an easy guide to making your own compost, click on the link below:
http://www.motherearthnews.com/Organic-Gardening/2006-10-01/Compost-Made-Easy.aspx?page=5#SASCPOWB
Repainting During Renovations? Select paints that are either recycled or non-VOC brands (non-VOC are non volatile organic compounds). Demand for such products have increased their availability and if you visit your local paint store or hardware/renovation store they can provide you with options on brands, colours and finishes.
Conserve Energy by installing compact fluorescent light bulbs, and buying Energy Star appliances when replacing old ones. Also, use programmable thermostats and proper insulation to lower energy use and monthly bills.
Each individual act might be just a small adjustment to your routine, but if everyone makes one or two small changes it adds up to a big difference to our planet!
Happy Earth Day!
Water Consumption can be minimized by installing low flow toilets and faucets, or using kits sold at a minimal cost by the City of Toronto to modify your existing appliances.
Organic Waste can be composted. Many residential areas of Toronto have organic waste collected by the city, but you can save even more gas emissions by composting these materials in your own yard. For an easy guide to making your own compost, click on the link below:
http://www.motherearthnews.com/Organic-Gardening/2006-10-01/Compost-Made-Easy.aspx?page=5#SASCPOWB
Repainting During Renovations? Select paints that are either recycled or non-VOC brands (non-VOC are non volatile organic compounds). Demand for such products have increased their availability and if you visit your local paint store or hardware/renovation store they can provide you with options on brands, colours and finishes.
Conserve Energy by installing compact fluorescent light bulbs, and buying Energy Star appliances when replacing old ones. Also, use programmable thermostats and proper insulation to lower energy use and monthly bills.
Each individual act might be just a small adjustment to your routine, but if everyone makes one or two small changes it adds up to a big difference to our planet!
Happy Earth Day!
Thursday, March 19, 2009
How to Use New Home Buying Incentives to Your Benefit!
Incentives for first time home buyers, or for home owners to make improvements on their homes were included in the 2009 Federal Budget. Here are some examples of what is being offered:
RRSP Home Buyers Plan Improved
First time home buyers have had an increase in the withdrawal amount allowed from their RRSPs, from $20,000 to $25,000.
Money withdrawn from the RRSP is to be paid back within 15 years. If it is not, it will lose its tax deferred status, and if scheduled annual payments cannot be paid in full, the unpaid amounts must be reported as income.
Tax Credits For Home Buyers
First time home buyers have also seen some relief on a tax credit that can provide up to $750 in tax relief on the purchase of their first home. To qualify neither the homeowner, their spouse or common law partner can have owned and lived in another home in the year of purchase or any of the four preceding years.
Green Grants
Home and property owners can apply for grants of up to $5000 for making eligible energy-efficient improvements, such as upgrading furnaces, increasing insulation etc.
Tax Credits for Home Renovations
Now through January 31, 2010, homeowners can claim a tax credit for up to 15% of renovation expenses between $1,000 and $10,000. Listed below are some examples of what does and does not qualify:
Eligible
*renovating a kitchen, bathroom or basement
*new carpet or hardwood floors
*building an addition, deck, fence or retaining wall
*a new furnace or water heater
*painting the interior or exterior of a house
*resurfacing a driveway
*laying new sod
Ineligible
*purchase of furniture and appliances (e.g. refrigerator, stove, and couch)
*purchase of tools
*carpet cleaning
*maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, and pool cleaning)
For more information on housing related stimulus in the 2009 Budget, visit the Canada Revenue Agency website at www.cra-arc.gc.ca and search for “Home Buyers Plan.”
RRSP Home Buyers Plan Improved
First time home buyers have had an increase in the withdrawal amount allowed from their RRSPs, from $20,000 to $25,000.
Money withdrawn from the RRSP is to be paid back within 15 years. If it is not, it will lose its tax deferred status, and if scheduled annual payments cannot be paid in full, the unpaid amounts must be reported as income.
Tax Credits For Home Buyers
First time home buyers have also seen some relief on a tax credit that can provide up to $750 in tax relief on the purchase of their first home. To qualify neither the homeowner, their spouse or common law partner can have owned and lived in another home in the year of purchase or any of the four preceding years.
Green Grants
Home and property owners can apply for grants of up to $5000 for making eligible energy-efficient improvements, such as upgrading furnaces, increasing insulation etc.
Tax Credits for Home Renovations
Now through January 31, 2010, homeowners can claim a tax credit for up to 15% of renovation expenses between $1,000 and $10,000. Listed below are some examples of what does and does not qualify:
Eligible
*renovating a kitchen, bathroom or basement
*new carpet or hardwood floors
*building an addition, deck, fence or retaining wall
*a new furnace or water heater
*painting the interior or exterior of a house
*resurfacing a driveway
*laying new sod
Ineligible
*purchase of furniture and appliances (e.g. refrigerator, stove, and couch)
*purchase of tools
*carpet cleaning
*maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, and pool cleaning)
For more information on housing related stimulus in the 2009 Budget, visit the Canada Revenue Agency website at www.cra-arc.gc.ca and search for “Home Buyers Plan.”
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