What Goes On Behind The Scenes At That Lovely Sales Center?

If you’ve been looking for a newly built condo then there’s a good 

chance that you’ve been onto one of those presentation centers.  Depending on your budget, they are from simple to opulent.  Most of them are very nice and these days developers hire designers like Brian Gluckstein and Ciccone Simone to make them  into a dream like oasis that we all wish we could live in.  

The people there are very nice and guide you through the presentation center and genuinely do their best to encourage you to buy, or at least sign a document that you then have 10 days to reconsider.  

These Salespeople can work directly for the developer, or they could work for a Real Estate Brokerage to take care of all of the sales and legal document administration.  The difference is that the sales people who work directly for the developer are not obligated to be licensed Realtors.  The sales people who work for the Brokerage, are licensed.  Either way, they both represent the interests of the developer.  He’s paying the bills.  That can be an intimidating environment to find yourself in if you’re not accustomed to it.  

So many people don’t know what to ask and before they’ve thought of everything, they’ve already signed the papers.  There is a free guide for this environment, a Buyer’s Agent to be on your side.  It’s like having a lawyer with you in a courtroom.

Oftentimes, a good Buyer’s Agent has spent a lot of time visiting many places like this.  They get to know the people who work there and also know what to ask on your behalf.  Best of all, a Buyer’s Agent’s service to you is at no charge because the developer pays your agent for introducing you to the development!   

I’ve spent my career in Real Estate working in these sales centers in all capacities.  I am always impressed when a realtor knows what they’re talking about when they are acting on behalf of their client.

The bottom line is, you owe it to yourself to have a Realtor with you on your first visit to one of those lovely sales centers.

Renting With FIDO!

Currently vacancy rates are up and apartments and condos are struggling to fill units, landlords are more willing than ever to say yes to pets. But you’ll still need to show the landlord that you are a great pet owner, in order for fido to move in with you!

Trying to locate a rental property with a pet is enough to make you howl! It’ can become very difficult, especially if you have a dog that’s bigger than Paris Hilton’s handbag.

The stomach punch ”no pets” or “only dogs under 25 pounds” tag easily pops up on more then 50% of apartment and condo listings in the GTA . Here are some tips you can use to get you and pet accepted with open arms!

 1.Be a good pet owner
Before applying for an apartment/condo, ask yourself if you know how to keep the cat from scratching the walls and the dog from doing there business inside. Consult your local shelter for training classes (as low as $10) or online resources. It’s your job to provide the right care, attention and exercise to your pet.

2.Sympathize with the owner’s concerns
Rental properties  have different reasons for prohibiting pets. Some tenants might be allergic. Some owners might subscribe to the once-common sentiment that animals are dirty and belong outside. It’s their property; you have to respect their decision. For some reason, people usually  think that a small dog is going to cause a lot less damage and be a lot quieter than a large dog, its not always the case… its uaually the opposite!

3. Specify this in your search
Try checking off “pets allowed” box when online  searching for listings . A growing number of  areas are catering to pet-friendly rentals.

4. Ask anyway
Some landlords who don’t specify that they accept pets will negotiate. So go ahead and ask. Property owners may get testy, but it also clues them into the demand, which could nudge their position later 

 5.Put together Fido’s resume
Yes, it’s actually called a pet resume and, yes, it does work. Put together any pet training document your buddy has graduated from.Veterinary documents they demonstrate regular care and up-to-date shots. Add if your pet has been spayed and neutered, this can minimize some behavioral issues.

6.Bring references
You wouldn’t go to a job interview without references. That’s just how to treat it. Try to get a letter and contact number from a former landlord or neighbor.

7. Offer to pay an extra deposit

A security deposit  may require  one or two months’ rent, but landlords often ask for less. It helps if you can offer more. Good landlords know that deposits, which are refundable, serve as the best incentive for renters to take good care of the property, any damages made throughout your lease term will be covered. If you don’t have the money upfront, offer to pay installments.

Thinking of buying a Condo? Here are some tips!

Condo sales are always on the rise. In GTA, people are rediscovering the joys of living downtown again, along with the low-maintenance, easy lifestyle that goes with having your very own castle in the clouds. And with real estate value on the rise a condo is an affordable way into the market, especially for the young first time buyer!

First things first!
1 Hook up with a professional realtor to help with the buying process. It costs you nothing, since the seller pays the commission.

 2 Go to a financial instutuion and get qualifed, to determine how much of a mortgage you can afford.

3 Find a good solicitor

4.Crunch those numbers and really put all costs on the table, think of closing costs, moving costs, land transfer fees, and lawyers fees.

5. Keep an open mind, on your hunt you will have the opportunity to view several types of housing types from Hi Rise, Low rise, condominium,freehold. Some with amenities some without, there is something out there for every buyer. You just have to find it!

6 Visit the neighbourhood at different times of the day and evening, also at different days of the week. To see if you really like the location and demographics

7.Try to avoid suites in front or beside elevators and garbage shoots. It may not bother you but for resale purposes it may narrow your marketing capability

8. A parking space is a great investment! Even though you may not drive its a great way to bring in a small little income. And for resale it adds value to your suite.

9. Storage lockers are something to consider as well, a lot of condos don’t have enough storage space. This will give you that space to store away sporting goods and household items you do not use on a daily basis eliminating clutter.

10. Condo fees, most condos now days meter hydro and gas separately you pay for what you use which keeps the carrying costs down. Indoor pools can be fun but also a burden 15 years down the road, the cost of maintaining that pool and can harmful on the condo fees. Try to look for condos that have outdoor pools instead. This way that pool is only open 3 months out of the year and keeps the maintenance low.

11. When going on showings, don’t allow the razzle dazzle fool you, try to look through the glitz amd glam. Also if you go into a condo that doesn’t look so great try to ignore the not so up to date decor, look at the raw potential the suite has, a little paint goes a long way.

Good luck with the search of your new home!

Good News For March '09 Resale Housing Stats!

The figures are out for the March resale market in the GTA and they’re getting better! Greater Toronto Realtors reported a 7% drop in sales over March of 2008. This is the smallest decline (year-to-year) in the last 5 months with the average price down less than 5% over the same period last year at $362,052.

The Toronto housing market is holding it’s own in these economic times and has actually improved over the past 2 months.

March sales surpassed what was projected for the spring time start up. So, what does this mean? It means that saavy buyers are very likely taking advantage of the current low interest rates and lower (market corrected) housing prices and are realizing that now is a good time to buy. This is great news not only for the Real Estate market, which is one of the most important economic indicators. It may indicate a light at the end of the tunnel, and isn’t that what we all want to see? So, if anyone has been thinking of looking, now is not the time to wait to see what else the market will do, now is the time to do it! Now is not the time to see if prices will fall further because when the market does fully turn around, those interest rates are going to creep up along with housing prices.   

7 Helpful Tips that Ensure Your Mortgage Process Goes Smoothly

The mortgage process can be a stressful and sometimes frustrating process. The idea is to make the entire process go as smoothly as possible. What is most important? Be prepared before you sit down with your mortgage agent.
Here are some things you can do to help ensure successful results, as well as give you some control over your own loan process.

1. Take time to Straighten out your finances:
If you don’t have a grip on what’s coming in and what’s going out (and where, and why), you may be in for a rough time when you apply for a home loan.

2. Make sure to check your credit record:
Everyone’s heard the horror stories: Your best friend, your sister, neighbor, goes to buy a home only to discover the worst… that the credit report contains negative or inaccurate credit information. Instead of having a clean record, he or she has an $80,000 outstanding bill, that is not their own. The loan officer looks at the outstanding bill and gives you a choice: Clean up the credit problem or no loan. Some choice. And you’ve probably heard how difficult it is going to be to get your credit history cleaned up. Maybe so, but it’s important to try nonetheless.
Here’s what to do: First, order a credit report on yourself. You can contact Equifax By phone: (1 800 465-7166 ), or online at: www.equifax.ca
For less than $10, Equifax will send you your credit report. This is the same information lenders will receive. By getting a copy of your credit report before you apply for a loan, you’ll get a first look at any problems or discrepancies that have sprung up.
3. Gather The Information You Need Ahead of Time:
It’s a great idea to gather information ahead of time and organize it so that it’s easily accessible for you to review and have corrected. Now, you’ll also need complete copies of your past two or three tax returns plus a current pay stub, or a current profit and loss if you’re self-employed, you’ll be able to have that information on hand when you sit down with your mortgage agent.

4. Know The Current Lending Guidelines:
Get a current copy of the lending guidelines. If you are applying for a high ratio Mortgage, the federal Canada Mortgage and Housing Corp. (CMHC) must insure these loans. The protection is for the lender, not for you. Mortgage insurance can be expensive: it can range up to 2.5 per cent of the value of the loan. You have to insure the entire loan, not just the amount that is above 80 per cent of the purchase price. That means the insurance premium for a $140,000 mortgage would be $3,500. Most lenders will let you roll the insurance premium into your mortgage. If you do, though, you’ll end up paying a good deal of interest on the insurance fee as well.
One advantage to this type of financing is that CMHC-insured mortgages become open after three years. All that’s required to pay off your mortgage at that point is to pay a penalty of three months’ interest. (An open mortgage means you can pay it off or refinance at current rates at any point.)

5. CMHC’s 5 Per Cent Down Program:
If you are a first-time buyer, you can put as little as 5 per cent down with an insured mortgage — provided you earn enough income to qualify. The amount of money you can borrow under this plan depends on where the house is located. Contact CMHC for more information about your specific situation and location.
These loans must be insured, and while you can choose any term you wish, your income must be able to meet the payments required under a three-year term.

6. Choose a Conventional Mortgage:
Conventional mortgages require a down payment of 20 per cent of the home’s appraised value. If you’re looking at a house with a price tag of $200,000, that means you need to come up with $50,000 of your own money. But if you don’t have that much saved, you may still be able to purchase that property.
Although it may seem that the lender’s primary job is disqualifying mortgage applicants, the reverse is true: The lender wants to qualify as many applicants as possible (lenders make their money by approving loans) but are restricted by the rules and regulations of a larger, more powerful body.
If you understand up front what your lender is going through, it may help smooth the process.
7. Qualify your lender:
Just as you shop for a real estate broker and a new home, it’s very important to shop for a lender, your Mortgage Agent can help you. Loan products, services, style, and personal attention vary greatly. Look for a lender that is best qualified to meet your needs.
For example, if you’re self-employed, and you’ve only been self-employed for a year, you may find it more difficult, even though you may have paid every bill on time in your life. The reason for that is that lenders need to see that you’ve been self-employed, maintaining an income for at least two years, and have the tax returns to prove it. At this point, your choices would be to wait until you’ve been self-employed for two years, or go with a sub-par loan (also known as a B or C loan in the lending industry).