Matt Love

Matt Love

Sunday, 16 December 2012 19:00

Conditional Offers

The list of conditions can be long or it can be short.  While we were in the Seller's market over the past few years we'd see many unconditional offers but the times have changed...

Wednesday, 28 November 2012 19:00

Variable vs Fixed

Buying, Selling, Flipping or Refinancing? Maybe the Variable mortgage makes you more nervous than your 15th Anniversary High School Reunion.  This used to be a decision on how much risk you were willing to deal with.  Variable, over the long term during the last 10 years was most often the victor but now the fight's pretty one sided...the other way

Tuesday, 20 November 2012 19:00

Walkability?

Walkability? If you have 2 feet and a heartbeat chances are you enjoy moving around your neighborhood on a regular basis.  But how is your neighborhood compared to others within the city?

Sunday, 23 December 2012 19:00

We all need a laugh every once in awhile....

Just in case you were beginning to think all homes were straight out of a magazine...

This is a bit of a long read but an interesting one.  I'll be doing my own blog on using the "Walkability" of a neighborhood to determine ideal places to live within the City of Ottawa.

Enjoy the article from:

Brent Toderian is a city planner + urbanist with TODERIAN UrbanWORKS, the former chief planner for the City of Vancouver (2006-12), and the president of the Council for Canadian Urbanism. Brent contributes regularly to Spacing's blog network.

Wednesday, 20 March 2013 20:00

Houzz.com

So where do we turn to for design ideas?

Websites, magazines, HGTV, boutique stores, friends (or enemies) homes, vacation spots, mustard splattered on a wall (thank you tv ad) or that very vivid dream you had after eating the pulled pork sandwich from "Trailer Pork Boys" too close to bed time and you've decided to create a southwestern themed room...all of these things can give you design/decorating ideas.  How to sort through what is good and what should be forgotten?  Here's one of my favourites....oh and do try the pulled pork, it is delicious, but maybe walk around the block before going horizontal.

Wednesday, 03 October 2012 08:27

26 George Street W

Come live the good life in the heart of Little Italy. Walk to restaurants, pubs, local food and more. Not to be missed.

Sunday, 30 September 2012 20:00

House Flipping

There are so many TV shows out there now regarding flipping houses and making quick/easy money that you might be tempted to undertake a similar venture but is it really as easy as it is on TV?  Nothing is ever easy...

Wednesday, 26 September 2012 11:23

Staging 101

Thinking of getting your house ready for the sign on the front lawn?  Through my experience of renovating 2 homes for sale in Wellington West and having gone through hundreds of homes myself with clients, I've learned some things to do and some things not to do.  Here's a few things to consider...

Wednesday, 18 November 2015 11:22

Keys to buying your Home

Buying a home is both an exhilarating and overwhelming experience.  Let me try and guide you through a few steps to help make it a little smoother and more enjoyable.

Determine What You Can Afford

I can’t stress this one enough.  There’s no point looking and dreaming about million dollar homes if what you can afford is actually half that amount.

Know what you are willing to put down as a down payment. Aim for 20% to avoid CMHC insurance if possible.

Go talk to your bank or mortgage broker to get a pre-approval. Need a reference?  I know a great one!

The bank or mortgage broker will tell you the upper limit of what you can get a mortgage for.  Don’t go there.  Cut it back to something you are comfortable with that won’t make you house poor.

One Time Fees

There are several fees you need to consider before purchasing a home, along with the timing of them.

After an accepted (conditional) offer you’ll have to pay for an inspection ($500) and potentially an appraisal by the bank ($350) , although you should be able to negotiate that the bank pay for that.

If your offer goes through (congratulations and have a look at my article for your moving checklist) you’ll be faced with several expenses upon closing:

·         Legal Fees and Disbursements,

·         Title Insurance,

·         Land Transfer and Property Tax

·         Utilities Adjustments. 

Of course you will also have your moving expenses and the start of your home insurance and utilities to consider, as well.

You should be prepared for roughly 1.5-2% of the purchase price for all of your closing costs.  Make sure you budget for this because this is actual cash and not tacked onto your mortgage.

Making an Offer

So you’ve crunched the numbers, seen enough homes and you’re ready to make an offer - now what?

We sit down to discuss current pricing scenarios and comparables for the neighborhood.  How long has it been on the market? How fast are homes selling in the immediate area? How does it stack up compared to other homes currently sold? If I’ve done my job educating you about values while visiting homes, you should already have a pretty good idea of what you’d like to offer.

There are three major and moving parts within an offer: Price, closing date and conditions.

The first two will have the biggest sway on the owners.  They’ll have a desired closing date (when you take possession of the home); trying to match that up with your ideal date will make things go smoothly.  Price is pretty self-explanatory - everything is negotiable and the price is what they are “asking” for and not something set in stone.

An offer with conditions creates a ‘conditional sale’ on the property with one or more conditions that need to be fulfilled before the sale goes firm.  These could be a home inspection (always recommended), financing, or Insurance.  The home is not sold until all of these conditions are met.

Acceptance of the Offer

Depending on how things go in negotiations there could be several rounds of offers before an agreement is created that all parties will sign off on.

So you’ve got a deal! Now what?

You need to hire a lawyer.  Any lawyer can do it but you want someone that specializes in real estate transactions so they can look after your best interests.  Once again, if you need a recommendation, I can help point you in the right direction.

I am with you every step of the way and can help guide you through the ins and outs of the entire home buying experience.  From mortgage brokers to home inspectors to lawyers, I have some great referrals for you that I have worked with over the years and trust completely.

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