Buying a home is a huge ordeal. You have to find the home that you are interested in, then find the funding that is going to cover the cost of the home. And there are several factors that go into getting you the funding that is going to cover the home. How can you ensure that you have financial success when buying a home? There are several tips that can ensure you do have financial success. For those who are considering buying a home, it is worth looking into how these tips could help your situation.

Financial Tip 1: Be Careful What You Spend Your Money On

Around three to six months before buying a home, be sure that you are not making a major purchase or taking chances with your money. If you decide to take a risk with your money during this time frame, you may find that the lender views you as a financial risk. Some things that can red flag you include opening up new lines of credit, buying large items like cars and the like, and even getting a loan for personal use can throw you out of the running for getting a home loan.

Financial Tip 2: Get a Home Loan that is Pre-Approved

Why should you aim for pre-approval? This is going to help you in the process of buying a home. A pre-approval means that the lender has looked at your individual case, and they know how much they are going to give you for a home. This can be a great bargaining chip when finding a home that you love and there are other competing offers on the home.

Financial Tip 3: Avoid Timing the Market

Don’t obsess over when is the best time to buy on the market. Timing the market can mean missing out on the best house for your funds and your personal preferences. Those who try to time the market often end up on missing out on the time to buy the home of their dreams and regret this decision for several years to come.

Financial Tip 4: Bigger Doesn’t Mean Better

When you walk into a neighbourhood with the intent of looking for a home to buy, you may see the biggest home on the block and think that this is the best option for you. However, bigger is not always better. Remember, from a financial standpoint, when you buy the biggest house in the area, you are not going to make more money back later. Your home is valued at the same as those that are around you, regardless of the fact that your home may be double the size.

Financial Tip 5: Remember the Hidden Costs

Remember that when you are buying a home, there are other fees that are included with your mortgage in most cases. Many people are surprised to find that they underestimated just how much their monthly payments would be since they did not think about including property taxes, insurance and other fees that they may not have paid when they were renting a home.

Financial Tip 6: Emotions and Finances Don’t Go Hand in Hand

When you are buying a home, this does mean that you need to let emotions rule your decisions. In fact, it is better to look at this from a financial standpoint rather than emotional. From a financial standpoint, you want to go with the best home that fits your budget and gives you the most bang for your buck. You do not want to focus on the backyard aesthetics.

Financial Tip 6: Be Sure to Get the Home Inspected

You are going to be spending a lot of money on this home, so be sure that you are getting a home inspection on the house. You want to ensure that you are getting the most bang for your buck, but also that you are not buying a home that is going to be a financial blunder later. In fact, most lenders are going to want to have a home inspection done before they lend the money.

Financial Tip 7: Check out the Neighbourhood

Before purchasing a home, be sure that you are checking out the neighbourhood. You want to ensure that the home you buy is in an area that is going to have a good resale value later. If the neighbourhood is questionable, chances are the home is not going to sale later, for even what you paid for it. Plus, this can give you just one more reason why this house may be the best option for you!

Financial Tip 8: Get Ready to Bid

If you find a home that you love, that is in a great neighbourhood, that is also in your price range, be prepared for a bidding war. However, be smart about this. Check out what other homes have gone for in the area and base your offer on this information. Do not allow emotions to get the best of you and offer more than what the home is worth.

Financial Tip 9: Prepare for a Down Payment

Remember, in Canada you have to have a 5% down payment on any home that you buy. However, the more that you can save, the better you are going to be! The more down payment you pay, the lower your monthly mortgage rate.

Financial Tip 10: Remember Fixes in a Home May Mean More Money

When you are buying a home, you may have big dreams of what you want this home to look like. However, this may not be something that you can do until you have been living here for a while, as renovation projects take money to fund!

Remember, when buying a home, be sure that you are working with a real estate agent you can not only have help with finding the right home to buy, but they can also be full of financial tips that can help home buyers. Contact us today and we’ll help make your next real estate transaction a successful one!

Buying your first home is an exciting moment! It shows that you are being responsible, and you may even have dreams of what this experience is going to be like upon moving into a home. For many of those who are ready to buy their first house, having a handy checklist to use as a guide for what you need is invaluable. There are many first-time home buyers that find they do not have everything that is needed, and the process is delayed. This delay could result in losing that perfect dream house you have already picked out, or the delay could make you question whether buying a home is a good option for you or not.

What can you Afford?

The first aspect on the checklist is to consider what can you afford! Before you even start looking at homes to buy, you must know just how much you can afford when it comes to a mortgage. What monthly payment are you comfortable at for the next fifteen or thirty years? Along with knowing what you can afford, be sure that you are factoring in those costs that are not related to the actual cost of the home, such as:

— Inspections and legal fees

— Taxes for the property

— Insurance for the property

Remember the Down Payment

Do you have a down payment? In Canada, a down payment of at least 5% is needed to purchase a home. However, remember that the larger the down payment you make the less you will be having to pay on your mortgage payments. A few helpful tips for saving for this down payment are:

1. Consider an automatic savings plan
2. Save in a Tax-Free Savings Account
3. Look for programs that you may be able to take advantage of that are designed for first time home buyers.

Know your Mortgage Options

There are numerous mortgage options that you need to consider. A mortgage is not simply a one size fits all solution. There are mortgages that include a fixed rate, variable rate, open and closed mortgages and the like. The best advice is to talk with someone about your options and what each will entail. From there, you can choose the best one and get pre-approved for this. Pre-approval is preferred for most home purchases as those who are selling their homes want to know that the potential buyer is serious about the property and will follow through on the offer that is made.

What are you Looking for in a Home?

The next item on your checklist once financial aspects are taken care of, is what are you looking for when it comes to a home? For example:

— Is there a certain neighbourhood that you are looking to move into? What type of feel do you want in the neighbourhood that you do choose? This can help to narrow down locations for the home of your dreams.

— Do you want to be close to certain main roads for accessing work easily? Do you have issues with travelling more than 20 minutes to get to your job? Know what you are willing to give up and refuse to live without.

— Do you have several bedrooms that are a must-have? For example, many people know that they must have a personal office in their home if they are working from their home, so this is a must-have, not just a want.

— Are there any housing amenities that are must-haves? Or those that you simply do not want? Do you want a backyard that is ready to go? Or maybe you are okay with a backyard that you have to make into what you desire.

For those who are having trouble with answering these questions, they are going to find that one of the easiest ways to do this is to envision yourself in a home. Look around, what feel does this home have? What are the characteristics that make you feel at home? You can then relay this information to the real estate agent that you are working with to help narrow down what homes on the market may fit these qualities.

You may also want to consider your future plans. There are those people who decide to buy their first home with the intentions of moving again in a few years once they decide to start a family. Others decide to purchase a home that is going to fit into their future plans. Of course, which course of action you take is going to greatly depend on what type of budget you have for your home and the like.

Why You Need a Realtor

Be sure that you are working with a REALTOR® on finding a home that fits all your requirements. A realtor is going to provide you with knowledge of the market and may even show you homes that you are not even aware of as being for sale on the market. Do not try to go at this home buying process on your own, especially when this is your first time. Realtors® are accustomed to working with those who first-time buyers are, and they can answer questions you may have, along with answering those that you had not thought to ask about yet.

A few tips on finding a realtor to work with:

• Be sure that you are comfortable with him or her
• Find someone that is ready to help you since you are a first-time homebuyer
• You want a guide in the realtor so that he or she can guide you on what the best option would be

Buying a home for the first time can be nerve-racking, but it can be exhilarating as well. The key to buying a first-time home is to be prepared, know what you want and know what you can afford to pay. Knowing these aspects makes the process much easier and less stressful, and working with a professional is going to help out tremendously. Contact us today!

The term “bare land condo” may be unfamiliar to you, so first let’s break the two definitions down, as defined by the Condominium Property Act.

Conventional Condos are what come to mind when most people think of a condominium. It’s an apartment-style structure where each unit is the private domain of its owner. The boundaries of the unit are the walls, floors and ceiling, and the owner claims the area within these boundaries. Outside of that individual unit, the entire building is considered “common property,” owned by the owners of all the units. Real Property Reports are usually not drawn up for conventional condos. Instead, a Condominium Plan serves as a survey of the entire complex of condominiums. While the owner of a unit is responsible for the interior boundaries of his/her unit, he/she also share the common responsibility for the entire complex, along with other unit owners. Bare Land Condominiums are actually defined by the size of the lot the building is situated on.

A bare land condo, like freehold land, is identified by a Real Property Report from a surveyor, which will include the structure, landscaping, yard and garage. Like a conventional condo, areas outside of the free-standing structure are common property owned by all unit owners. In other words, a bare land condo isn’t much different from a house or duplex, since the real property includes the entire lot and not just the structure itself. In fact, a single-family house can be considered a bare land condominium.

As part of an entire condominium community, restrictions will apply to a bare land condominium; an owner doesn’t have carte blanche to do whatever he/she might want with the property. Bare land condominiums do have the advantage of enhanced privacy, however, and usually have lower condo association fees. In addition, builders can build units on an on-demand basis rather than having to wait until the entire complex is near completion before any units can be sold.

Condominiums offer a real attraction for many property owners, especially busy professionals who may not have the time to commit to yard work, maintenance, repair work and everything else that goes along with owning a conventional home.

If you’re living in Calgary and considering putting down roots with a real estate purchase, why not consider a condominium? Check out our website for comprehensive listings, news and ideas on condominium life in the greater Calgary area.

A home inspection, while not required in all areas, should be an indispensable part of your home buying or selling process. It is worth the cost up front to save you money and headaches down the road.

What a Home Inspection Entails

A home inspector will provide a thorough inspection of the home’s interior and exterior to alert you to any damage that may cause potential problems in the future. He or she will look at the house as a whole and evaluate how the different components work together and affect each other. The inspector will identify any areas that need repairs or are unsafe and advise you on what your next steps should be.

Benefits for a Home Buyer

When you are purchasing a home, you want to know that it is going to be safe for you and your family for many years to come. Obviously, you don’t want to buy a home that is rotting from the inside out. A home inspector can alert you to issues that are minor right now but could potentially become much more serious in the future. Purchasing a home is a major decision. The results of the inspection may lead you to reconsider buying a particular house if it is likely to have a lot of problems in the future. It can protect you from huge unexpected expenses.

Benefits for a Home Seller

If you are the one selling the home, it is a good idea to request a home inspection prior to listing your home on the market. Potential buyers of your home are likely to have an inspection done, and you don’t want there to be any surprises. If there are issues with the house, buyers may rescind their offers or make offers only on the condition that you repair the problems before they finalize the purchase. It is better if you know about any problems in advance. An inspection gives you the opportunity to make sure the house is in its best possible condition when buyers start coming to look at it. This will streamline the purchasing process and make potential buyers feel much more confident that your home is the right choice for them.

INSIGHTFUL and proper representation is key when buying and selling property. Scot Rose has over 15 years of full time, full-service real estate experience. The Team will give you results that show how experience and coordination of vital services can make a difference to YOU! We have the Experience, we have the Plan, and we make the Results happen! Get in touch to have the Team help YOU buy or sell your Calgary home today!

How to Assess Whether or Not You Need One

Home warranties are used to protect new owners from the costs associated with unforeseen repairs in their new house or condo. Like most costs associated with buying a new home, a warranty is one people don’t discuss until afterwards and is one nobody can agree on whether or not it’s necessary. There are benefits and drawbacks to buying a home warranty, for both buyers and sellers, and the decision changes drastically based on circumstances.

Peace of Mind When Buying an Older  Home

Old homes may be less expensive than new homes, but older homes will also have older appliances and foundations. Every warranty company and plan is different, but these are the things a home warranty will protect against. The cost of replacing all the appliances in a home is something that most people could never afford right after paying for the house, so the idea of a significantly cheaper warranty helps them rest easy at night knowing they are covered if something breaks down.

Don’t Expect Complete Repairs

While a home warranty looks good on the surface, especially considering how expensive brand new appliances can be, there are catches. Some people are shocked to learn that when their appliance breaks they will only be receiving a repair and not a new machine. Every company has different criteria for what warrants a new appliance, but in most cases they will do whatever they can to get the old appliance back in running order so that they won’t have to pay for a new one.

Warranties are not Just for Buyers

Home warranties are also available to sellers to cover any unexpected costs associated with the sale. Everything may appear like it’s going smoothly, but sometimes sales fall through at the last possible second or the closing is delayed for unforeseen circumstances. A home warranty can cover the seller for all the costs associated with this disaster, including legal fees, accommodations, moving and storage as well as bank, mortgage and interest payments.

Some Homes Will Have A Warranty Included

In order to make their home stand out and be more attractive to potential buyers, some sellers will make a deal with a warranty company to include the coverage in the cost of the home. Additionally, some REALTORS® may include the cost of warranty as a bonus when the home closes. Before shopping around with different insurers, all buyers should double check that the cost of the warranty isn’t already being covered by another party. This is especially true for new homes.

If the idea of home warranties has you confused and you really aren’t sure whether or not you need one, it will be best to speak with a professional real estate agent. We can tell you more about home warranties and why they may be right, or wrong, for your new home. Every situation is different and if you provide us with more information we can help you decide whether or not a home warranty is right for you. 

5 Tips for Finding the Right Mortgage Professional for Your Needs

5 Tips for Finding the Right Calgary Mortgage Professional for Your Needs

Finding the perfect Calgary home is only the first step in the journey towards home ownership. The next step is a financial one and comes with many questions: Is the home being bought with cash or is a mortgage needed? Will the buyer be using a mortgage broker or going through a bank? If those questions don’t have definitive answers then maybe it’s time to turn to a mortgage professional for help. Here are five things to think about when searching for the right mortgage professional.

Talk to Recent Homeowners about Their Experience

Some people have negative experiences when buying a home, but most of them loved the team they assembled and would recommend them to anybody who asked. One of the best ways to find a mortgage professional is to talk to friends and family members who have bought a home in the last few years about their experience. It’s the easiest way to get honest feedback and everybody who loved their Calgary mortgage professional will be more than eager to share that information.

Meet with a Wide Variety of Professionals

The best way to get to know somebody is to meet face to face. Websites, ads and personal recommendations can only reveal so much about a person and nobody can know how much they connect until meeting firsthand. Make sure not to jump the gun and settle after the first meeting, it’s important to talk to as many professionals as possible to make sure the right choice is being made.

Ask for a History of Lenders They do Business With

Mortgage brokers receive a fee from the bank or financial institution where the mortgage is set up. This is to be expected but it can lead to a broker giving preferential treatment to a lender that gives out a larger fee. A professional who does business with many different banks will probably look out for the client’s interest more than one who only does business with one or two financial institutions.

Look for a Professional with Years of Experience

The real estate market in Canada has gone through a massive boom in the last ten years, which resulted in plenty of people switching their professional focus to capitalize on the increased work. This is why mortgage brokers are so popular across the country now, which has benefits and drawbacks. The benefit is that the buyer has more choice.

Make Sure They Have Experience in the Community

Make sure any mortgage broker is local and has experience in the community, just because it’s the buyer’s first time doesn’t mean it should be their broker’s first time. Buying a new home can be scary and stressful, but if you’re surrounded with the right team it can be the seamless experience that other people brag about.

Have questions or would like more advice on buying your home in the Calgary area? Get in touch with Scot today. INSIGHTFUL and proper representation is key when buying and selling property. Scot Rose has over 15 years of full time, full-service real estate experience. The Team will give you results that show how experience and coordination of vital services can make a difference to YOU!

Buying a Home?

With today’s real estate market, it’s not uncommon for a family to find the perfect home only to find out that their offer was not selected. It can be devastating, but especially frustrating if there is no way to discover why the offer wasn’t accepted. What was it that made the difference? Some buyers are really crafty when they submit an offer and use some tiny tricks that make their deal hard to ignore. Here are some ways to make sure any real estate offer is the first one considered.

Keep it Simple for the Seller

When the real estate market is slow and there aren’t many offers rolling in, the buyers have their pick of homes and can make deals or add clauses to the contract that benefit themselves. It wasn’t uncommon for a buyer to make an offer for a home that included a term dictating that they would need to sell their own home first. In some cases, any requests like this will automatically disqualify a potential homebuyer from a bidding war. Why would a seller agree to this if somebody else is willing to buy right now?

One-Up the Competition with a Pre-Approved Mortgage

There is nothing worse than agreeing to sell a home only to discover the buyer does not get approved for a mortgage and then it’s back to square one. As a buyer, a quick way to move to the top of the list is to get pre-approved for a mortgage. This proves to the seller that if they accept the offer the home will more likely change hands and the deal will go through, it also has the added benefit of allowing the buyer to know exactly how much they can put down in advance.

Discover and Include the Seller’s Needs

Everybody has a reason for selling their home and some are more time-sensitive than others. A real estate professional will be able to find out exactly why the home is being sold and see if there’s any helpful information that can help when crafting the deal. For instance, some sellers have a closing date that they desperately need to hit and may be willing to accept a lower offer if it is guaranteed to meet that date.

Some Extra Incentives Won’t Hurt

Sometimes the seller will end up looking at multiple offers that are all for similar amounts. At that point, some tiny incentives might make the difference between a winning or losing bid.

Every community is different and every seller has different criteria that need to be met in order for them to accept an offer. By teaming up with a professional REALTOR® you will have somebody working with you to find out what the seller is looking for and what you can do to sweeten the deal and put it above any competition. Let Scot Rose help you find your dream home and craft the winning bid today!

If you are either buying or selling a home, you need to judge the vibe of the market. It’s probably equally important to understand how the psychology of home buyers & home sellers in your specific market works. There are also some distinct times of the year when there is a surge in home sales and purchases. Let’s take a look at what these trends are. This will give you a better understanding of when the best time to buy and sell a home is.

January–March

The biggest house selling season is from January-March. There is a distinct reason why this is a very popular time for house sales:

• Families with kids are eager to get their home sale/purchase finalized by late spring. That helps avoid any disruption in their children’s school schedule.
• Some people want to buy a home at the start of the year because they don’t want any interference with their summer vacation.
• Others prefer this time for their property sale for tax purposes.

With so many buyers in the picture, it’s no surprise that spring is the perfect time for people to put their homes on the market. This leads to increased buyer competition, which results in a rise in property prices at the start of the year. If you are planning to sell your home and buy a new one right after that, you will find the best selection of homes at this time of the year.

Spring

While there is a large selection of homes during spring, the competition levels are higher too. If you are more inclined to look for a good bargain, you’d have to put in some extra effort and time to find something that suits your budget. But since there are such a large number of houses on the market, you will eventually find the house that suits your requirement.

June- August

Those who purchased homes in the Spring start moving during the summer months. The rest will be on vacation and this means summer isn’t the best time to put your home on the market. Buyer activity levels are lower, and it may take a wee bit longer for you to sell your home at this time.

If you are selling your current home to purchase another one, summer is the best time to find good deals. It isn’t difficult to find sellers that have invested in a new home and have to sell the existing one quickly. While there is less property on the market, you may be able to do some bargain shopping with these motivated sellers.

Fall

If you are selling your home in fall that can be quite a risky proposition, overpricing your property will only make it unsalable. But if you really need to sell at this point of time, make extra efforts to monitor buyer response. If you find it to be very weak, you should be flexible and willing to lower your price. On the other hand, if you are a risk-taker, this period mat work out perfectly for you; it’s an ideal time to sell at a higher price and buy at a lower one.

If you are buying a home, property owners that sell during fall are in quite a rush to sell. Some of them will have purchased a new home during spring even before they sell the older one. Many of these people may have overpriced their homes during summer and end up slashing prices because they have been unsuccessful in selling the property at that high price.

A number of people prefer to sell their home during fall and buy a new one in December. They pay their tax-deductible expenses.These people are hard-pressed to sell and if you are buying, you may end up getting a good bargain from sellers like these.

Winter

This is probably the worst time of the year to sell a home. During the holidays, people prioritize buying gifts and spending time with their family and friends and no one has the time to focus on buying or selling at this time. If you don’t have an option but to sell in the winter, be prepared to deal with bargain hunters. Since very few buyers are scouring the market for homes during Christmas week, there are very low chances of any competition or multiple offers.

In the same strain, this season doesn’t offer a great selection to a home buyer. Unless you have oodles of patience and are a serious bargainer, the recommendation is that you abstain from looking for and buying a home during this season. Home prices typically drop down to a 12-month low during this time. And so, if you do find that someone is selling their home during Christmas time, it’s a sure-shot indication that the person is open to bargaining and is eager to sell that home; and that may be your chance to get a great deal.

While being aware of these market trends is important, it’s also vital to understand that the best time to buy a house also depends on the buyer’s or seller’s goals and individual circumstances. Every person enters this landscape with a different profile and something that works for one individual might not work for the other.

For example, if your goal is to save money to meet the 20% down payment requirement, and you have almost achieved that goal, then it’s important that you stay on track. Vacillating between decisions only because the housing prices or interest rates are ebbing and tiding will just shunt you off track from your goal of meeting that 20% down payment amount. Forecasting interest rate changes and how the market volatility is going to impact your home buying plans is important no doubt, but you don’t have any control over these external variables. What is probably more important is that you identify what works best in your situation and make a prudent choice when it comes to buying or selling your home.

Looking to buy or sell in the Calgary area? Get in touch with Scot Rose, Calgary Realtor®, today!

Upgrading to a Larger Home – Are you ready?

Many homebuyers face the question of size when looking for their next home. Do they downsize, stay the same, or upgrade to a larger home? To help answer this question, here are some factors to take into consideration when determining if you should upgrade to a larger home.

Affordability

With larger homes come more financial responsibility. Typically larger homes will come with a larger mortgage, repair/maintenance, utilities, and insurance payments as well as increased property taxes. Are you ready financially for these larger expenses? Take into account these estimated expenses when going over your household budget. Remember, ideally you’ll want to be able to maintain a comfortable quality of life and still be able to save for the future when these larger expenses are taken into account with your budget.

Down Payments

There is a need in most cases during the property buying process to make a down payment and to pay for closing costs. You should include these expenses in your estimations while keeping in mind that selling the existing property and accessing equity will yield most or all of the funds that are needed to make a new purchase. Working with a real estate professional and a mortgage broker will help you to get more information about these two factors before making a sound financial decision.

When the time is right for you to upgrade to a larger home, you should consider working with an experienced real estate agent to sell your existing property and help you in the process of buying a new home!

Spring is just around the corner and what better way to introduce it to your home than with Rose Quartz. This lovely colour blends shades of pink to produce a rich, multifaceted colour that provides warmth and a sense of home. It brings a pop of colour that can brighten up even the dullest of rooms. Go all out or try just a few accents. This colour is sure to bring an aura of happiness and comfort to your home. Rose Quartz is a versatile shade that can update the look of your home in a variety of ways.

As an Accent

Small accents of colour throughout a room can have a major visual impact, instantly drawing your eye to key focus points around the room. Try an antique lampshade in your bedroom or a decorative pitcher in your kitchen. Accent pieces are a great way to experiment with a new colour palette without having to make a full commitment to it until you are ready.

To Fill a Room

If you have a room in your home that is looking especially bare, a dash of Rose Quartz can be just what you need to take that room from drab to dynamic. This vibrant colour fills the empty space with warmth, making a somewhat empty room feel inviting. Try a quilt in this welcoming hue in your guest bedroom or a bold wall tapestry in your entryway. The richness of the colour will make your guests feel immediately at home.

For Dramatic Impact

To make a bold statement with Rose Quartz, use it to tile your bathroom. The energy of the shade creates an atmosphere of comfortable luxury that is perfect for lounging in the tub and pampering yourself. For an even more dramatic effect, paint a single wall behind your bed and use bedding in a dark colour. This warm tone will create a romantic atmosphere that is ideally suited to the bedroom.

Moving into a new home can be the ideal time to start thinking about redecorating. Throughout the moving process, you can take inventory of your decor and get rid of anything that no longer fits with the style you have in mind. When you get settled into the new home, it’s like having a blank canvas on which to develop your new decorative theme. If you’re ready to make a move contact us today!