Home Inspection Process

When you purchase a home, it's often recommended that you have a home inspection done. In fact, a typical Agreement to Purchase Form will include a standard preprinted clause with respect to home inspections. This is one of the most common conditions in an offer to purchase a property. When real estate markets are extremely active and you really want a particular home, skipping the home inspection and not placing this kind of condition in an offer can be tempting. Before you make the decision, consider the benefits of a home inspection.

If there is a Seller Property Information Statement (SPIS), you may receive a copy and have a general sense of comfort about the history of the property. However, you should keep in mind that the person selling the home may not be aware of property defects and that the information provided in the SPIS is based only on their personal knowledge.

Similarly, the broker or salesperson representing you in the transaction may have the experience to identify visually obvious defects, but underlying problems can exist. 

A qualified and experienced home inspector will examine the major systems in the home such as:

• Electrical
• Roofing
• Plumbing
• Heating/Air Conditioning
• Foundation
• Septic Systems

Many home inspection companies encourage you to attend the inspection and ask the inspector questions during the process and about the results of the inspection. The decision is yours to make, but you will be better informed and able to assess whether or not you want to invest in any upgrades or repairs that might be needed

RECO does not regulate home inspectors. For information about home inspectors and home inspection services you can speak to your real estate broker or salesperson or refer to the Canadian Association of Home & Property Inspectors website or the Ontario Association of Home Inspectors website.

SEPTIC SYSTEM INSPECTIONS
Ontario's Ministry of the Environment recommends that home buyers have a septic system inspected prior to finalizing a sale on a property. This condition may also be requested by your financial institution. A time of sale inspection may help protect you against future unexpected costs. The inspection process might involve pumping the tank and examining the leaching bed for any signs of problems. A septic system inspection may be conducted by a licensed septic system installer, a licensed sewage hauler or a professional engineer.

 Your Septic System:  Protecting your Investment and the Environment

For more information, visit the Ontario Ministry of the Environment's Clean Water website. 

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Buying solo? Consider these house hunting essentials

(NC) The housing market remains active, with a quarter of Canadians either having recently bought a home or planning to do so within the next two years. And as a recent survey for TD found, a quarter of buyers are now doing so on their own rather than with another person, such as a partner or spouse.

“When making the decision to purchase a home alone, buyers need to give as much thought to the mortgage as they do their dream home,” said Michelle Snow, associate vice president for retail products at TD. “Talking to a mortgage specialist can help navigate details like the size of the down payment, amortization period, type of mortgage and payment schedule to make sure the decision is an informed one.”

A mortgage specialist can also help crunch the numbers to help solo buyers feel they can manage the associated costs of home ownership, like property taxes, insurance, utility bills, maintenance and the monthly mortgage payment, alongside their existing priorities like paying down debt and saving for the future.

“We recommend taking the monthly payments for a test drive for three to six months,” said Snow. “Find the difference between current rent payments and prospective mortgage payments, and pay it into a savings account. This way, potential buyers can see how comfortable the mortgage will be alongside existing expenses, while helping them save for a bigger down payment at the same time.”

More information and resources are available at www.tdcanadatrust.com/homeownership.

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 Please check out my current listings and together we'll discover your real estate needs. If you know anyone buying or selling I'd love to help them! You can follow me on Twitter: @susanhawkesells Instagram: @susanhawke Pinterest: @SusanHawke Facebook Page: Susan Hawke Remax Sales Representative Sault Ste. Marie Ontario Canada

Searching for a new home? Keep your emotions in check

(NC) Finding the perfect home for your family is one of life's great milestones. When you walk into your dream home, you immediately start picturing yourself there. But not so fast! Letting your heart take over can cloud your judgment in a process that equally needs your head. Here are a few ways to stay home smart when emotions are running high.

• Stick to the list: Occasionally a home will have a few great features you weren't expecting that blow you away, making you forget that some of your 'must-haves' are missing. Keep an eye on the best option for your family by developing a checklist and make an inventory of what the home has – and what it's missing.

• Stay firm with your budget: The biggest risk for falling head over heels for a home is a “whatever it takes” mentality. It is important to have a realistic budget based on your financial situation, and to be ready to walk away when your limit is surpassed.

• The art of negotiation: It can be dangerous if your dream home is someone else's dream home too. “Bidding wars can heighten the desire to overpay and make other concessions, such as waiving the financing or home inspection conditions, which could hurt you in the long-term,” says Joe Richer, Registrar of the Real Estate Council of Ontario. “Know your limits and be realistic about what you can give up to close the deal.”

When searching for your dream home, remember to keep a level head and your emotions in check. For more advice on staying home smart, visit www.reco.on.ca.

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Susan 

 Please check out my current listings and together we'll discover your real estate needs. If you know anyone buying or selling I'd love to help them! You can follow me on Twitter: @susanhawkesells Instagram: @susanhawke Pinterest: @SusanHawke Facebook Page: Susan Hawke Remax Sales Representative Sault Ste. Marie Ontario Canada

Canadian Home Buyers Checklist

Knock on your favorite door and enter to read the 

CMHC Home Buyers Guide.

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 Please check out my current listings and together we'll discover your real estate needs. If you know anyone buying or selling I'd love to help them! You can follow me on Twitter: @susanhawkesells Instagram: @susanhawke Pinterest: @SusanHawke Facebook Page: Susan Hawke Remax Sales Representative Sault Ste. Marie Ontario Canada

Pride of Home Ownership

Pride of home ownership is the number one reason why Canadians desire their own home. There is no landlord looking over your shoulder. You are able to make home improvements knowing that any appreciation that results, will be to your benefit. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future.

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Susan


 Please check out my current listings and together we'll discover your real estate needs. If you know anyone buying or selling I'd love to help them! You can follow me on Twitter: @susanhawkesells Instagram: @susanhawke Pinterest: @SusanHawke Facebook Page: Susan Hawke Remax Sales Representative Sault Ste. Marie Ontario Canada

6 Mistakes Home Buyers Make

Mistake #1.  Not Getting Pre-Qualified for a Mortgage

Before looking for your next home take the time to get pre-qualified by the bank or mortgage broker you choose.  This can save you hours of searching for homes in the wrong price range or worse, purchasing a home and then finding out you don’t qualify for financing.  Pre-qualifying gives you peace of mind, helps narrow your search criteria and most importantly, gives your RE/MAX agent a negotiating edge by being able to alleviate the sellers concern over financing. The latter is especially important should a competing offer surface.

Mistake #2.  Not Shopping For Mortgage Terms

Rates are negotiable! Banks will sharpen their pencils to get your business especially if you have a good credit rating and bring other business to them e.g. RRSP’s, general account, savings etc. Posted rates should viewed as a starting point. You need to know what the best rate is and this is usually done by get competitive quotes. Also, ask whether the bank will cover appraisal fees, and about buy-out fees, penalties, payment options, portability etc.  The time spent can save you thousands of dollars over the life of the mortgage.

Mistake #3.  Not Getting Professional Inspections

Nobody wants to purchase a home only to find out later there are defects, latent or otherwise.  Ensure you obtain inspections where needed e.g. home inspection, structural engineer, insect, radon etc.  If the inspection identifies deficiencies you may be able to negotiate the purchase price to cover required repairs or make your satisfaction of the inspection subject to the homeowner remedying the problem. Your RE/MAX agent can advise you on inspections you should consider.

Mistake #4.  Not Using A Professional Real Estate Agent.

Your RE/MAX agent can help you make a purchase with the least amount of problems.  He or she can ensure the price you pay is market value.  They can offer expert advice on what to look for, conditions to include, negotiation strategy etc. After all, they work for you.

Mistake #5.  Buying First Before Selling

If price is important you should always sell your present home before buying another.  It has the advantage in letting you know exactly how much money you will have available for your next purchase.  Selling your home first allows you to place fewer conditions on your purchase which makes your offer more attractive to a seller.  They often will demand more money to take a “subject to” offer which takes their home off the market.  The other advantage is if you find a terrific house, chances are others will also find it attractive and you stand to lose it if you can’t make an unconditional offer.

Mistake #6. Not Knowing The Full Cost Of Home Buying

Know all the costs associated with your purchase.  Consider the following costs:   legal fees, transfer tax, property taxes, new home landscaping, fencing, appliances, window coverings.

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Susan 

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A Real Estate Home Buyer's Guide | RE/MAX

Buying your first home is one of the most important investment and personal decisions of your life. It's also one of the most complex transactions you may ever undertake.

Your first step involves deciding how you will approach your home search. Who will you work with throughout this process — and how will you work with them? Ask yourself, "Do I want a RE/MAX agent* working with me or for me?" There is a difference!

As a buyer, you have a choice in representation. Most buyers today choose to have a RE/MAX agent represent their interests in a real estate transaction. This is also known as Agency Representation (or fiduciary representation), which simply means that the RE/MAX agent you hire is legally bound to represent your interests. This involves the highest standard of care and extreme loyalty to you, the "client." Some agents will work with you as a "customer," which carries a different level of responsibility. Most real estate professionals require a client relationship because it allows them to provide the full range of services that buyers need and deserve. Your RE/MAX agent* will discuss representation with you and will request your commitment in writing for this level of service.

(That Re/Max Agent is me! Susan Hawke*)

*The next few weeks are the perfect time to begin discussing your real estate needs. Do you need home staging? Do you want to list in Winter or very early Spring? I welcome the opportunity to assist you with your family's needs. I also offer complimentary home staging to my qualified #SaultSteMarie #ontarioSellers. 705.971.0918 Like A Hawke, I'm here to help! Lets talk.

Read this fabulous Buyer's Guide here. 

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Susan

Please check out my current listings and together we'll discover your real estate needs. If you know anyone buying or selling I'd love to help them! You can follow me on Twitter: @susanhawkesells Instagram: @susanhawke Pinterest: @SusanHawke Facebook Page: Susan Hawke Remax Sales Representative Sault Ste. Marie Ontario Canada