Beware of Real Estate Fraud

There are three types of real estate fraud that home buyers should be aware of:

Title fraud-when somebody changes the title of the property to their name so they can sell  or refinance it.

Mortgage fraud-when somebody intentionally leaves out information or lies on a mortgage application to obtain a loan.

Value fraud-when a home buyer is given the impression that the property is worth a lot more than it really is through intentional misrepresentation.

 

Home buyers can prevent themselves from being a victim of real estate fraud by:

• Working with a real estate professional with good credentials

• Believing if a deal sounds too good to be true it probably is

• Never disclosing personal financial information over the phone, through mail or email unless they have met in person and know who they're dealing with

• Never paying for real estate transactions in advance

Victims of real estate fraud can suffer a large financial loss, so use common sense and do your homework.

How to Price Your Home to Sell

 

When you're ready to sell your home it's important to price it properly.  This will result in more showings, offers, and of course, a faster sale.  The price you originally paid for the home or the amount you spent on improvements have little influence on the market value. 

When pricing your home you must put your personal opinion aside.  Contact a real estate sales representative and get a comparative market analysis done to find similar properties that have recently sold, that are currently for sale and didn't sell. 

Be sure not to overprice your home because you'll attract less buyers and your home will be viewed as a comparable. 

What to Look for in a Home

 

You decide it's time to buy a home and there's so much to think about.  It's exciting and such a big decision, so you want to make sure you make the right choice.  There's a lot to consider when purchasing a home.

Where are you thinking of buying?  The neighbourhood is important, especially if you have children.  You want to know if there's other children nearby and what school your children will be going to.  Parks that are close would be nice too.  It's convenient to have grocery stores and malls close to do all your shopping.  If you work the distance to and from your job might be a factor.  If you don't drive you want to know if public transit is available.

Of course, you want to make sure the house is in good condition.  Make sure the plumbing, heating and electricity is working well. 

Renting vs Buying A Home

Some people can't decide whether it's better to rent an apartment or buy property.  A young couple might feel it's better to rent and save money for a home, while a young married couple thinking of starting a family is ready to buy a home. 

Renting might seem like the best option for those who can't afford to buy.  Some people think renting is no good because it's like throwing money away.  Others see it as a way to put more money away as they don't have all the added expenses of owning of a home.  However, rent usually increases every year due to inflation.  Renting an apartment can seem unsatisfactory when it comes to grocery shopping.  It can be challenging carrying all those bags to the apartment, unless you have a shopping buggy or live in a basement apartment in a house.  Living in an apartment with a pool or a gym can be a bonus because buying a house with those things can be expensive.  Before you paint or make any changes to the apartment you have to get permission from the landlord as you don't own it.  When renting the landlord is responsible for any repairs.

Owning property is a huge investment.  There's something about owning property that makes a person feel good about themself.  Buying a home is a big decision and there are more expenses, such as mortgage payments, utilities and property taxes.  You have to pay for any repairs, renovations and home maintenance.

What do you think is better?

The Cost of Buying a Home

Buying a home is a big decision, so it's important to know all the costs involved. 

• Down payment-this comes from the buyer's own funds (usually between 5% and 20%) and is applied to the purchase price.

• Mortgage payment-this is money that's borrowed from financial institutions to buy the home, which can be paid back monthly, weekly or bi-weekly.  This payment includes the money borrowed (principal) plus the interest.

•  Home inspection-it's recommended buyers get the home inspected by a professional.  This is paid in advance.

• Property tax-taxes paid to municipal government for services received.

• Transfer tax-might have to be paid when the name on the title is changed. 

Not to mention the cost of moving, connecting utilities and property insurance.

Buying Your First Home

Buying your first home is a very important transaction and a big investment.  There are certain steps  you can follow to help make the whole process of buying your first home go a lot smoother.

• Make sure your credit is in good standing as lenders look at that to determine if you qualify for a mortgage.  They base their decision on your income, your assets, your employment and your credit score.

• Create a budget for yourself and start saving your money for the costs associated with owning a house.

• Get pre-approved for a mortgage so you know how much you can afford to pay for a house.

• Find a competent real estate salesperson to represent your interests and help you negotiate. 

• Be sure to have the home inspected by a professional home inspector to look for serious issues.

Home Staging vs Interior Decorating

Some people think home staging and interior decorating are the same, but they are completely different.

Home staging is preparing a home for sale by making it more appealing to many buyers, which helps it sell faster.  It's more than just cleaning and decluttering.  It's about making it warm and inviting.  This can include painting, repairing and adding accessories.

Interior decorating is decorating a home to create personal comfort.  It's fixing up the place according to personal taste.